Recently, the Ontario Ministry of Government and Consumer Services (Ministry) asked interested events to submit their tips about prospective methods to strengthen customer security for those of you people who might use alternative monetary solutions (AFS) such as for example pay day loans and quick cash installment loans, also those that might find on their own dealing with loan companies.
The excessive use of high-cost, subprime lending products has on every day Canadians as one of OntarioвЂ™s largest personal insolvency firms, we see first-hand the devastating financial impact. As numerous whom read our blog understand, I am particularly enraged by the methods of payday loan providers as well as other financial products built to entrap individuals in a period of cash advance borrowing against their very own monetary best interest. With this thought, our company presented a written report towards the Ministry outlining our findings and recommendations. Today Ted & we discuss how the cash advance industry is changing plus the introduction of alternate lenders providing money at exceedingly high interest levels.