Industry Reaction to Ontario Payday Loan Legislation
CPLA - Canadian Payday Loan Association Applauds Ontario Payday Loan Legislation:
"This legislation is an important step forward for real consumer protection in Ontario.'" - Stan Keyes, President of the CPLA
Dollar Financial - Money Mart Welcomes Ontario Legislation on Payday Loans:
"'We welcome this important legislation and share the Government of Ontario's commitment to balancing consumer protection with a viable industry that will continue to provide this important financial service at a reasonable rate.'" - Syd Franchuk, Chairman of National Money Mart
The Cash Store Financial Services (formerly Rentcash) - Cash Store Financial supports Ontario's balanced approach to payday regulation:
"'In Ontario, the debate on new industry rules has been balanced and reasonable. Everyone agrees, including the United Way, that payday loans are a needed product that must be made available to consumers. With strong consumer protection measures now in place, the government must set rate limits that will enable existing operators to remain profitable and able to provide the service.'" - Gordon J. Reykdal, Chairman and CEO of The Cash Store Financial Services
Labels: Canadian_Legislation
posted by Advance View @ 11:47 AM
1 Comments
1 Comments:
WAY TO GO GOVERNMENT, you just screwed the little guy MORE.
With this legislation, you are no longer allowed to pay back the loan early, for a substantial savings on interst..NOW instead everybody gets tagged $20 for every $100 loaned.
NEWS FEED: money mart welcomes new legislation! NO SHIT!!!!!! You just gave them what they wanted morons! And people like me who get a payday loan, and pay it off before payday, no longer have the option to pay it off early and pay next to nothing on interest..
Now EVERYBODY pays high interest in the form of a service fee.
$20 per $100 loaned.
What you did was give them license to steal. Because I used to pay $3/100 on a short term loan. Now i'm FORCED to pay $20/100.
That is FAR worse than it was before!!!!!! Did you even look at how people use the loans?
NO! obviously not. You looked at the 3% interest on TOP of the $20/100. FIX THIS!!!!!!! FOR PEOPLE WHO USE THE LOANS AND PAY IT BACK BEFORE PAYDAY. YOU JUST SCREWED US ALL.
I call for the resignation of whatever jackasss put this bill into action. AND every other moron who voted yes on it.
You are all idiots.
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