Canadian Consumer Finance Association: Filling the Gap - Canada's Payday Lenders
Author: The Conference Board of Canada
Topic: Consumer protection
Publisher: Canadian Consumer Finance Association
Location: Canada
Format: Report
Content Type: Research
Publication Date: October 31, 2016
In 2014, the licensed Canadian payday loan industry provided nearly 4.5 million short-term loans to Canadian households, at a total value of $2.2 billion. Despite its unfavourable reputation, the licensed payday loans industry provides a necessary service for cash-strapped Canadians. Placing inappropriate regulations on the industry may reduce access to credit for the financially vulnerable. Consumer education is advised to protect the financial welfare of borrowers and deter the growth of unregulated lending channels.
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