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Author: Jerry Buckland Publisher: Springer ISBN: 3319712136 Category : Business & Economics Languages : en Pages : 257
Book Description
This book analyzes the highly contentious payday lending industry, presenting valuable new data collected during Canada's recent regulatory reviews and demonstrating its relevance to payday lending conversations taking place worldwide. The authors treat the industry with a balanced hand by establishing its importance as an example of financialization and acknowledging the complex impact of payday lending services on low-income and credit-constrained clients. Up-to-date data from an interdisciplinary mix of financial, econometric, legal, behavioral economic, and socioeconomic sources—all in the context of an established Canadian industry—provide both proponents and opponents of payday lending with valuable evidence for their discussions of how much regulation is required to minimize harmful consequences. These insights from Canada expand a US-centric conversation and provide a key resource for the growing list of countries in which the industry is present, from the UK and Poland to South Africa and Australia.
Author: Jerry Buckland Publisher: Springer ISBN: 3319712136 Category : Business & Economics Languages : en Pages : 257
Book Description
This book analyzes the highly contentious payday lending industry, presenting valuable new data collected during Canada's recent regulatory reviews and demonstrating its relevance to payday lending conversations taking place worldwide. The authors treat the industry with a balanced hand by establishing its importance as an example of financialization and acknowledging the complex impact of payday lending services on low-income and credit-constrained clients. Up-to-date data from an interdisciplinary mix of financial, econometric, legal, behavioral economic, and socioeconomic sources—all in the context of an established Canadian industry—provide both proponents and opponents of payday lending with valuable evidence for their discussions of how much regulation is required to minimize harmful consequences. These insights from Canada expand a US-centric conversation and provide a key resource for the growing list of countries in which the industry is present, from the UK and Poland to South Africa and Australia.
Author: Stephanie Ben-Ishai Publisher: ISBN: Category : Languages : en Pages : 49
Book Description
The regulation of payday loans holds the potential of extending the benefits of regulating overindebtedness, currently provided via bankruptcy legislation to the middle-class, to lower income debtors. This potential needs to be balanced against lower income debtors' need for credit and the corresponding benefits resulting from access to credit provided by alternative credit markets, such as the payday lending market. Unlike the United States, where payday lenders have more locations than Starbucks and McDonalds combined, and payday lending regulation is up there with Vampire Weekend and the Tipping Point as an attention grabbing pop-culture reference, payday lending is relatively new, underdeveloped and unregulated in Canada. Over the last year, in the wake of a recent amendment to the Canadian Criminal Code, that would see payday lenders exempted from the 60 per cent criminal rate of interest in provinces where payday lenders are provincially regulated, Canadian provinces have began to regulate and put forth regulatory proposals for a previously unregulated area. This exercise has been attempted in the context of limited recent domestic analysis of the payday lending industry, borrowers and regulatory options. Accordingly, this article sets out to fill this void. The article draws on the American experience with payday lending and payday lending regulation, and also a first-hand experience of attempting to obtain a payday loan in Toronto, Ontario, to evaluate the current provincial reform efforts.
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Complicating matters is the relation of the regulation of the payday loans market to the reform of Canada's criminal usury law. [...] The payday loan industry is the fastest growing and largest portion of the AFS in Canada and poses the greatest present risk of consumer abuses. [...] Ct.), where the broker was denied the recovery of a payday loan in default, as the brokerage fees added to the interest charged by the financing company was clearly in excess of the limit in s. 347 of the Criminal Code. [...] This model appears to be attempting to skirt s. 347 of the Criminal Code by imposing an agent (Rentcash) between the borrower and the undisclosed "lender" and stating that Rentcash is providing a professional service to the borrowers of finding the "right" lender.21. [...] CMC Efforts to Regulate Payday Lending and ACCM (AFS) In Canada, meanwhile, the issue of regulating payday lenders, and possibly most elements of the AFS, has been undertaken by the Consumer Measures 21 In the Lajoie decision, discussed in the above footnote, the court allowed for the possibility that a borrower could retain an independent agent to broker a loan, and therefore possibly avoid s. 34.
Author: ACORN Canada (Organization) Publisher: ISBN: Category : Check cashing services Languages : en Pages : 36
Book Description
Canada's payday lending industry is estimated to generate more than $1 billion in annual revenue. This is only an estimate because there is no hard data on any aspect of the industry. No one really knows how many payday lenders there are. No one knows what the real cost structure of providing small loans is in Canada. And no one knows how many lives have been devastated by payday lenders and the debt traps they create. No one knows any of the above with any certainty because the payday lending industry is a rare animal in the world of financial services: it is unregulated, unaccountable and, according to many observers, out of control. In the following pages we will briefly describe the major problems that characterize payday lending. We'll discuss the big players and outline their efforts to avoid regulation and/or shape any regulatory effort to their advantage. And we'll talk about the modest-to-glacial steps governments are taking or considering.
Author: Teresa Carey Publisher: Emereo Publishing ISBN: 9781488864797 Category : Reference Languages : en Pages : 58
Book Description
Feel The Power Of Payday loan. There has never been a Payday loan Guide like this. It contains 81 answers, much more than you can imagine; comprehensive answers and extensive details and references, with insights that have never before been offered in print. Get the information you need--fast! This all-embracing guide offers a thorough view of key knowledge and detailed insight. This Guide introduces what you want to know about Payday loan. A quick look inside of some of the subjects covered: Community Reinvestment Act - CRA reform proposals, Payday loan - Ignoring legal restrictions, Credit union - Stability and risks, Wonga.com - Customer profile, Church Action on Poverty, Caller ID spoofing - History, Stella Creasy - Payday loans, Loansharking, Wonga.com - APR and the cost of a Wonga loan, Rent-to-own - Lease versus sale, Payday loans in the United States - Regulation in New Mexico, Payday loans in Canada - New Brunswick, Payday loan - User demographics and reasons for borrowing, Loan shark, Payday loan - Variations on payday lending, Payday loan - Charges are in line with costs, Payday loans in the United Kingdom, Payday loan - UK, Title loan - History, Post-dated check, Auto loan - Personal, Payday loans in the United States - Withdrawal from North Carolina, Refund anticipation loan - Controversy, Wonga.com - Development and funding, Payday loans in Canada - Prince Edward Island, Payday loans in Canada - Alberta, Denial of service - Telephony denial of service, Payday loan - Household welfare increased, Payday loans in the United States - Operation Sunset in Arizona, Jim Talent - Predatory lending, Payday loan - Pricing structure of payday loans, Payday loan - Draining money from low-income communities, Payday loan - Canada, Payday loans in Canada - Provincial regulations, and much more...
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Canada's payday lending industry is estimated to generate more than $1 billion in annual revenue. This is only an estimate because there is no hard data on any aspect of the industry. No one really knows how many payday lenders there are. No one knows what the real cost structure of providing small loans is in Canada. And no one knows how many lives have been devastated by payday lenders and the debt traps they create. No one knows any of the above with any certainty because the payday lending industry is a rare animal in the world of financial services: it is unregulated, unaccountable and, according to many observers, out of control. In the following pages we will briefly describe the major problems that characterize payday lending. We'll discuss the big players and outline their efforts to avoid regulation and/or shape any regulatory effort to their advantage. And we'll talk about the modest-to-glacial steps governments are taking or considering.
Author: Jerry Buckland
Author: Jerry Buckland
Author: Stephanie Ben-Ishai
Author: Lawford, John
Author: Olena Kobzar
Author: Aiden Talai
Author: 
Author: ACORN Canada (Organization)
Author: Teresa Carey
Author: William B. Kluska
Author: