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Government Interest Rate Cap to Remove up to $10.7 Billion from the Canadian Economy, Cut Off Millions of Canadians from Access to Loans

A new report conducted by Ernst & Young LLP, commissioned by the Canadian Lenders Association (CLA), highlights the severe, far-reaching consequences of the federal government's new interest rate cap. The study reveals that a reduction to the allowable rate of interest will remove $10.7 billion from the Canadian economy each year, eliminate nearly 50,000 jobs and cost borrowers up to $4.4 billion in additional interest payments to payday lenders and illegal lenders, as a result of being turned a

NewCa.com: 👮💵 Government of Canada's Interest Cap Risks Criminal

- New research paper from the Ontario Association of Chiefs of Police and the Canadian Lenders Association - The Ontario Association of Chiefs of Police (OACP)

Canada's new laws target predatory lenders

Some Canadians who have turned to high-interest loans due to not qualifying for traditional credit could lose access to them as the government prepares to pass new laws targeting predatory lenders, according to the Canadian Lenders Association.

SCHWARTZ: Liberals cutting off millions of Canadians this Christmas

SCHWARTZ: Liberals cutting off millions of Canadians this Christmas

Just in time for Christmas, the Liberal government in Ottawa has published new regulations, restricting access to credit for many Canadians