The Etobicoke-York Community Council voted this week to inspect many (but not all) of the payday loan shops in Weston.
Payday loan shops are very common in Weston, but their social value is dubious. Stores such as Money Mart and Cash Money offer small loans at high interest rates for short durations, among other services. Perhaps because of the low average income in Weston, payday loan storefronts are very common.
Council has made several recommendations to put pressure on the loan shops, though direct curbs seem out of reach. The city will ask the province to investigate what can be done to reduce “problems” such stores cause. Council will also investigate whether they can be licenced by the city.
City staff will be asked to bear down on the operations. They are being directed to address “the issues arising from this type of business”.
Finally, licencing staff will also investigate payday loan shops along Weston Road and Jane Street. It is not clear what, if anything, staff will be able to do against the loan shops—or, in fact, if anything should be done until the “problems” and “issues” are more clearly defined.