Vanier holds the highest density of payday loans and predatory lenders in the country. More people are turning to these businesses for access to quick cash and while I recognize these businesses serve a legitimate need, their practices can be devastating to our community.
- Use the city’s zoning authority to establish no-lending zones around vulnerable areas and institute a licensing system, fees collected can be reinvested into education for customers
- Provide alternatives: develop partnerships with organizations such as credit unions and charities to offer small, short-term, low-interest loans
- Create a rent-bank program to provide interest-free loans to low-income households facing eviction due to short-term money problems
- Focus on financial literacy: provide credit counselling clinics to help people learn about money managing and access better financial services
- Outreach: educate customers with fact sheets and info sessions that communicate the pitfalls of using these lenders
- Develop a strategy for online predatory lending, which is increasing in popularity
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