Email template to non-prime borrowers who may be affected by the reduction in the maximum allowable rate of interest.



Dear Borrower,

We are writing to you today, as one of over 300 member companies of the “Canadian Lenders Association”, an organization that represents nearly the entire Canadian lending industry and its consumers.

This email is to inform you that the Government of Canada has announced a recent legal change that may affect your ability to qualify for a loan in the future.

The Government of Canada recently announced that they will be lowering the allowable rate of interest, which directly affects the number of borrowers that lenders can qualify for a loan. This change results in lenders having to deny many borrowers and removes your freedom to make the decision to borrow for yourself.

What does this mean?

While on the surface, reducing the maximum allowable interest rate may sound helpful, this change in fact means many borrowers may no longer be able to access a loan in the future, including from other regulated lenders across Canada. These changes will potentially make the loans from lenders like us unavailable for millions of Canadians. As a result, consumers may have to rely on other sources of credit, such as an expensive payday loan, which often costs more than 6 times the price of a loan from us.

You can help!

If the risk of losing access to a loan in the future concerns you, click on the YES button below and the Canadian Lenders Association will send an email on your behalf, to your local Member of Parliament and Canada’s Minister of Finance, to explain that losing access to a loan will make life less affordable and could put Canadians in a worse financial position (see below for email content). Express your desire for the freedom to make your own financial decisions by clicking below!

Yes, I am concerned about losing access to credit and want to send a letter to my Member of Parliament:


What is [LENDER NAME] doing to help?

[LENDER NAME] and the Canadian Lenders Association have been actively discussing this matter with the Government of Canada for over 2 years.  We believe that this policy decision is harmful for Canadians. Despite these developments, we remain committed to providing our customers with the opportunity to access a loan and rebuild their credit.  We intend to continue advocating on your behalf and will continue to approve as many borrowers as possible.

Please note that if you have an existing loan with us, no additional action is required at this time. Thank you for your support in helping us fight for your right to obtain a loan. Like you, millions of Canadians rely on us to help meet their financial needs and achieve their financial goals, and we want to ensure you continue to have the freedom to take out a loan that meets your needs.

Should you have any questions or concerns regarding the content of this email, please call [NUMBER]