A letter was sent to the Hon. Lisa Thompson, Minister of Government and Consumer Services, requesting more information on the Government’s plan to educate the public about the practices of payday loan companies, while also acknowledging the new legislation that specifies a maximum interest rate of 2.5% per month on payday loans in default.
CFUW Advocacy Package
CFUW Policy Adopted August 2020
Payday Loans: CFUW Ottawa
RESOLVED, That the Canadian Federation of University Women (CFUW) urge the Federal Government to work with the provinces and the territories to lower the cap on the interest rate payday loan firms can charge;
CFUW urge the Federal Government to encourage the Chartered Banks, Credit Unions and Caisses Populaires to facilitate short-term small loans.
CFUW urge the Federal Government to work with the provinces and territories to ensure that the terms and potential risks of a payday loan are made fully transparent to the consumer at the time of the transaction.