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Now is the time! Criminalize predatory lenders – have your voice heard! - ACORN Canada

Now is the time! Criminalize predatory lenders – have your voice heard!

Posted September 30, 2022

In 2021, the Trudeau Liberals committed to launching an investigation into lowering the criminal rate of interest for predatory loans. Now – almost a full year later – the Federal consultation has begun and the deadline is approaching soon!

Add your voice NOW by sending an email with this template to your representatives and the consultation committee to demand they take action to curb predatory lending. Click here

Low-income families can’t wait any longer for the Federal government to take action!

Canada’s biggest installment lenders are taking advantage of low-income people who have been failed by our two-tier banking system. Predatory lenders can legally charge up to 60% interest rates on loans – plus hidden fees, loan insurance, late fees, and more!

High-interest lenders like Easy Financial, Fairstone, and Money Mart set up in low-income neighbourhoods and prey on people who have been turned away from the big banks. In 2021 alone, these companies made billions of dollars in profit out of the pockets of low-income families. It’s time for the Federal government to step in and regulate these predatory lenders!

ACORN is demanding the federal government take immediate action and criminalize high interest rates. Have your voice heard during this consultation!

Tell them you support ACORN’s Fair Banking Demands:

  • Lower the criminal rate of interest from 60% to 30%;
  • Require all fees and costs associated with a loan to be included in the interest rate;
  • Make enforcing violations accessible to borrowers;
  • Create a Federally funded Fair Credit Benefit so that all low-income people have access to low-cost credit options in case of emergency;
  • Support fair lending alternatives like postal banking in all cities.

Between August 9th and October 7th – you can send an email with the template below to your representatives and the consultation committee to demand they take action to curb predatory lending! Take action

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