Regulating Payday Lenders In Canada

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Payday Lending in Canada in a Global Context

Author : Jerry Buckland
Publisher : Springer
ISBN 13 : 3319712136
Total Pages : 257 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Payday Lending in Canada in a Global Context by : Jerry Buckland

Download or read book Payday Lending in Canada in a Global Context written by Jerry Buckland and published by Springer. This book was released on 2018-03-29 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Regulating Payday Lenders in Canada

Author : Stephanie Ben-Ishai
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Regulating Payday Lenders in Canada by : Stephanie Ben-Ishai

Download or read book Regulating Payday Lenders in Canada written by Stephanie Ben-Ishai and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Pragmatic Solutions to Payday Lending

Author : Lawford, John
Publisher : Cambridge, ON : Cash 4 You Corporation
ISBN 13 :
Total Pages : 7 pages
Book Rating : 4.:/5 (15 download)

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Book Synopsis Pragmatic Solutions to Payday Lending by : Lawford, John

Download or read book Pragmatic Solutions to Payday Lending written by Lawford, John and published by Cambridge, ON : Cash 4 You Corporation. This book was released on 2004 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Networking on the Margins

Author : Olena Kobzar
Publisher :
ISBN 13 : 9780494794760
Total Pages : pages
Book Rating : 4.7/5 (947 download)

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Book Synopsis Networking on the Margins by : Olena Kobzar

Download or read book Networking on the Margins written by Olena Kobzar and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Behavioral Economic Analysis of Payday Lending Regulation in Canada

Author : Aiden Talai
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.:/5 (977 download)

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Book Synopsis A Behavioral Economic Analysis of Payday Lending Regulation in Canada by : Aiden Talai

Download or read book A Behavioral Economic Analysis of Payday Lending Regulation in Canada written by Aiden Talai and published by . This book was released on 2014 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pragmatic solutions to payday lending

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Pragmatic solutions to payday lending by :

Download or read book Pragmatic solutions to payday lending written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Protecting Canadians' Interest

Author : ACORN Canada (Organization)
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (839 download)

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Book Synopsis Protecting Canadians' Interest by : ACORN Canada (Organization)

Download or read book Protecting Canadians' Interest written by ACORN Canada (Organization) and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Payday Loan 81 Success Secrets - 81 Most Asked Questions on Payday Loan - What You Need to Know

Author : Teresa Carey
Publisher : Emereo Publishing
ISBN 13 : 9781488864797
Total Pages : 58 pages
Book Rating : 4.8/5 (647 download)

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Book Synopsis Payday Loan 81 Success Secrets - 81 Most Asked Questions on Payday Loan - What You Need to Know by : Teresa Carey

Download or read book Payday Loan 81 Success Secrets - 81 Most Asked Questions on Payday Loan - What You Need to Know written by Teresa Carey and published by Emereo Publishing. This book was released on 2014-10-30 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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...

Payday Loans 70 Success Secrets - 70 Most Asked Questions on Payday Loans - What You Need to Know

Author : Cheryl Cooke
Publisher : Emereo Publishing
ISBN 13 : 9781488872457
Total Pages : 50 pages
Book Rating : 4.8/5 (724 download)

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Book Synopsis Payday Loans 70 Success Secrets - 70 Most Asked Questions on Payday Loans - What You Need to Know by : Cheryl Cooke

Download or read book Payday Loans 70 Success Secrets - 70 Most Asked Questions on Payday Loans - What You Need to Know written by Cheryl Cooke and published by Emereo Publishing. This book was released on 2014-12-06 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payday loans like never before. There has never been a Payday loans Guide like this. It contains 70 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 loans. A quick look inside of some of the subjects covered: Payday loans in Canada - Ontario, Refund anticipation loan - Controversy, Payday loans in the United States - Regulation in New Mexico, Alterna Savings - CS CO-OP, Auto loan - Personal, Personal debt, Church Action on Poverty, Jim Talent - Predatory lending, Alternative financial services, Payday loan - Variations on payday lending, Consumer finance, Pay stub - Payroll card, Loanshark, Easy Money (TV series) - Plot, Payday loan - Draining money from low-income communities, Payday loans in the United Kingdom - Brokers, Pawnbroker - Auxiliary operations, Payday loans in Canada - Alberta, Credit Action - History, Community Financial Services Association of America - Payday loans and soldiers, Credit union - Stability and risks, Loansharking - Non-standard lenders in the United States, Postdated cheque, Dustin McDaniel - As Attorney General, Caller ID spoofing - History, Person-to-person lending - Overview, Payday loan - Charges are in line with costs, Payday loans in the United Kingdom - Criticism, Community Reinvestment Act - CRA reform proposals, Payday loan - Ignoring legal restrictions, Loan sharks - UK loan sharks, Payslip - Payroll card, Consumer debt, Payday loans in the United States - Withdrawal from North Carolina, Wonga.com - Customer profile, Loanshark - Non-standard lenders in the United States, and much more...

