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In Canada, the maximum interest rate that can be charged on loans is regulated by provincial laws, with most provinces capping the annual interest rate at 60% for non-revolving credit. However, rates can vary significantly depending on the type of loan and lender. For example, payday loans often have higher effective rates due to their short repayment terms. Always check local regulations for the most accurate and relevant information.

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∙ 1y ago

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