As of Thursday, the maximum amount that can be charged in terms of interest on a Payday Loan is being reduced from 23 per cent to 17 per cent of the loan amount.
Cory Peters, Director of Consumer Credit Division with the Financial and Consumer Affairs Authority said lenders in Saskatchewan have national operations and regulations to follow.
“The legislation was changed, keeping in mind that balance of payday lenders operating in the province and the consumer protection aspect and taking into account legislation that exists in other provinces. A number of the payday lenders that operate in Saskatchewan do have national operations,” Peters said.
Payday loans have been regulated since 2012.
Peters says each outlet has a separate license so there are about 60 licensed outlets which are run by approximately a dozen entities with Money Mart having the most outlets of any of the Payday operations.