News Releases

News Release - Manitoba

November 1, 2019

PROVINCE LAUNCHES NEW RESOURCES TO HELP MANITOBANS UNDERSTAND RISKS AND RESPONSIBILITIES RELATED TO HIGH-COST CREDIT



Manitoba’s Consumer Protection Office (CPO) has developed a range of resources to help individuals better understand the risks and their responsibilities when it comes to high-cost credit products, Finance Minister Scott Fielding announced today.

“Not all loans and credit options are created equal, and some may cost more than you think,” Fielding said.  “These resources are being launched today to mark Financial Literacy Month and clearly explain what you should know if you’re considering a payday loan or another type of high-cost credit product.”

Payday loans are short-term loans that are typically less than $1,500 and usually must be repaid by the borrower’s next payday.  High-cost credit products are loans and lines of credit that may charge high rates of interest and fees that can be difficult to repay for financially vulnerable consumers.

The materials provide basic information and show people where to learn more about payday loans and high-cost credit products.  Resources will be shared on provincial government social media channels, distributed by the CPO and posted on its website.

The videos were developed with the support of the Manitoba Borrowers’ Financial Literacy Fund, which was created by the Manitoba government to support programs that improve the financial literacy of payday loan users and others.  This fund is sourced from an annual levy contributed by payday and high-cost credit lenders.  

For more information on money matters and other important consumer protection information, visit www.gov.mb.ca/justice/cp/cpo/index.html.

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