Category: News

Shifting landscape of lending: Canada’s new criminal interest rate

The criminal interest rate represents the uppermost limit of interest that lenders are legally permitted to charge on a loan. Effective January 1, 2025, the maximum allowable interest rate plummeted from a 60% effective annual rate (EAR) to a 35% annual percentage rate (APR). At first, this won’t have a huge impact for many, but…