Non-profit agency calls for action on payday loan regulations

Posted: March 4, 2015 by Ty in Spirituality

Yes. Now government please listen to this wisdom (if not just banning them outright)

Calgary Herald

As low oil prices fuel cutbacks and layoffs, a Calgary non-profit agency said an upcoming regulatory review of the province’s payday lending industry has taken on additional urgency.

Momentum Community Economic Development has released a slate of recommendations for the provincial government to consider, including reducing the maximum interest rate payday lenders can charge.

“There’s definitely going to be a policy window in 2015 and we want to be ready for it. There’s an opportunity for (the provincial government) to better protect consumers and lead the way,” said Mike Brown, public policy co-ordinator at Momentum.

“Certainly, as people get laid off or get reduced hours, it makes sense they’ll seek credit somewhere and payday loans are an all-too-easy option.”

Payday loans are a short-term form of credit where people can borrow sums of money typically lower than what traditional financial institutions would offer. The industry is regulated by federal and provincial laws, with…

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