CKNW: Burnaby urged NOT to allow any more payday lenders

Posted March 31, 2014

A group fighting for low and mid level earners is asking for the city of Burnaby to limit lenders who prey on desperation.
 
Murray Martin with Burnaby ACORN says today they’re asking Burnaby to limit payday lender licenses but says the problem is provincial.
 
He says the province is allowing companies to charge obscene interest rates to the most vulnerable, “It’s extremely exploitative. Not only do they charge 23% a month, they charge all sorts of service fees and things like this – it basically ends up being around 600% a year.”
 
Martin says he understands personal resonsibility lies with those taking loans — but says until payday lenders are forced to charge responsibly, city’s should offer desperate people other options like the Vancouvers rent bank — giving low rate short term loans.
 
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Article by Gord MacDonald for CKNW