Payday Lending Regulation in Ontario
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- Published on Thursday, 06 November 2008 16:35
For the last 4 years ACORN has been organizing to win regulations to protect working families and consumers who use payday loans.
ACORN is pleased to announce a major step forward in this important campaign in Ontario.
Together with our allies at the National Anti-Poverty Organization (NAPO), the Public Interest Advocacy Center (PIAC) and Option Consommateurs (OC), we've submitted a letter of joint support to the provincial Board that will be making recommendations regarding the cost of payday loans.
In the letter we lay out 3 areas of core concern where the board can take bold action to rein-in the industries rates and protect consumers; Cost of borrowing for waged consumers, for consumers on social assistance and default rates.
This is one part of a long term strategy to reduce the cost of short term credit for low income consumers. ACORN leaders are calling on Canada's Banks and Credit Unions to develop new low cost financial products that will give working families a mainstream alternative to payday loans.
