Why Payday Advances Won’t Disappear Completely

Why Payday Advances Won’t Disappear Completely

Each February, we discharge updated research about pay day loans and now we understand that 4 in 10 Ontario insolvencies involve payday advances. Pay day loans have now been a fairly popular conversation in 2018, once the Government of Ontario changed guidelines reducing the expense of borrowing for these forms of loans therefore the City of Hamilton stepped in to function as the very very first municipality in Ontario to restrict how many cash advance places.

Yet despite all of the warnings and changes, pay day loan usage among our consumers is regarding the increase. Why aren’t these modifications working? Why are indebted Ontarians in reality taking right out larger and larger loans from cash advance businesses? To resolve these concerns and talk about the unintended effects of current modifications into the pay day loan industry, we talk to my co-founder and fellow payday loan antagonist Ted Michalos. Continue reading “Why Payday Advances Won’t Disappear Completely”