Canadian Banks | Forums | Terms of Use

Welcome to the Canadian Financial Forums forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   Canadian Financial Forums > Canadian Financial Forums > Personal Loans

Reply
 
Thread Tools Display Modes
  #1  
Old 03-16-2009, 02:29 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default Payday Loans Regulation in Ontario

Starting April 1st consumers taking out payday loans in Ontario can be charged a maximum of $21 for every $100 borrowed. The provincial officials announced that the new regulations were introduced to protect consumers. There is a new requirement for all payday loan lenders to be licensed.
__________________
No debt
Reply With Quote
  #2  
Old 03-17-2009, 02:32 PM
bullish bullish is offline
Senior Member
 
Join Date: Jul 2008
Posts: 155
Default

This is good news, and should have been done a long time ago. Payday loans are evil.
Reply With Quote
  #3  
Old 03-18-2009, 01:40 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

Quote:
Originally Posted by bullish View Post
This is good news, and should have been done a long time ago. Payday loans are evil.
I also don't like payday loans, however government regulation is rarely good.
__________________
No debt
Reply With Quote
  #4  
Old 03-24-2009, 02:38 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

I also hate government regulation in general, but some things like payday loans and predatory lending need to be regulated or banned.
__________________
Bear with me please
Reply With Quote
  #5  
Old 03-25-2009, 08:02 PM
Steven Steven is offline
Senior Member
 
Join Date: Jul 2008
Posts: 139
Default

I've never taken out a payday loan, but I know people who have and I also think that heavily regulating payday loans is a good thing.
Reply With Quote
  #6  
Old 03-26-2009, 02:30 PM
bullish bullish is offline
Senior Member
 
Join Date: Jul 2008
Posts: 155
Default

Quote:
Originally Posted by Canadian View Post
I also hate government regulation in general, but some things like payday loans and predatory lending need to be regulated or banned.
This is the only thing I agree with you on.
Reply With Quote
  #7  
Old 04-08-2009, 07:35 PM
heyjude heyjude is offline
Member
 
Join Date: Jul 2008
Posts: 38
Default

Payday loans are something that you should avoid taking at any cost. I hope I will never have to be forced to take a payday loan. It is good that there is a regulation now...
Reply With Quote
  #8  
Old 04-09-2009, 01:12 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Quote:
Originally Posted by heyjude View Post
Payday loans are something that you should avoid taking at any cost. I hope I will never have to be forced to take a payday loan. It is good that there is a regulation now...
Keep in mind that regulation will drive the payday loan lenders out of the province. I don't like payday loans either, however I recognize the fact that some people might need them...
__________________
Bear with me please
Reply With Quote
  #9  
Old 04-21-2009, 08:31 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default

Quote:
Originally Posted by Canadian View Post
Keep in mind that regulation will drive the payday loan lenders out of the province. I don't like payday loans either, however I recognize the fact that some people might need them...
That's exactly my thinking - less regulation better results...
__________________
No debt
Reply With Quote
  #10  
Old 04-27-2009, 03:27 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Quote:
Originally Posted by trent View Post
That's exactly my thinking - less regulation better results...
With the current economic conditions, we are likely to see more regulation than ever, which will only delay the recovery.
__________________
Bear with me please
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 07:09 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.