Norfolk residents who use payday loans will now have a clear picture of the interest rates and fees they are handing over with new regulations taking effect today. Lenders must now display all charges, including interest rates, brokerage fees and cheque-cashing fees for loans over $100. The new rules also state that customers will now sign standardized contracts regardless of which lender they use.
The new rules were brought in to protect consumers from sky-high interest rates charged by some lenders. Local MPP Toby Barrett has long be calling for the province to step in to make sure local residents aren't being taken advantage of. He says those dependant on the cash advance services are typically already in financial trouble and cannot afford the rates and fees.
Sources : http://www.cd989.com/
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