Alberta Sets Rate Ceiling at $23

The Alberta government announced their new payday loan regulations today and have followed in the footsteps of British Columbia with their maximum allowable rate. In a release, the government said "The new regulation sets the maximum total cost of borrowing at $23 per $100 borrowed, including interest and any fees charged as a condition of the loan. The amount requires federal approval before it comes into effect." The regulations also set out a number of new rules that will take effect September 1st. These rules are consistent with what we have seen in other provinces and include the option to cancel your loan within two business days, restrictions on rollovers and disclosure provisions.