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The Changing Face of Payday Lending in Canada

The Changing Face of Payday Lending in Canada

In this paper, Cardus continues its multi-year research associated with the loan that is payday in Canada and evaluates which policies will work, that are not, and exactly what yet continues to be unknown about pay day loans, customer behavior, while the effect of government legislation from the supply and interest in small-dollar loans.

Executive Summary

The payday financing market in Canada is evolving. Provinces across Canada have lowered interest levels and changed the guidelines for small-dollar loans. The purpose of these policies would be to protect customers from unscrupulous loan providers, also to reduce the possibility of borrowers getting caught within the period of financial obligation. Just what spent some time working, and exactly what hasn’t? In this paper, Cardus continues its multi-year research associated with the loan that is payday in Canada and evaluates which policies will work, that are not, and just what yet stays unknown about payday advances, consumer behaviour, additionally the effect of government legislation from the supply and interest in small-dollar loans. Our research demonstrates that quite a few previous predictions—including issues concerning the disappearance of credit alternatives for those regarding the margins—have become a reality. It implies that alternatives to payday lending from community banking institutions and credit unions have mainly didn’t materialize, making customers with fewer options total. We additionally touch upon the nature that is social of, making strategies for governments to raised track and assess the financial and social results of consumer security policy.

Introduction

The payday financing market in Canada runs in a much various regulatory environment today, in 2019, than it did in 2016, when Cardus published a significant policy paper about the subject. (more…)