One in 10 cash advance stores shuts down, leaving hopeless customers with less choices.

FOR IMMEDIATE LAUNCH

OTTAWA, ON – 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 restrict and manage the area of loan providers. A fresh Cardus report, The Changing Face of Payday Lending in Canada, discovers that considering that the price caps were introduced in January 2018, one out of 10 payday financing stores in Ontario have actually shut down – them all little, separate outlets. A few towns have restricted the amount of pay day loan outlets permitted within their jurisdiction, including Toronto, Ottawa, Kingston, and Kitchener. More often than not, pay day loan stores are going to be limited by one per ward, that will keep big loan providers with little neighborhood monopolies into the short-term, small-dollar loan market. Meanwhile, credit unions have actuallyn’t stepped up to give better, lower expense options to payday advances, inspite of the shutdown of a lot of payday loan providers.

“Ontario customers currently have less neighbourhood choices for crisis loans than before,” says report writer Brian Dijkema. “We understand from polling Cardus has been doing with all the Angus Reid Institute that 33 per cent of Canadians say they’re so socially separated, they’re perhaps not certain they’d have anyone to turn to in case there is a financial crisis. Therefore, the necessity for crisis money continues to be. Whilst having less cash advance storefronts might look better, those eager for credit might find yourself more determined by impersonal and hard-to-regulate online loan providers.”

There is evidence that having less competition among payday lenders in Ontario gets even worse. The 3 biggest such loan providers in the province now command 63 percent of this market – up from 57 % in https://loanmaxtitleloans.info/payday-loans-de/ 2016.

The Cardus report additionally unveiled another significant shortcoming in Ontario’s approach to payday advances: the province has small concept of whether or not it has actually helped consumers utilize fewer pay day loans. The federal government hasn’t published or collected any information on customer behavior in this respect.

“Governments have never concentrated sufficient on how to assist those who find themselves based on short-term, high-interest loans,” says Dijkema. “That should really be the main focus for future years, rather than flashy notices of policy modifications with little to no 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 focused on promoting a flourishing culture through separate research, robust public dialogue, and thought-provoking commentary. To find out more, see our site, follow us on Twitter, and like us on Facebook.

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