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Ottawa has proposed regulatory changes that would lower the criminal interest rate from the equivalent of 47 per cent annual percentage rate (APR) to 35 per cent APR. But credit counsellors and poverty activists say that alone won’t address the reasons why people turn to alternative lenders.
Posted: Feb 19, 2021 3:41 PM ET | Last Updated: February 21 The ACORN leaders say that on Concession Street, there are currently no mainstream banks leaving some low income people with few options nearby.(Submitted by Meagan Bain) Hamilton ACORN leaders delivered a demand letter this week to two of the payday loan stores on Concession Street — Money Mart and Cash 'N' Cheque — as part of efforts aimed at targeting predatory lenders to demand lower interest rates. Wednesday's action coincided with the release of results from a nationwide survey and report to understand the experiences of ...