The Government of Alberta announced new payday loan legislature on Wednesday, December 7. 

Service Alberta introduced the  'Act To Prevent Predatory Lending,' to protect Albertans from the vicious cycle of debt. 

“Albertans told us they want lower interest rates, longer payback periods and better alternatives. We listened and took action. I’m proud to be part of a government that supports families by improving consumer protections,” Stephanie McLean, Minister of Service Alberta.

Payday lenders are now required to provide installment plans for all loans. This comes as an effort to reduce the interest rate and help borrowers get back on track. 

New rules will also put restrictions on the number of times lenders can make pre-authorized withdrawals, to reduce the number of extra fees.

"We're protecting folks here who might find themselves a little bit short between paychecks." said McLean. 

For more information, visit the Government of Alberta website.

 

Questions, comments, or story ideas? Email us at news@discoveraidrie.com