Payday advances in disguise?
Here’s an improvement to a tale we published in March in the ongoing war involving the federal federal government of Ontario and money shop Financial Inc., one of several two payday loan providers that are largest in Canada.
In the province moved to strip Cash Store’s payday loan license, claiming the fees it charges customers vastly exceed the limits established by provincial law february. The money Store is appealing that move. However in the meantime, it’s additionally providing a brand new item it hopes will need it self away from provincial jurisdiction completely: in the place of “payday loans,” it is now offering “lines of credit.” This is from my initial tale:
Starting final thirty days, all 178 money Store and Instaloans (the 2 brands the money Store operates under) locations in Ontario started providing personal lines of credit, perhaps maybe perhaps not pay day loans, to customers to locate short-term monetary assistance. The business, that also provides credit lines in Manitoba, has billed the move as an item revolution. But to critics it smacks of the perhaps hopeless work to dodge payday financing guidelines that restrict just what it could charge.
… By expa...
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