Yes, lenders are required by law to be honest when advertising and selling financial products. The responsible lending code of Canada sets out what lenders need to do to make sure they meet their obligations under the Fair Trading Act 1986.
The responsible lending code is designed to protect borrowers by ensuring that lenders take a responsible approach when assessing loan applications. This includes making sure that the borrower can afford the loan repayments, as well as taking into account their other financial commitments.
The lenders do pay the responsible lending code organisation, but this is to help with the running of the code and not for any favours. The code is there to protect consumers from being given loans they can’t afford and to ensure that when they are given a loan, it is at a fair rate.
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