The Globe and Mail reports in its Monday edition that lower interest rates are coming for some of the most expensive forms of debt as the feds push forward on a law to reduce them. A Canadian Press dispatch to The Globe says that corner-store lenders, though, warn: Lower the rate cap and millions of customers could lose access to credit. Meanwhile, advocates and experts, who have generally welcomed plans for lower rates, say the potential that some could be shut out of existing options instead points to the need for better alternatives, including possible government-backed offerings from big banks. The government wants to lower the criminal rate of interest to a 35-per-cent annual percentage rate from 47 per cent, and adjust the payday lender exemption so they can charge a maximum of $14 per $100 borrowed. The Canadian Lenders Association had pushed for an exemption to interest-rate maximums for small-dollar loans, but was shut out. That prompted members of the group to warn borrowers that they might no longer qualify for new loans, said Jason Mullins, chief executive officer of lender goeasy. "A meaningful number will get declined for a loan and, of course, have to turn to much less desirable sources," he said.