1310 News: Most who use payday loans have no other option: survey

Posted December 5, 2016

A new survey finds that most who turn to payday lenders do so because they are denied traditional sources of credit.
 
The findings, published by the Canadian Centre for Policy Alternatives, show the majority of respondents took out high-interest loans as they had nowhere else to turn.
 
The survey polled 268 people who’ve used payday loan stores:
 
47 per cent said they used a payday loan to pay for food or housing
45 per cent said they turned to high-interest lenders as they had no overdraft protection on their bank accounts
 
ACORN Canada plans to hold a noon-hour rally, at Hannah Street and Montreal Road in Vanier, to go over the results.
 
Vanier has the highest concentration of payday lenders per capita in Canada.
 
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Article by Jason White for 1310 News