Ban on New Payday Loan Outlets?

Councillor Frances Nunziata is attempting (with council colleagues) to freeze the number of payday loan companies in Toronto through a Council by-law that would stop licensing new ones. Payday loan outlets have expanded exponentially and have tended to cluster in lower income areas. Weston has more than its fair share of them. Payday loan / … Continue reading “Ban on New Payday Loan Outlets?”

Province seeking input on payday loan shops

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”

Ontario Government lets payday lenders off the hook

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”

Alberta Clips Payday Loan Companies

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”

Payday loan shops face push

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”