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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

Lowering interest rate cap to 35% could cost jobs and hurt GDP: report

Industry group has been pushing aggressively against the federal government's plan to lower the rate cap in the Criminal Code from 47.2% to 35%

Lowering interest rate cap to 35% to cost jobs and GDP: report

Lowering interest rate cap to 35% to cost jobs and GDP: Industry report

TORONTO - A report commissioned by the Canadian Lenders Association estimates that lowering the maximum interest rate could lead to the loss of tens of thousands of jobs and billions

Lowering interest rate cap to 35% to cost jobs and GDP: Industry report