Poll: loan sharks
Castanet - Sep 22, 2016 / 4:56 pm | Story: 176609
Photo: Contributed
The British Columbia government is taking steps to cut the interest rates charged on so-called payday loans.
The maximum allowable charge for a payday loan in B.C. will drop from $23 to $17 for every $100 borrowed, starting Jan. 1, 2017.
The Ministry of Public Safety and Solicitor General says the changes mean B.C.'s borrowing rates for the high-cost, short-term loans will be the second-lowest in Canada.
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