Governments MUST Stop Gouging and Usury by Payday Lenders

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ACORN members are appalled. Predatory Companies like Money Mart and Easy Financial are designated an ‘essential financial service’. Is this the government's solution for many workers who can't access the federal benefit and fall through the cracks?  ACORN asked for a rent break, the government's response - we will keep high interest lenders open for you.

Click here to tell the Federal and Provinical governments to STOP Gouging and Usury by payday and installment lenders.

The COVID-19 economic crisis has hit us all, but has affected the poorest and most vulnerable the hardest. Many low and moderate income people have no choice but to rely on high interest loans such as payday loans and instalment loans that charge anywhere between 30 to 500% interest! Analysis by the CCPA shows that despite EI and CERB (new federal government), 862,000 people will not get any income support. These and many more such people are in grave need of credit support.  53% of Canadians are living paycheque to paycheque and 25% say their debt load is overwhelming and the present crisis is only going to worsen it.  

In these terrible times, high interest products & additional penalties for late or failure to pay is Gouging or Usury. We

Governments MUST step in URGENTLY and prevent further crisis. ACORN members demand following actions immediately:

  • Payment and interest freeze on all high interest loans with NO penalty. It’s great that the mortgage payments and line of credit payments have been extended but low- and moderate-income people often have high interest loans like installment loans and payday loans that have 30 - 500% interest! 
  • The federal government mandates banks to END NSFs and account fees.
  • Mandate the banks to create a small dollar loan product for low and moderate income people at zero interest during this crisis to provide a non-gouging alternative to high interest loans.

Send the letter to your elected representative, Federal and Provincial Governments NOW. Click here

 

 

 

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