Liberals Propose Regulation of Payday Loans With Cap on Borrowing Rates: Budget 2023

A road side sign for a pay day loan store is shown in Oshawa, Ont., on May 13, 2017. Doug Ives/The Canadian Press

The federal government is proposing to regulate payday loans by placing a cap on borrowing rates, according to this year’s budget.

Released on March 28, Budget 2023 categorizes lenders who offer loans at “very high interest rates” as “predatory lenders.”