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Companies that provide payday advances

Companies that provide payday advances

On January 29, the us government of Ontario circulated its assessment paper on managing Alternative Financial Services (AFS) and credit that is high-cost en titled “High-Cost Credit in Ontario: Strengthening Protections for Ontario Consumers” (Consultation Paper).

What you should know

  • Growing in popularity, AFS are high-cost economic solutions provided outside of old-fashioned finance institutions like banking institutions and credit unions. Common AFS offerings consist of pay day loans, instalment loans, credit lines, and automobile name loans.
  • The Consultation Paper seeks input on developing a high-cost credit definition, licensing high-cost credit providers, managing costs, charges and costs, and imposing disclosure, cooling-off duration and business collection agencies needs, amongst others.
  • The federal government isn’t thinking about the legislation of high-cost credit given by banking institutions or credit unions, and pay day loans would keep on being controlled underneath the payday advances Act and its own laws.