NB Unveils New Rules For Payday Lenders

Posted on Friday, August 11, 2017 12:12 PM

The Gallant government is introducing new rules for payday lenders which are designed to better protect New Brunswick consumers.

Finance Minister Cathy Rogers says those who turn to payday loans are often the most vulnerable in society and in urgent need of financial help.

Starting in January, Rogers says payday lenders will be required to make changes for consumers.

"Provide disclosure on the cost of borrowing, set maximum rates and fees that can be charged and provide consumers with cancellation rights," she notes.

Rogers says the new regulations will ensure that rates being charged to the consumer are reasonable while at the same time ensuring the payday loan industry remains viable.

The regulations being introduced are similar to changes implemented across the country for the industry.

“Payday loans are the most expensive consumer loan on the market. These new rules will provide important protection to consumers in the province. We look forward to providing input on further regulations dealing with repeat borrowing and the industry’s reporting requirements,” said Randy Hatfield, executive director of the Saint John Human Development Council.

 

More information for consumers about borrowing money can be found HERE

 

 

Cost of borrowing payday loans and credit card cash advances

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