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30 Jan 2024

‘Desperation borrowing’ due to low incomes fuels payday-style lenders: debt counsellor

Author: admintech | Filed under: Finance/ Money
Protesters stand outside a payday loan storefront hold signs that read "Stop loan sharks," "Stop predatory lending," and "Beware of loan sharks."

Ottawa has proposed regulatory changes that would lower the criminal interest rate from the equivalent of 47 per cent annual percentage rate (APR) to 35 per cent APR. But credit counsellors and poverty activists say that alone won’t address the reasons why people turn to alternative lenders.