Many Canadians May No Longer Qualify for Loans Under New Regulations, Lenders Warn

Published on January 17, 2024

Canadians are being warned that they may no longer qualify for future loans from regulated lenders due to new government restrictions that cap interest rate charges at 35 percent. The information was in a letter from the Canadian Lenders Association (CLA) in response to the government’s decision, which was part of a Regulatory Impact Analysis Statement released on Dec. 23, 2023. The government proposed in Budget 2023 to lower the criminal interest rate to 35 percent APR (annual percentage rate) and to change the maximum amount that payday lenders can charge people for the amount they borrow. CLA said the decision will impact who qualifies for many types of loans moving forward....

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