Law and Legislation
North’n’Loans is an online provider of payday loans in Canada. We guarantee that we are aware of all the ongoing changes in the legislation related to the payday lending industry and comply with them.
Information for Borrowers
Manitoba was basically the first province to put short term loan legislation in place while some Canadian provinces don’t have such legislation at this time.
Legislation actually starts when a proposed law is set out before the Parliament or the House of Representatives. At that time the proposal is not even a bill yet. It becomes legislation when it is approved and becomes a totally enforceable law that must be abided.
Legislation related to the payday loan industry usually sets the allowed percentage rate, the amount one customer can borrow at one time and defines whether the rollovers are allowed.