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Prohibit payday lenders from reporting of all information, including default information, in connection with small short-term loans inside credit reporting system. Neon signs illuminate an online payday loan business in Phoenix on Tuesday, April 6, 2010. New rules force payday lenders to apply to get a business licence, and can require specific signage about debt counselling. The Payday Loans Act, 2008 meets certain requirements for designation under Bill C-26. People often get involved over their heads after they continue to look at out payday loans, as a result of the interest levels, Eisner said. In a similar time period, the cash advance industry grew from $318 million to $358 million. Lowering the charge of payday loans canada 24/7 advances will not solve the underlying problem of excessive other debt.