The Voice of Canadian Credit Unions
Banking / Business /  •

Time machine: Enterprise, September 2008

Payday loan industry affects Ontarians

payday loansSeven years ago, Enterprise explored how the payday loan industry was affecting Ontarians.

The story revealed some startling statistics. Here’s an excerpt from the article, “Payday Pain”:

“Far too many credit union members – as high as 10 per cent or more – are applying for payday loans, according to Ottawa-based Whitelaw Public Policy Research and Consulting. And while the payday loan industry is notorious for setting up storefronts in lower-income areas, research also shows that members of all income levels make use of the product.” ◊