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 will only affect new businesses. 

The law will reduce the number of cheque cashing businesses, but will likely enrich the existing owners by reducing competition.

The motion would also ask the province to reduce the interest rate to 35%. It will also build encourage credit unions and banks to set up (or not leave) priority communities, like our own.

Finally, it will ask the feds to look into a postal bankā€”an idea recently championed by ACORN in Weston.

Author: Adam Norman

I am raising my two children in Weston.

2 thoughts on “Payday loan shops face push”

  1. We have TD, RBC, BMO, Victory Credit Union. Whatelse do you want? Theses loan places should be restricted or eliminated.

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