For those who use payday loans in Kawartha Lakes, the payback is about to get a bit lighter.
On January 1st, a new law will take effect in Ontario requiring all payday loan businesses to reduce the fees on payday loans by three dollars per $100.
The maximum cost of $21 per $100 borrowed will now only be $18.
Bill 59 or the Putting Consumers First Act, is currently also being considered and would allow repeat payday loan users to have access to longer periods of repayment.
The Standing Committee on Social Policy will be holding public consultations regarding that bill in Toronto in late February.