The Government of Canada announced in Budget 2021 its intention to consult on fighting predatory lending by lowering the criminal interest rate. Vancity Community Foundation, which BC Rent Bank is a project of, sent in a submission as part of this consultation by the Department of Finance.
“We strongly support fighting predatory lending by lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders. We recognize that reducing the criminal rate of interest is but one measure among many needed across the country and by all levels of government to address affordability and indebtedness. Canada’s usury (criminal) interest rate ceiling is one of the highest internationally.”
Download/read the full submission here or below.