British Columbia Public Interest Advocacy Centre – BC PIAC

Download Payday Lending – October 2005 (PDF)

In a submission prepared on behalf of the Together Against Poverty Society, BCPIAC is calling for more regulation of the payday loan industry in Canada.

Key recommendations include the following:

• Given the payday loan industry’s justification for high annual interest rates, there
  should be no default or penalty charges levied against borrowers of small, shortterm
  loans.
• Payday loan contract and disclosure documents should be required to prominently
  include:
  - a plain language warning of the high cost of credit, and
  - contact information for making a complaint to authorities.

Download BCPIAC and TAPS call for more regulation of the payday lending industry – October 2005 (PDF)