Government adds new controls to payday loan laws

Payday lenders are now required to provide all loans with installment plans, with no penalty for early payback. The government says the new rules greatly reduce the interest rate, as well as take measure to keep Albertans from falling into a cycle of borrowing. […]

Morinville News

Legislation kicks in to drop payday loan rates

Alberta now has the lowest payday lending rate in Canada; the government announced Tuesday.

A payday loan is a loan of $1,500 or less with a term of 62 days or less. There are more than 30 payday loan companies with some 220 branches in Alberta. […]