In 2016, more than 160,000 B.C. residents used payday lenders, that’s about 4 per cent of the population over 18 years of age.
The Province is making some changes to rein in payday-lending practices, and to protect people from excessive fees.
Fees for cashing social and disability assistance cheques will be capped at 2 dollars, plus one per cent of the value of the cheque up to a maximum of ten dollars.
Effective September 1st the maximum fee that can be charged for every one hundred dollars borrowed will be 15 dollars, down from 17 dollars.
