26 February 2025
The Province of Manitoba Public Utilities Board (PUB) conducted a public review and consultation of Manitoba’s payday loan regulations and the payday loan industry.
In this Review, the Board was specifically asked by the Minister of Finance to analyze the impacts of reducing the maximum allowable rate that may be charged for a payday loan, from $17 per $100 borrowed to $14 per $100, and the impacts of reducing the proportion of a borrower’s net pay, which is used to determine the maximum loan amount.
Effective January 1, 2025, the Federal Government decreased the cost of credit for a payday loan to the maximum allowable rate under the Criminal Code to $14 per $100 borrowed. The Minister of Finance requested the Board consider this fact as part of its review.
Canadian Financial Diaries Research Project 