Fraudulent Payday Lending in Manitoba, Canada
Canadian officials from the Manitoba Consumer Protection Office are warning consumers to be wary of internet payday loans offered by Loansalberta Inc.
All payday lenders providing payday loans in Manitoba, Canada must be licensed under the Consumer Protection Act. This regulation applies to all businesses providing payday loans to Manitobans, regardless of where their headquarters are located.
Loansalberta Inc. is not licensed to offer, arrange or provide payday loans in Manitoba. In 2011, the Director of Consumer Protection ordered Loansalberta Inc. to terminate payday loan services in Manitoba.
Even after being warned, Loansalberta Inc. continues to do business with Manitobans without being licensed under the Consumer Protection Act.
The Consumer Protection Act includes regulations that require payday lenders to disclose information, correctly represent APR (annual percentage rates), along with a number of other provisions that are designed to protect your interests as a payday loan consumer.
The Manitoba Consumer Protection Office wants Manitobans to be aware that borrowing from Loansalberta Inc. can be risky, since the payday lender may not abide by the regulations mandated by the Consumer Protection Act. Protect yourself and make sure that you are working with a payday lender that is authorized to provide payday loans in your area.