This week, City Council will consider ideas that would put more pressure on payday loan companies, which are common in Weston. Council will also ask staff to meet with bankers to “discuss the service gaps in the banking sector affecting underserved low-income individuals”.
The city has been working for several years to reduce the number and density of high-interest lenders through zoning and licensing. The number of licenses was fixed in 2018, and as companies go out of business, their licenses are retired.
City Council will vote on investigating whether payday loan businesses can be forbidden within 500m of an AGCO-licensed business “selling services involving lottery and gaming, cannabis, alcohol and horse racing”, pawnshops, social services organizations for low-income residents, and social housing. I think that would, in effect, forbid payday loan establishments throughout the city—except perhaps for Toronto Island.