Budget Trip

NDP calls on Ottawa to cut interest rates on payday loans

Federal New Democrats are calling on Ottawa to reduce the legally allowed interest rate on loans and close a loophole that allows the payday lending industry to charge very high interest rates. In a private member’s bill tabled Thursday, NDP House leader MP Peter Julian called for Criminal Code changes …

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Explanation: How do payday loans work?

The annual percentage interest rate (APR) for payday loans is calculated by dividing the amount of interest paid by the amount borrowed; by multiplying the result by 365, dividing that number by the repayment term in days, and multiplying by 100. For example, for a two week loan charging $ …

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Kansans Protests Payday Loan Interest

TOPEKA, Kansas (WIBW) – The Kansans band together on Monday to protest the high interest rate on payday loans. Topeka JUMP said Kansas residents have come together to urge lawmakers to pass payday loan and auto title reform. He said that currently Kansas law allows payday and car title lenders …

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