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NDP Proposes Alternative to Pay Day Loans. Susan Leblanc, MLA, Dartmouth North

NDP Proposes Alternative to Pay Day Loans. Susan Leblanc, MLA, Dartmouth North

NDP Proposes Alternative to Pay Day Loans. Susan Leblanc, MLA, Dartmouth North

The BC model

The British Columbia model Leblanc cited may be the Fair and Fast Loan system made available from the Vancity credit union in Vancouver.

We talked to Vancity’s vice president of credit and user help, Mo Ladak, on Monday and asked him just what had influenced this system, which established. He said:

Fundamentally, we saw a need inside our community…with these different payday lender stores showing up on lots of road corners and extremely gouging individuals…with their very high prices. They promote the cost of borrowing, but when you translate it to a rate, back then, it was equal to about 600%…I think now it’s around 400% or so, which is still extremely high although they don’t promote the rate. Leer más Acerca deNDP Proposes Alternative to Pay Day Loans. Susan Leblanc, MLA, Dartmouth North