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If payday loan providers charge this kind of interest that is high, why do people get pay day loans?

If payday loan providers charge this kind of interest that is high, why do people get pay day loans?

So, for the reason that nature, on February 20 we talked ahead of the preparing Committee at Hamilton City Council. At that conference Hamilton became the municipality that is first Ontario to pass through a recommended bylaw which will limit the amount of cash advance stores in Hamilton.

Beneath the new bylaw, there can just only be one cash advance store per ward, and you can find 15 wards in Hamilton. Current shops is going to be grandfathered so there could be more than 15 for some time yet.

Is an idea that is good?

Here’s the sound from my 5 moment presentation to your preparing Committee in Hamilton:

We start with referring to your past presenter, Tom Cooper, of this Hamilton Roundtable for Poverty decrease, whom did a great work of detailing the monetary effect of high interest loans in the individuals of Hamilton.