Yesterday the Alberta Government officially announced its intention to review the provincial regulations for payday lenders.
“Momentum is very pleased that the government is pursuing changes to the payday loan regulation. Current regulations clearly do not work well for most Alberta consumers. These high interest loans can result in many Albertans getting stuck in a cycle of debt that takes many months to exit. We look forward to working with the provincial government to improve the regulations for Alberta consumers.” – Jeff Loomis, Executive Director, Momentum
What you can expect:
Regulations will be put into place to help protect vulnerable Albertans from entering into an unsustainable debt-cycle.
The review will begin with an online survey and then move to meetings with payday loan users, industry members and community organizations that provide support to Albertans who live on low incomes.
What will not happen:
Payday lenders will not be forced to shut down.
How you can participate:
Share your opinions on and experiences with payday loans through the online survey.