491 – Will Changes to the Criminal Code Make Borrowing More Affordable?
Episode description
In this episode, Doug and Ted discuss the government's intention to lower Canada's criminal interest rate from 60% EAR to 35% APR and set the maximum cost of borrowing for payday loans at $14 per $100 borrowed. They explore the implications for borrowers and lenders, particularly in the payday loan sector. Doug and Ted touch on compound interest, presenting arguments from both perspectives, with insights from the Canadian Lenders Association. Ted also discusses alternative lenders' and how they are assisting Canadians in rebuilding credit. Enjoy!
Related Links:
Canada Gazette, Regulations
https://www.gazette.gc.ca/rp-pr/p1/2023/2023-12-23/html/reg3-eng.html
Criminal Code
https://laws-lois.justice.gc.ca/eng/acts/c-46/page-51.html#h-122004