VANCOUVER (NEWS 1130) – Getting a payday loan in BC will soon come with some extra protections.

The province is introducing new limits on cheque cashing fees and high-cost loans, which go into effect on September 1.

These include dropping the fee to $15 (down from $17) from every $100 borrowed.

Payday lenders will also no longer be able to use or disclose a borrower’s personal information for any reason other than providing a loan.

Additionally, the province will be extending how long you have to cancel a loan before you face a fine. British Columbians now have two days to back out and not face a financial penalty.

Data from the province shows more people are borrowing money in BC, adding up to almost $400 million owed each year.