Lenders must be extremely cautious and take care that the actual cost of loans does not exceed the 60 percent rate allowable under the Criminal Code of Canada.

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The Criminal Code of Canada sets a legal limit on the annual interest rate that can be charged on any credit extended to consumers, which is 60 percent. Charging more than this rate is considered usurious and is a criminal offense.

Lenders Must Be Extremely Cautious and Take Care That the Actual