By Geoff Smith (@smithco on Twitter)

More rules take effect for payday lenders

Dec 7, 2016 | 10:22 AM

ALBERTA – The Alberta government has taken the next step in protecting customers of payday lenders.

Under the latest portion to be implemented, of an act passed in the spring, payday lenders must include instalment plans in all loans, and allow early payback with no penalty. The province says this will mean a drastic reduction in the interest rate.

Repayment terms will be between 42 and 62 days, with instalments spread over at least three pay periods, and with the amounts spread out roughly equally.

It will also prevent extra bank fees by limiting the number of pre-authorized withdrawal attempts by the lender.

In August, the interest rate for payday loans was reduced to $15 per $100, including fees, the lowest in Canada.

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