Payday lending-Fringe lending

Main points

• Loans with regards to significantly less than 15 days are prohibited
• Touch Credit Contracts (SACCs) are loans as much as $2000 for terms as much as one year. Costs (including interest) are capped at a 20% establishment charge and costs of 4% every month (flat price). No protection may be taken when it comes to loan
• Moderate Amount Credit Contracts (MACCs) are loans between $2001 and $5000. Continue reading →