Which of the following is most accurate about interest rates in Canada?
A)Charging a rate of three percent for a seven day payday loan is legal in Canada.
B)As long as loan charges come in the form of fees,they are not included in interest rate calculations in Canada.
C)Payday loan companies provide a necessary service and have permission to charge above the maximum loan rate in Canada.
D)The maximum interest rate that can be charged on a consumer loan in Canada is 60 percent.

Question

Quizplus · Accepted Answer

The maximum interest rate that can be charged on a consumer loan in Canada is 60 percent. Choices A, B, and C are all incorrect as they promote predatory lending practices that exploit vulnerable individuals in need of quick cash. It is important to highlight the dangers of such practices and advocate for better regulations to protect consumers.

Which of the Following Is Most Accurate About Interest Rates