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Manitoba government caps interest rates, loan limits for payday lenders

• SOURCE: The Canadian Press
• DATE: April 23, 2010

WINNIPEG - The Manitoba government is setting down more restrictions on payday loans.

Rules that will take effect this summer will forbid payday lenders from charging interest of more than $17 per $100 of loan value.

Lenders will also be prohibited from giving people more than 30 per cent of their next paycheque.

The rules are part of a plan announced five years ago to crack down on short-term loans that sometimes came with sky-high annual interest rates of more than 1,000 per cent.

Consumer Affairs Minister Gord Mackintosh says the rules will protect people from exorbitant rates and questionable business practices.

The province has already passed other rules that prevent loan companies from seizing people's paycheques, or extending loans to create additional interest payments.