This page provides information for users on Manitoba’s pay day loan rules as common questions.
The FAQ for enterprises might be helpful to payday lenders who have questions relating to the rules.
What is a payday loan?
An online payday loan is loans of cash of not more than $1500.00 for an expression of no more than 62 era (excluding any extension or revival). s. 137 and 138(1) function and s. 2 Reg
Defining a payday loan company?
A payday loan provider try a qualified organization or one who provide, organizes or supplies an online payday loan.
Including, this might incorporate a profitable business that just supplies, arranges or produces an online payday loan, or it is often a small business that as well as offering pay day loans now offers various other products or facilities instance pawn broking, tax rebating, or list equipment. Payday loans brokers are usually regarded as being payday loan providers as defined inside function. s. 137 Act