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Come February, Nova Scotians will likely be paying somewhat less for payday advances but a Halifax attorney claims the province has to deal with why more and more people are dependent on them.

“The information that we’re receiving from all of these loan providers indicates that folks are using these loans down in succession since they have space between their requirements and their earnings,” said David Roberts. “What we’re seeing is incremental improvement in the lack of a poverty decrease strategy by the province also it’s an improvement of that which we have.”

The Nova Scotia Utility and Review Board reduced the cost that is maximum of loan borrowing to $19 per $100 loaned, from $22 per $100. Tuesday’s decision had been the consequence of overview of the loan industry that is payday. Read the rest of this entry »