The Business of PayDay Lending
Payday loans are accessed by more than two million Canadians each year. Currently in Alberta the maximum interest rate is the second-highest in the country at $23 for every $100 borrowed.
Payday lending is a profitable business. One that targets some of our most vulnerable citizens including, seniors and the working poor.
Provincial regulations governing payday lenders expire this June. The provincial government conducted a survey of Albertan’s opinions that will inform changes to the policy.
Read the Alberta Venture article on payday lending in Alberta to learn more about why changes to these regulations are a vital step in creating more inclusive communities in our province.
Amanda works with Momentum, for more from Momentum’s blog: Engage, click here.
Image by Jason Comely