Despite recent legislation, the addition of fees has greatly increased the cost of payday loans/cash advances. Debit card fees have been used by to increase fees above 17%. There is a current class action lawsuit against The Cash Store and Instaloans about these fees on loans originated in Winnipeg.
Manitoba Payday Loan limitsImportant Notes
- Maximum Cost is 17% on loans up to $500
- Expected Payday Loan store clostings
- Canadian government has allowed Provinces to set Payday Loan maximumx
- Expect companies to quickly attempt to find work arounds
Manitoba Payday loan legislation was passed in November of 2006. Following this legislation Payday Lenders will need to Licensed and Bonded.
- MB Payday Loan Lenders need to be licensed and bonded
- The Public Utility Board will set the maximum costs Manitoba Payday Loan
companies can charge
- Customers will be warned of Payday Loan Costs
- Customers can cancel loans within 48 hours
- Extra fees cannot be charged when loans are rolled over
- The Manitoba Consumers bureau will be able to inspect Payday loan companies
- Money Mart Canada operates in Winnipeg, Selkirk and Brandon and Portage .
- The Cash Store operates in Winnipeg, Thompson, Selkirk, Brandon, Portage and the Winkler/Morden area .
- Instaloans operates in Winnipeg, Portage La Prairie, Selkirk, Thompson and Brandon .
- National Cash Advance no longer operates in Winnipeg.
- FastCash is the only active storefront Payday lender in Steinbach, and also has stores Winnipeg and Brandon .
- Redundantly named Cash Money is in Winnipeg only.
- Mogo Money is relatively new to the province and in Winnipeg only.
Category: Payday loans