Rick Mercer has tackled one of our favourite topics here at Weston Web; payday loan companies. Enjoy.
Frances Nunziata is asking for you to give the province input on payday loan, rent-to-own and cheque cashing stores—what she calls “predatory lenders”. The proposed changes would make payday loans less attractive. For payday loan shops, province is considering Extended payment periods for repeat borrowers Lowered lending limits An extended, six-day waiting period Clear display … Continue reading “Province seeking input on payday loan shops”
After dragging its heels for months, the Ontario Government has finally acted on a promise to do something about the huge rates charged by the payday loan industry in this province. As readers in Weston / Mount Dennis are painfully aware, these stores have proliferated in our communities and prey mainly on the poor, charging as … Continue reading “Ontario Government lets payday lenders off the hook”
As readers are painfully aware, the Weston / Mount Dennis area is plagued by a large number of payday loan companies. These pseudo banks prey on the poor by charging high rates thus continuing the cycle of poverty that poor people (and those with a low credit rating) often find themselves in. Scotiabank’s recent departure from Lawrence and … Continue reading “Alberta Clips Payday Loan Companies”
City Council is considering a motion to space out payday loan shops. The motion would force money stores to be separated by at least 400m and increase the licence fees from $1000 to $3000. The motion was seconded by Frances Nunziata. There are at least 10 cheque-cashers and two pawn shops in Weston. This bylaw would not affect them; it … Continue reading “Payday loan shops face push”
Payday loan companies (PLCs) paint themselves as businesses that help out people in times of need. They also claim to help people with middle class incomes. Since the province legalized their brutal rates of $21 per loan of $100, PLCs have proliferated. Incredibly that loan rate in real terms is 120,000% annually. PLCs claim that the … Continue reading “Nunziata Pressures Payday Lenders”
Do you know the difference in rates between a credit card cash advance and a payday loan? Payday loan companies (PLCs) say that they have independent surveys that show their customers are aware of the costs of loans and that people choose PLC services because of the convenience. Critics say that PLCs prey on the … Continue reading “Payday loan companies; blight or blessing?”