25 mars 2013 ~ 0 Commentaire




Are you looking for a payday loan in Canada? If so, you’re in luck. You should not have any trouble whatsoever getting the loan you need because there are so many loans available from so many companies. As a matter of fact, it is estimated that there are 750 payday advance companies in Ontario alone!

The great thing about getting a payday loan in Canada is that the Canadian government takes pains to protect consumers from predatory lending practices. For instance, in April of 2007, new payday loan regulations covering the companies doing business in Ontario were introduced. Some of these regulations are:

1. The fees applicable to the loan should be made clear to all consumers before they take out an advance.

2. All lenders are required to use standardized contracts.

3. Posters should be visibly displayed in stores, and they should contain easy-to-understand information about the loan terms.

4. The cash advance that consumers qualify for should be given immediately after the contract is signed.

The new regulations are designed to prevent unfair lending practices, heighten consumer awareness about the precise nature of the loans they are getting, and at the same time, empower borrowers in making informed decisions where short-term borrowings are concerned. Staff from the Ministry of Government Services monitor lending outlets and offices to ensure compliance with regulations. They also investigate complaints made by borrowers.




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