Consultation on Fighting Predatory Lending

Current Status: Closed

The Government announced in Budget 2021 its intention to consult on fighting predatory lending by lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders.

This engagement process gave all interested members of the public the opportunity to provide input on this topic. The consultation ran from August 9, 2022 to October 7, 2022.  Thank you to everyone who participated.

Key questions for consideration

This consultation sought feedback on several areas, including:

What's next?

Feedback received will be considered alongside the analysis our economists have been doing to help inform decisions on the criminal rate of interest and provision of high-cost installment loans in Canada. While this formal consultation has now concluded, Canadians are welcome to share their ideas and comments with the Department of Finance at any time.

Related links

Page details

Date modified: