It is true that pay day loans have experienced a bad rap in days gone by. No news there. But just what you may maybe not understand is the way the industry changed. In reality, the cash advance industry happens to be revamped in the last couple of years after intense scrutiny over high-interest prices and extortionate fees.
Payday Loan Legislation in Canada
New provincial legislation had been introduced with all the aim of protecting Canadian customers. Ontario, for instance, passed the payday advances Act, which requires loan providers to be certified, and provides consumers a two-day вЂњcooling off periodвЂќ permitting them to straight back out of an online payday loan contract without penalty.