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Lowering the Cost of Borrowing for Payday Loans in Ontario

Response from Cardus to Ministry of Government and Consumer Services

May 27, 2016

Brian Dijkema

Work & Economics

Policy Memo

Ontario’s Ministry of Government and Consumer Services is seeking input and comment on whether to lower the cost of borrowing a payday loan and, if so, what the maximum total cost of borrowing should be. In particular, the government outlined a series of questions intended to guide responses. Here is the Cardus response.

For access to profitability analysis based on interest rates of payday loan providers, click here.

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