Toronto no longer offering new licences to payday loan outlets
Mornings with Simi
English - October 08, 2019 20:45 - 9 minutes - ★★★★★ - 1 ratingBusiness News News Society & Culture Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Starting immediately, Toronto won't be issuing any new licences for payday loan outlets amid concerns the companies are "predatory" toward low-income residents.
The major regulatory change was approved through a unanimous 20-0 vote from council last week, alongside other recommendations for the city’s payday loan industry.
A 2016 report from Vancity found there was a 58 per cent jump in the number of people in the province using payday loans.
In 2015, Maple Ridge passed a bylaw to ban any more payday loan and cheque cashing businesses from opening shop in the city.
Guest: Claire Allen
CKNW Contributor
Starting immediately, Toronto won't be issuing any new licences for payday loan outlets amid concerns the companies are "predatory" toward low-income residents.
The major regulatory change was approved through a unanimous 20-0 vote from council last week, alongside other recommendations for the city’s payday loan industry.
A 2016 report from Vancity found there was a 58 per cent jump in the number of people in the province using payday loans.
In 2015, Maple Ridge passed a bylaw to ban any more payday loan and cheque cashing businesses from opening shop in the city.
Guest: Claire Allen
CKNW Contributor