Payday Lending & Remittances

Learn more about ACORN Canada's groundbreaking campaigns regulate payday lending and international remittances and money transfers.

Ottawa ACORN Victory Against Predatory Lending! / ACORN Ottawa Victoire Contre les Prêts Abusifs!

Ottawa ACORN Payday Lenders

After a thorough discussion by City Council members and Mayor Jim Watson, a motion was passed to enact minimum distance and licensing requirements for payday lending companies. // Après une discussion approfondie entre les membres du Conseil municipal et le maire, Jim Watson, une motion a été adoptée pour établir des exigences minimales en matière de distance et de permis pour les entreprises de prêt sur salaire.

The Globe and Mail: In a cashless world, society’s most vulnerable are being left behind

In Canada, 3 per cent of the population – about one million people – are “unbanked,” meaning they do not have a relationship with a mainstream financial institution, according to a 2016 report by Acorn Canada and the Canadian Centre for Policy Alternatives. 

A further 15 per cent – or roughly five million Canadians – are what the report calls “underbanked,” people with a bank account but no credit, people unable to afford fees or high interest rates linked to products for low-income borrowers or those who live in a neighbourhood that does not have a bank branch. 

Donna Borden, spokeswoman for Acorn’s Fair Banking campaign, says these people are often seniors, people on disability benefits, newcomers and people with mental-health issues, as well as those without a permanent address or government identification. For street-involved people who do have a bank account, holding onto the cards necessary to access money can be difficult.