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No ban of pay day loans: Alberta minister

CALGARY – Payday loan providers won’t be banned under overview of the industry because of the Alberta federal federal government despite issues about high interest levels charged by providers.

“The federal federal government of Alberta will not ban lenders that are payday” Service Alberta Minister Deron Bilous stated Wednesday.

“We don’t want to operate a vehicle them underground,” he said. “We understand from speaking with organizations that you’re actually doing the alternative of consumer protection them underground if you drive. They’re a whole lot more dangerous when 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 amounts. (más…)

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