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Ontario Cash Advance Consumers Even Worse Off Compared To 2018

One in 10 loan that is payday shuts down, leaving hopeless customers with less choices.

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OTTAWA, ON payday loans Washington – Ontario’s payday loan users are most likely worse off today than prior to the province capped cash advance interest prices and permitted cities to limit and control the area of lenders. A unique Cardus report, The Changing Face of Payday Lending in Canada, discovers that because the price caps had been introduced in January 2018, one out of 10 lending that is payday in Ontario have actually shut down – them all little, separate outlets. A few towns also have restricted the amount of payday loan outlets permitted within their jurisdiction, including Toronto, Ottawa, Kingston, and Kitchener. More often than not, pay day loan stores would be limited by one per ward, that will leave big loan providers with small neighborhood monopolies when you look at the short-term, small-dollar loan market. Meanwhile, credit unions have actuallyn’t stepped up to produce better, lower price options to pay day loans, regardless of the shutdown of a lot of lenders that are payday.

“Ontario customers will have fewer neighbourhood alternatives for crisis loans than before,” says report writer Brian Dijkema. “We understand from polling Cardus has been doing using the Angus Reid Institute that 33 percent of Canadians say they’re so socially separated, they’re not sure they’d have anyone to turn to in the event of a emergency that is financial. Therefore, the necessity for crisis money continues to be. Whilst having less cash advance storefronts might look better, those in need of credit might become more influenced by impersonal and hard-to-regulate online lenders.”

There is proof that having less competition among payday lenders in Ontario gets worse. The 3 biggest such loan providers in the province now command 63 percent for the market – up from 57 per cent in 2016.

The Cardus report additionally unveiled another significant shortcoming in Ontario’s approach to pay day loans: the province has little concept of whether it has really helped consumers utilize fewer pay day loans. The federal government hasn’t gathered or posted any information on customer behavior in this respect.

“Governments have never concentrated sufficient on how to assist those who are dependent on short-term, high-interest loans,” says Dijkema. “That should really be the focus money for hard times, rather than fancy announcements of policy modifications with small to no followup to see if brand new measures really helped.”

MEDIA INQUIRIES Daniel Proussalidis Cardus – Director of Communications 613-241-4500 x508 dproussalidis@cardus.ca

About CardusCardus is a non-partisan, faith-based think tank and registered charity aimed at promoting a flourishing culture through independent research, robust public dialogue, and thought-provoking commentary. To find out more, see our web site, follow us on Twitter, and like us on Facebook.

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