Loan-shop crackdown starting

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.

Author: Adam Norman

I am raising my two children in Weston.

1 thought on “Loan-shop crackdown starting”

  1. What’s even more interesting about these Payday Loan places is that they don’t need a business license to operate and can open wherever they feel like it. I need a business license to operate my store like everyone else does but they don’t. Restaurants have to jump through hoops with the City to maintain their licenses and get their ‘green’ pass. But not the Payday Loan places. They prey on the poor and uneducated. And they can become places for illegal activity like the selling of gold, etc. that may have been stolen.

    Thanks to a few of us Weston residents and business owners, our City officials have finally looked at the problem instead of shrugging it off saying they cannot do anything. We just hope that we see a few of them start to close in the near future and they become a regulated business.

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