Loan sharks 🦈 — AI is taking jobs. China bails out countries. And loan sharks get new rules.
The Peak Daily
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The Feds Are Pushing Down the Maximum Interest Rate on Loans
With interest rates and the cost of living way up, at least one important number is going down. The feds are pushing down the maximum legal interest rate from 47% to 35%. Alternative lenders say that the lower cap on interest rates will cut off millions of Canadians from credit. We're predicting a shaky business outlook for any loan sharks out there.
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