{"id":5690,"date":"2022-03-31T10:44:13","date_gmt":"2022-03-31T14:44:13","guid":{"rendered":"https:\/\/acorncanada.org\/new-acorn-report-shows-how-predatory-lenders-used-pandemic-prey-low-and-moderate-income-people\/"},"modified":"2022-08-27T23:19:47","modified_gmt":"2022-08-28T03:19:47","slug":"new-acorn-report-shows-how-predatory-lenders-used-pandemic-prey-low-and-moderate-income-people","status":"publish","type":"news","link":"https:\/\/acorncanada.org\/news\/new-acorn-report-shows-how-predatory-lenders-used-pandemic-prey-low-and-moderate-income-people\/","title":{"rendered":"New ACORN report shows how predatory lenders used the pandemic to prey on low- and moderate- income people"},"content":{"rendered":"

\n\tPosted on March 31, 2022<\/em><\/span><\/p>\n

\n\tACORN released a new report outlining how predatory lenders descended on moderate income communities hurt by the pandemic. While the pandemic had a devastating impact on low- and moderate- income communities, the government and banks left people in this global health and financial crisis with no choice but to go to predatory lenders such as Easy Financial, Money Mart, Cash 4 You, Cash Money and more who were deemed \u201cessential<\/b>\u201d during the heart of the pandemic. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tFor Executive Summary in English, <\/strong>click here<\/a><\/span><\/b><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tFor Full report in English<\/strong>, <\/b>click here<\/a><\/span><\/b><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tPour le r\u00e9sum\u00e9 ex\u00e9cutif en fran\u00e7ais,<\/strong> cliquez ici<\/a><\/span><\/b><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tPour le rapport complet en fran\u00e7ais,<\/strong> <\/strong>cliquez ici<\/a><\/span><\/b><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tEasy Financial (GoEasy) <\/b>– one of Canada\u2019s biggest predatory lenders – brags in its annual report that 78% of its customers were denied a loan from a bank\/credit union. With a massive growth in its loan portfolio – from $10.9 million in 2009 to $1.25 billion in 2020 – and a massive expansion plan, Easy Financial earned half a billion dollars just in the first 9 months of 2020 in interest and insurance alone. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tThe report is based on an online survey ACORN conducted to explore how the pandemic affected the use of high interest predatory loans, both payday loans and installment loans. The survey conducted between November 2021 and January 2022 collected a total of 440 responses out of which 113 people said they had to take a predatory loan during the pandemic. <\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\n\tSummary of the findings:<\/b><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n