Many Canadians May No Longer Qualify for Loans Under New Regulations, Lenders Warn

Many Canadians May No Longer Qualify for Loans Under New Regulations, Lenders Warn
Canadians are less than enthusiastic about costly climate programs as inflation causes prices to soar. Nicholas Kamm/AFP via Getty Images
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Canadians are being warned that they may no longer qualify for future loans from regulated lenders due to new government restrictions that cap interest rate charges at 35 percent.

The information was in a letter from the Canadian Lenders Association (CLA) in response to the government’s decision, which was part of a Regulatory Impact Analysis Statement released on Dec. 23, 2023.