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Beyond the US and UK, other major economies take their own approach to short-term lending. This is Step 2 of 3.
Canada
In Canada, payday lending is regulated at the provincial level. Most provinces set a maximum cost per amount borrowed and require lenders to be licensed, with clear disclosure of fees before a borrower signs.
Australia
Australia regulates payday loans as Small Amount Credit Contracts. Caps limit establishment fees and monthly charges, and lenders must check that repayments will not cause the borrower substantial hardship, adding a layer of consumer protection.