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Brand new PIAC Report Enhancing Protection for Payday Loan Consumers in Canada

Brand new PIAC Report Enhancing Protection for Payday Loan Consumers in Canada

OTTAWA – a research that is new posted because of the Public Interest Advocacy Centre (PIAC) reveals that numerous cash advance users stay unacquainted with their legal rights, and discover it difficult to determine payday advances’ high interest levels and expenses. Repeat borrowing and constant debt-cycles carry on to prevail, with numerous users uninformed on the best way to cope with financial obligation rounds, and better handle their finances.

The study suggests that the government that is existing on pay day loans, i.e., provincial information internet sites and complaint filing procedures could be underused, as numerous pay day loan users have no idea of the existence. “Payday loan users’ absence of understanding about their legal rights and current redress systems is concerning, because of the alarmingly high rates of interest and expenses of payday advances, it is time that prompt action is taken fully to deal with these records deficit,” said Tahira Daw d, Policy and Research Analyst at PIAC.