Canada Banking Regulator To Cap Mortgages To Highly Indebted...

OTTAWA, March 22 (Reuters) - Canada's banking regulator is limiting the number of highly leveraged online payday loans no credit check in the banks' residential mortgage portfolios, installment loans which have ballooned alongside rising prices to make Canadian borrowers among the most highly indebted in the world, the Globe and Mail reported on Friday.

The Office of the Superintendent of Financial Institutions has told lenders they will have to limit online payday loans no credit check to borrowers with mortgages greater than 4.5 times their annual income, the newspaper reported, citing two sources familiar with the matter.

(Reporting by Ismail Shakil in Ottawa, editing by David Ljunggren)

If you adored this article and you also would like to be given more info relating to payday loans no credit check nicely visit the webpage.