The Canadian Press

2015-10-07 | Alberta Payday Loans

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The Alberta government is preparing to update its legislation regarding payday loans. Service Alberta Minister Deron Bilous (BILL-us) says the current legislation expires next June and he wants to make sure vulnerable Alberta families are not taken advantage of. However, Bilous wouldn't go so far as to criticize the high interest rates that payday lenders charge their clients. (Alberta payday loan companies charge one of the highest interest rates in the country -- and can charge up to 23 dollars interest on every 100 dollars borrowed in loans that must be repaid in 62 days. The review will begin with an online survey.)

Date: 2015-10-07
Placeline: CALGARY.
Source: The Canadian Press
Length: 16 seconds

Transcript Prediction: << the government of Alberta is not going to ban payday lenders we don't want to drive them underground we know from talking to organizations like momentum and United Way you're actually doing the opposite of of consumer protection if you drive them underground they're much more dangerous when they're illegal >>


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