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Pay day loan hearings start at Utility and Review Board

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Customer advocates stressed borrowing price of $25 per every $100 is simply too high

Nova Scotia’s energy and Review Board has begun a number of hearings into cash advance laws within the province.

The hearings will examine anything from the price of borrowing towards the price of defaulting on loans.

David Roberts, a customer advocate, argued the cost of $25 — per $100 lent — has to be lower. It was said by him must certanly be between $17 and $23, that are prices obtainable in other provinces.

Peter Gurnham and Roland Deveau, whom take a seat on the Utility and Review Board, both reported that after the board set the rate of borrowing at $25 per $100 borrowed, the $25 cost had been supposed to be a maximum limit. The board anticipated to see competition among payday lenders to supply reduced prices.

In research presented towards the board, a financial consultant revealed that just about all shops charge the utmost cost, without much cost competition.

“Obviously that is not occurring, in reality everyone’s going to your top,” stated Roberts. “The role for the regulator is always to go it down and alleviate force or burdens from the borrowers.”

‘They enter into a period’

Gordon Arsenault, with all the Credit Counselling Services of Atlantic Canada, stated their solution views a nagging problem with duplicated use of loans. Continue Reading…