(Manitoba, CA) – Recently some money lending companies and agencies like money grants, cash provider companies and other payday loans organizations are not going to low down their business due to the hard regional rules.
It is clear now that they are as you can see in the picture that the outcome of the decision that was released yesterday at the PUB (public utilities board), tasked with revising the Province’s three years old cap on payday loans pricing.
On the Principal amount of the loan, the cost with payday loans is still unaffected and is currently 17 percent along with the 30 Percent of the borrower’s net pay.
The PUB says, “In finding that these key provisions remain unchanged, the board concludes that the payday loan industry remains financially viable in Manitoba”.
“The board does not accept the proposition of lenders that the rates should be increased and that competition will drive the market rate down.”
Payday Loans Lenders have already long recoiled at the province’s rules and asked the Public Utilities Board to slacken the rules at hearings earlier in this present year.