One province in Canada has effectively banned pay day loans.

One province in Canada has effectively banned pay day loans.

“They do target low-income individuals in low-income neighbourhoods. … They understand whom their marketplace is – people who can’t manage to spend the high charges and interest that payday loan providers charge,” claims Mike Brown, whom deals with general general general public policy at Momentum, which operates community economic de velopment programs within the town.

He states lower oil costs are incorporating urgency towards the town’s efforts as “people have let go – many Canadians don’t have an urgent situation fund, so that they come across a challenge of requiring credit straight away, and when they can’t have it from their banking institutions, they’re very likely to go to a payday lender.”

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