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Money Mart Ok with Manitoba Interest Rates
18 April 2008
Manitoba Public Utilities Board has set a maxixmum cost for payday loans up to $500 at 17 Percent. Also
providing lower rates for those on social assistance or employment insurance.
US based Dollar Financial Corp (NASDAQ: DLLR), who runs Money Mart is fine with the new interest limitations.
Saying they are "Comfortable Money Mart can continue to operator efficiently and the new law provides new growth
opportunties for Money Mart in Canada."
The Canadian Payday Loan Association believes the interest cap will hurt both payday lenders and consumers.
"The PUB issued an order that will directly drive many small- and medium-sized companies out of business,"
association president Stan Keyes said in a release. He also said this new law will drive payday loan lenders
out of business and these resulting closure will leave consumers with no choice but to "do without".
Executive Director of the Consumers Association of Canada's Manitoba branch, Gloria Dorsey, said the caps will
help payday loan users.