One out of 10 loan that is payday shuts down, leaving hopeless customers with fewer choices.
FOR IMMEDIATE RELEASE
OTTAWA, ON вЂ“ OntarioвЂ™s payday loan users are most likely worse off today than prior to the province capped cash advance interest prices and permitted cities to restrict and manage the place of loan providers. A brand new Cardus report, The Changing Face of Payday Lending in Canada, discovers that because the price caps were introduced in January 2018, one in 10 payday financing stores in Ontario have actually shut down вЂ“ them all tiny, separate outlets. A few towns and cities also have restricted how many pay day loan outlets allowed within their jurisdiction, including Toronto, Ottawa, Kingston, and Kitchener. More often than not, pay day loan stores may be limited by one per ward, that may leave big lenders with small regional monopolies within the short-term, small-dollar loan market. Meanwhile, credit unions have actuallynвЂ™t stepped up to give you better, lower expense options to pay day loans, regardless of the shutdown of countless payday loan providers.
вЂњOntario customers currently have less neighbourhood alternatives for crisis loans than before,вЂќ says report writer Brian Dijkema. вЂњWe know from polling Cardus has been doing because of the Angus Reid Institute that 33 per cent of Canadians say theyвЂ™re so socially isolated, theyвЂ™re perhaps not certain theyвЂ™d have someone to turn to in case there is a emergency that is financial. So, the necessity for crisis money continues to be. Whilst having less pay day loan storefronts might look better, those eager for credit might find yourself more determined by impersonal and hard-to-regulate online loan providers.вЂќ
There is proof that the possible lack of competition among payday lenders in Ontario gets even worse. The 3 biggest lenders that are such the province now command 63 percent regarding the market вЂ“ up from 57 % in 2016.
The Cardus report additionally unveiled another significant shortcoming in OntarioвЂ™s approach to payday advances: the province has small concept of whether it has really helped consumers utilize fewer payday advances. The federal government hasnвЂ™t published or collected any information on customer behavior in this respect.
вЂњGovernments never have concentrated sufficient on the best way to assist those people who are according to short-term, high-interest loans,вЂќ says Dijkema. вЂњThat should really be the main focus for future years, rather than fancy notices of policy changes with small to no followup to see if brand new measures actually helped.вЂќ
MEDIA INQUIRIES Daniel Proussalidis Cardus вЂ“ Director of Communications 613-241-4500 x508 [email protected]
About CardusCardus is a non-partisan, faith-based tank that is think registered charity focused on promoting a flourishing culture through separate research, robust public dialogue, and thought-provoking commentary. For more information, check out our web site, follow us on Twitter, and like us on Facebook.
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