Cananda is systematically placing caps on payday loans. The average cap is around 25%, which in my opinion is pretty reasonable for the lender.
Nova Scotia is in the process of setting a cap and British Columbia will probably be next. Manitoba recently set it’s cap at 17%.
Apparently, payday lending is a billion dollar industry in Canada.
Stan Keyes, president of the Ontario-based Canadian Payday Loan Association, said he’s hopeful Victoria will come up with a cap that is fair to both consumers and the industry.
