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Ontario Payday Loan Consumers Even Worse Off Compared To 2018

07Jan

Ontario Payday Loan Consumers Even Worse Off Compared To 2018

One out of 10 cash advance stores shuts down, leaving hopeless customers with less choices.

FOR IMMEDIATE RELEASE

OTTAWA, ON – Ontario’s payday loan users are most likely worse off today than ahead of the province capped loan that is payday prices and permitted cities to restrict and manage the area of loan providers. A unique Cardus report, The Changing Face of Payday Lending in Canada, discovers that because the price caps had been introduced in January 2018, one out of 10 payday financing shops in Ontario have actually shut down – them all little, separate outlets. A few metropolitan areas also have limited the amount of pay day loan outlets permitted within their jurisdiction, including Toronto, Ottawa, Kingston, and Kitchener. Generally in most instances, pay day loan stores is supposed to be restricted to one per ward, that will keep big loan providers with little to no regional monopolies when you look at the short-term, small-dollar loan market. Meanwhile, credit unions have actuallyn’t stepped up to give you better, lower price options to pay day loans, inspite of the shutdown of many lenders that are payday.

“Ontario customers are in possession of fewer neighbourhood alternatives for crisis loans than before,” says report writer Brian Dijkema. “We understand from polling Cardus has been doing because of the Angus Reid Institute that 33 percent of Canadians say they’re so socially separated, they’re perhaps not certain they’d have you to definitely turn to in case there is a financial crisis. Therefore, the necessity for crisis money continues to be. Whilst having less cash advance storefronts might look better, those eager for credit might find yourself more influenced by impersonal and hard-to-regulate online loan providers.”

There is proof that having less competition among payday lenders in Ontario gets worse. The three biggest such loan providers in the province now command 63 percent for the market – up from 57 % in 2016.

The Cardus report additionally unveiled another significant shortcoming in Ontario’s approach to payday advances: the province has small notion of whether or not it has really helped consumers utilize fewer pay day loans. The federal government hasn’t gathered or posted any information on customer behaviour in this respect.

“Governments haven’t concentrated enough on how to assist those who find themselves dependent on short-term, high-interest loans,” says Dijkema. “That should really be the main focus for future years, as opposed to flashy notices of policy modifications with small to no followup to see if brand new measures really helped.”

MEDIA INQUIRIES Daniel Proussalidis Cardus – Director of Communications 613-241-4500 x508 dproussalidis@cardus.ca

About CardusCardus is a non-partisan, faith-based think tank and registered charity aimed at promoting a flourishing culture through separate research, robust public dialogue, and thought-provoking commentary. To find out more, online payday OR see our internet site, follow us on Twitter, and like us on Facebook.

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