The B.C. government has introduced new payday loan regulations to protect financially vulnerable people from rude lending practices.

Starting Nov. 1, interest rates and fees from payday lenders will be capped at 23 per cent of the money borrowed. Payday lenders will also be barred for lending more than 50 per cent of the borrower's take home pay or requiring repayment before the borrower's next payday. Now lender can't put unnecessary burden over borrowers that can increase debt loan and also rollover that requires borrowers to pay extra amount of money for extending time to repay the loan.

Under the new rules, payday lending companies can no longer operate unless they're licensed by the Consumer Protection Branch.

Payday loan companies have faced class-action lawsuits from borrowers and criticism from consumer advocates for their exorbitant interest rates and fees, and most provinces have moved to closer regulate the industry.