The BC Government has reduced the the charges on payday loans as of New Year’s Day.
NEW: New, lower maximum charges for payday loans now in effect, https://t.co/3orU3GkO6c
— BC Government News (@BCGovNews) January 4, 2017
Borrowers will only have to pay $17 for every $100 according to Prince George-Mackenzie MLA Mike Morris.
“People taken advantage of this kind of product won’t have to pay the $23 per $100. This is going to leave more money in the pockets of British Columbians and hopefully make life a little bit easier for them”
The BC Solicitor General also says this is a breakthrough announcement for the province.
“British Columbia has been a leader in payday loan legislation in Canada as one of the first jurisdictions in Canada to introduce legislation governing payday loans.”
Morris says protections have been put in place as well for the now second-lowest rate in the country.
In 2015, 159,000 British Columbians took out payday loans according to the industry.