Finance Minister Proposes 60 Percent Interest Rate Remain for Pawn Loans

Published on January 3, 2024

Finance Minister Chrystia Freeland has proposed that pawnbrokers be allowed to continue to charge 60 percent interest on loans to Canadians, while the government plans to change the rules for other loan providers. The notice was published in a Dec. 23, 2023, Regulatory Impact Analysis Statement, as first reported by Blacklock’s Reporter. “Predatory lenders take advantage of some of the most vulnerable people in our communities, including low-income Canadians, newcomers to Canada, and those with limited credit history—often by extending very high-interest rate loans,” the statement says. It notes that the current “criminal interest rate” is 60 percent effective annual rate (EAR). The EAR is called the “true interest rate” of a loan by Investopedia, as it also calculates compounding interest....

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