The CCPA and ACORN have just released a comprehensive report on predatory lending. Over 250 ACORN members were survey and they discussed why they turned to payday lenders. The results also show that many have been denied access to very basic banking services — such as cheque cashing or overdraft protection — from traditional banks.
There are about 1,500 payday storefronts in Canada. More than half of them are in Ontario.
Banks in Canada need to change to meet the needs of low income residents and payday lending must be better regulated. Click here to sign the petition to support fair banking.