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Canadians borrow around $2 billion per year through payday advances, with
Ontario home to over half in the 1,350 such businesses operating across
the continent. A protester holds a sign outside instaloan$ on Wyandotte Street
east in downtown Windsor, Ontario on March 17, 2014.

Calgarian Timothy Afolayan paid $2,500 interest with
a $600 loan over 10 months, he related in the letter on the editor Wednesday.
Its new Cash Crunch loan program, which stems from per year-long pilot program, aims to help you people facing unexpected
expenses or budgeting challenges. 500 per
cent-plus:*Cost of using an online payday loan for 12 months.
The Canadian Payday Loan Association said it will comment after reviewing
the legislation. About three % of Ontario residents (400,000 people) take out a payday
loan each year. Lou Lang, D-Skokie, acknowledged the measure
still allows lenders to charge interest levels that amount to over 400 percent whenever they are stretched out with time.
This month, First Calgary Financial and Chinook Financial is going to be the first
to launch an alternative solution micro-loan put in Alberta, by having an annual interest of 19 % and a payback period of six to
18 months. I don't see pay day loans as high-risk loans,_ said Shelley Vandenburg,
president of First Calgary Financial, a division of Connect First Credit Union.

They include the growth of online transactions, smartphone-enabled loan approvals and new kinds of high-cost, short-term
loans. There are a number of alternatives to explore
before you take out a payday loan, for example asking on an advance on your own paycheque, or arranging to defer payment on some bills, he
said. Such loans have an effective annual monthly interest north of 300 per cent.

Payday loan places are "a thorny subject," said*Keanin Loomis,
president with the Hamilton Chamber of Commerce. Lenders can charge $23 per $100 borrowed in Alberta,
which according on the province will be the second highest rate within the country.
New regulations brought in by the NDP government figure
to*a seismic*shift*for*the payday advance industry in Alberta,
both critics and proponents with the rules agreed Wednesday.
This has slowed the expansion of payday lending locations.
Audio with caption: "Doug Hoyes - payday advances adding on the debt burden of Canadians Audio Clip - 8 seconds".
Although the common monthly income for a quick payday loan borrower is
$2,589, the study also found that payday advances are more likely to get used by debtors which has a monthly*income*of more than*$4,000 compared to they are being used by those with the income between $1,001
and $2,000. Feds, provinces examine alternatives to payday loans.

The current legislation, which expires June 30, regulates
lenders offering short-term credit to people who typically borrow smaller sums.
BIV: Van - City offers a different to Pay - Day
loans. Regina's Prescott Demas says he previously no identification and
relies on pay day loan companies to cash the cheques he collects from his temp agency job.
The industry, which is growing rapidly since the very first store appeared in Edmonton in 1996,
offers loans at interest levels that cover anything from 600% close to 900% annually to customers who require immediate cash.
People tend to gain access to $1,500 or less to get a maximum of 62 days and the money is advanced in exchange for the post-dated cheque or some other type of pre-authorized payment.
But families with little savings or no cards, in particular those who
ended up refused credit, were significantly more likely to have used the loans.

Hamilton city council to consider regulating cash advance companies.
She hoped the letter would convince payday lenders to prevent lending to her son, but quickly realized there were nothing she could do.
Afolayan said he finished up stuck in a very vicious
cycle,_ unable to spend back the credit for 10 months.
A new bylaw grandfathers about 30 existing outlets,
but otherwise limits the total number to 15, meaning no new pay day loan operations can open.
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09.05.2022 16:50
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