Ontario Cash Advance Consumers Even Worse Off Compared To 2018

One out of 10 loan that is payday shuts down, leaving desperate customers with less choices.

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OTTAWA, ON – Ontario’s payday loan users are most likely worse off today than prior to the province capped cash advance interest prices and allowed cities to restrict and manage the place of loan providers. A fresh Cardus report, The Changing Face of Payday Lending in Canada, discovers that because the price caps had been introduced in January 2018, one in 10 payday lending stores in Ontario have actually shut down – them all tiny, separate outlets. Several metropolitan areas also have restricted how many pay day loan outlets permitted within their jurisdiction, including Toronto, Ottawa, Kingston, and Kitchener. More often than not, cash advance stores is supposed to be restricted to one per ward, that will keep big lenders with small neighborhood monopolies into the short-term, small-dollar loan market. Meanwhile, credit unions have actuallyn’t stepped up to give better, lower price alternatives to pay day loans, inspite of the shutdown of a lot of payday loan providers.

“Ontario customers are in possession of less neighbourhood alternatives for crisis loans than before,” says report writer Brian Dijkema. “We understand from polling Cardus did because of the Angus Reid Institute that 33 per cent of Canadians say they’re so socially separated, they’re not certain they’d have anyone to turn to in the event of a financial crisis. So, the necessity for crisis money continues to be. Whilst having less cash advance storefronts might look better, those eager for credit might become more influenced by impersonal and hard-to-regulate online loan providers.”

There’s also proof that having less competition among payday lenders in Ontario gets even worse. The 3 biggest lenders that are such the province now command 63 percent associated with the market – up from 57 % in 2016.

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

“Governments haven’t concentrated sufficient on how to assist those who find themselves based on short-term, high-interest loans,” says Dijkema. “That should always be the main focus for future years, as opposed to fancy notices of policy modifications with little to no to no followup to see if brand new measures actually 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. For more information, check out our internet site, follow us on Twitter, and like us on Facebook.

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