Effects of Government Legislation and Regulation of Payday Loans in Canada

Author : William B. Kluska
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (11 download)

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Book Synopsis Effects of Government Legislation and Regulation of Payday Loans in Canada by : William B. Kluska

Download or read book Effects of Government Legislation and Regulation of Payday Loans in Canada written by William B. Kluska and published by . This book was released on 2017 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Protecting Canadians' Interest

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Protecting Canadians' Interest by :

Download or read book Protecting Canadians' Interest written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Fringe Finance

Author : Rob Aitken
Publisher : Routledge
ISBN 13 : 1317748360
Total Pages : 302 pages
Book Rating : 4.3/5 (177 download)

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Book Synopsis Fringe Finance by : Rob Aitken

Download or read book Fringe Finance written by Rob Aitken and published by Routledge. This book was released on 2015-02-11 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most recent conversations about financial instability in International Political Economy have addressed the ongoing financial spasms of the past five years; a global financial spasm unleashed by the 2008 subprime debacle, ongoing Eurozone instability, and general price volatility in securities markets globally. Alongside and as part of these broader spasms, however, has been another key trend—the intensifying reach of global financial markets into and among those populations which live at its very edges. There are increasing, and increasingly profitable, experiments which are explicitly targeted to those without regular access to full or formalized financial practices. This book places the practices of fringe finance in critical context by situating them within a larger set of discussions in the field. Most importantly, this book is part of a much broader attempt in IPE to rethread the study of finance to questions of cultural and social theory in a meaningful manner. Finance is increasingly subjected to innovative forms of social inquiry influenced by a range of diverse methods including governmentality, actor-network theory and cultural economy. By drawing on several strands of social theory, this book contributes to this broader movement in IPE and helps open more space for the continuation of these interdisciplinary conversations. This work will be of great interest to students and scholars of IPE, development studies and economic sociology.

Hard Choices

Author : Jerry Buckland
Publisher : University of Toronto Press
ISBN 13 : 1442662611
Total Pages : 289 pages
Book Rating : 4.4/5 (426 download)

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Book Synopsis Hard Choices by : Jerry Buckland

Download or read book Hard Choices written by Jerry Buckland and published by University of Toronto Press. This book was released on 2012-03-30 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: When low-income city dwellers lack access to mainstream banking services, many end up turning to ‘fringe banks,’ such as cheque-cashers and pawnshops, for some or all of their financial transactions. This predicament of ‘financial exclusion’ – faced by those underserved by conventional financial institutions – is comprehensively examined in Jerry Buckland's powerful study, Hard Choices. The first account of the nature and causes of financial exclusion in Canada, Hard Choices thoroughly integrates economic and social data on consumer choice, bank behaviour, and government policy. Buckland demonstrates why the current two-tier system of banking is becoming increasingly dysfunctional, especially in the context of new credit products that aggravate income inequality and stifle local economic growth. Featuring a foreword by esteemed economics scholar John P. Caskey, Hard Choices presents pragmatic policy improvements on both the public and private levels that can promote and build financial inclusion for all.

Financial Vulnerability in Canada

Author : Jerry Buckland
Publisher : Springer Nature
ISBN 13 : 3030925811
Total Pages : 191 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Financial Vulnerability in Canada by : Jerry Buckland

Download or read book Financial Vulnerability in Canada written by Jerry Buckland and published by Springer Nature. This book was released on 2022-03-02 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines financial vulnerability: a state in which a person or household cannot absorb any substantial spending or negative income shock without substantial financial and ultimately broader harm such as job loss, emotional harm, or mental illness. The focus of the book is on the experiences of low- income and modest income Canadian families – families which, by virtue of being in the lower income brackets, are particularly at risk of experiencing financial hardship. Looking at vulnerability from a conceptual and empirical lens, this book offers a framework to better understand the complex and interdependent ways in which financial vulnerability emerge and can be addressed. By locating its analysis of individual and household financial management in wider community, cultural, and economic contexts, this book seeks to offer holistic policy recommendations to reduce financial vulnerability, with implications that go beyond Canada and to other developed countries.

Different and Unequal

Author : Brenda Spotton Visano
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Different and Unequal by : Brenda Spotton Visano

Download or read book Different and Unequal written by Brenda Spotton Visano and published by . This book was released on 2016 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current practice of offering micro-financial services through quasi-financial organizations places at a significant disadvantage those unable to otherwise access mainstream credit. In a survey of the history, nature and current scope of microcredit and payday lending in Canada, this paper argues that the expectation of full cost recovery in the provision of these services is economically detrimental to those financially excluded. Yet, these fringe banking services have the potential to be a pathway to financial inclusion, and with it the economic improvement of the individuals who use the services, if we acknowledge and adjust -- through regulation -- for the social costs and benefits that exist over and above the private sector expenses and revenues.

Impact of Mobile Payment Applications and Transfers on Business

Author : Opati, Thaisaiyi Zephania
Publisher : IGI Global
ISBN 13 : 1799824004
Total Pages : 311 pages
Book Rating : 4.7/5 (998 download)

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Book Synopsis Impact of Mobile Payment Applications and Transfers on Business by : Opati, Thaisaiyi Zephania

Download or read book Impact of Mobile Payment Applications and Transfers on Business written by Opati, Thaisaiyi Zephania and published by IGI Global. This book was released on 2019-12-20 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.

Payday Lending

Author : Carl Packman
Publisher : Springer
ISBN 13 : 1137361107
Total Pages : 155 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Payday Lending by : Carl Packman

Download or read book Payday Lending written by Carl Packman and published by Springer. This book was released on 2014-09-16 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: Payday Lending looks at the growth of the high cost credit industry from the early payday lending industry in the early 1990s to its development in the US as a highly profitable industry around the world.