CALGARY – Payday loan providers won’t be prohibited under overview of the industry because of the Alberta federal federal government despite issues about high interest levels charged by providers.
“The federal government of Alberta isn’t going to ban payday loan providers,” Service Alberta Minister Deron Bilous stated Wednesday.
“We don’t want to operate a vehicle them underground,” he said. “We understand from conversing with organizations that you’re actually doing the contrary of consumer security them underground if you drive. They’re a whole lot more dangerous whenever they’re unlawful.”
The legislation that is current which expires June 30, regulates loan providers that provide short-term credit to those who typically borrow smaller sums. (mer…)