Not much is known about proposed new provincial legislation to protect low-income consumers using alternative financial services.
That the feeling of credit counsellors at the Thunder Bay Counselling Centre, who say proposed stricter laws for payday loans and debt collection, including promises to put caps on fees and extend repayment periods, is a good start.
Spokesperson Sheri Fata says, until more details surface, it’s hard to say if the new laws will go far enough.
She notes payday loans are always going to be a needed option, adding she does think it’ll be a small victory for people who use lenders.
