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Companies that provide pay day loans

Companies that provide pay day loans

On January 29, the us government of Ontario circulated its assessment paper on managing Alternative Financial Services (AFS) and high-cost credit, en en titled “High-Cost Credit in Ontario: Strengthening Protections for Ontario Consumers” (Consultation Paper).

What you should understand

  • Growing in appeal, AFS are high-cost services that are financial away from old-fashioned finance institutions like banking institutions and credit unions. Typical AFS offerings consist of payday advances, instalment loans, lines of credit, and auto name loans.
  • The Consultation Paper seeks input on developing a high-cost credit meaning, licensing high-cost credit providers, managing costs, charges and fees, and imposing disclosure, cooling-off duration and commercial collection agency demands, and others. Continue reading
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