Momentum’s Public Policy team is working on a submission to the Federal Government regarding their Consultation on Cracking Down on Predatory Lending Faster by Further Lowering the Criminal Rate of Interest and Increasing Access to Low-Cost Credit. 

We applaud the recent lowering of the criminal rate of interest from 47% annual percentage rate (APR) to 35% APR, and their making necessary changes to Criminal Code’s payday lending exemption, preventing lenders from charging more than $14 in fees for every $100 loaned. We know that Canadians deserve access to affordable low-cost credit options. Stay tuned to our social media to read our full submission!

We encourage anyone who is interested to make a submission – whether you’ve accessed predatory loans in the past or have thought about accessing credit but couldn’t find any lenders – your input is valuable!

The Government of Canada is seeking feedback until December 31, 2023. More info can be accessed through the Government of Canada’s website here. You can also reach out to our Public Policy team at: publicpolicy@momentum.org.