Posted May 9, 2015
Toronto ACORN members briefly occupied an East York Easy Financial outlet on Friday, May 8 demanding a meeting with executives to discuss our predatory loan campaign demands.
ACORN is targeting Easy Financial due to their growing dominance of the new instalment loan industry. Easy Financial, and many fringe financial institutions like them, charge predatory interest rates, excessive fees, and are not regulated by either the Payday Loan Act or the Bank Act. Low-to-moderate income Canadians are more frequently turning to instalment loans when they are caught in a financial pinch, and the results are often financially catastrophic for borrowers. Loan amounts range from $1,500 to $10,000 and interest rates (with all fees included in the rates) are well above 50%.
Executives at Easy Financial's parent company EasyHome (TSX: EH) are familiar with ACORN due to our successful Fair Banking campaigns in the past. They quickly called ACORN's Toronto office asking us to to hold off on further actions and occupations until they could meet with our leadership and discuss the terms of our demands.
The meeting will take place at the ACORN office later in the month.
If you or anyone you know is having problems with any type of loan, call the ACORN office at 416 461 9233 or email us at firstname.lastname@example.org.