He took out a $5,500 loan to pay his rent in August, to be paid back at 60 per cent interest by 2020. “In Ontario, we’re not doing anything to address the issue,” said NDP MPP Cheri DiNovo, a vocal proponent of fair banking. The Ministry is also working on regulatory proposals that would help improve these services, including an extended payment plan for repeat payday loan borrowers. So he went to payday loan companies, such as Cash4You and MoneyMart. “They know I have a steady income, even if it’s just ODSP, so why can’t my bank loan me some money?”With files from Dana Flavelle

Source: thestar December 01, 2017 01:07 UTC