In a country where there are more payday loan shops than Shoppers Drug Marts, stricter government regulations are needed to rein in high-interest lenders amidst the COVID-19 pandemic, a new report warns. Across Canada, there are more payday loan shops than Shoppers’ Drug Marts — and in Toronto, there is a payday lender for every Tim Hortons, the CCPA report says. Households without credit cards are five times more likely to turn to payday lenders than households with them. “Combined, these findings provide a sobering picture of payday loan borrowers,” the CCPA report says. While Ontario’s maximum annual payday loan lending rate is 391 per cent, Quebec’s is 35 per cent.

Source: thestar April 14, 2020 20:19 UTC