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 VancityвЂ™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 communityвЂ¦with these different payday lender stores showing up on lots of road corners and extremely gouging individualsвЂ¦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%вЂ¦I think now itвЂ™s around 400% or so, which is still extremely high although they donвЂ™t promote the rate. Leer más Acerca deNDP Proposes Alternative to Pay Day Loans. Susan Leblanc, MLA, Dartmouth North …