Www.gov.mb.ca
Manitoba has received federal designation for this new interest rate, which will take effect Oct. 18. A number of other provinces also set rates for payday loans, but Manitoba’s rate is the lowest.
|Province |Maximum that can be charged on the principal |Maximum annual percentage rate for a |
| |of a $100 loan |12-day loan |
|Nova Scotia (in force) |$31 |943% |
|British Columbia (in force) |$23 |700% |
|Alberta (in force) |$23 |700% |
|Saskatchewan (announced) |$23 |700% |
|Ontario (in force) |$21 |639% |
|Manitoba |$17 |517% |
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