That will be 1132% Interest Please

Don't worry inner city residents. Just because all of the Banks have left for the suburbs doesn't mean your province isn't looking out for your financial needs.

Payday Loan Scams

How is this for consumer protection. The province of Nova Scotia has added a new law for Payday Loans:

"Nova Scotia Utility and Review Board set the maximum cost of borrowing at $31 per $100 borrowed."

How does this add up for consumers? Let's take a look at a 10 day loan:

$100 Loan + $31 in fees = 1132% interest rate

What a deal! Can it get any better? What if I am a day late with Payment? Let's take a look at the same loan with the payment made one day late:

"loan default fees are set at a maximum of $40 per loan"

$100 Loan + $31 in fees + $40 default fee = 2356% interest rate

Don't worry consumers, it's not all bad. The maximum you now pay on your default fees is limited at 60%.

Check our Cash Advance and Payday Loan Calculator.