This webinar, "High cost lending in Canada: Risks, regulations, and alternatives," is about why high cost lending products are concerning, especially for financially vulnerable Canadians. Speakers discuss what is driving the use of these products, what kind of regulations are involved, and what...

Comprehensive research on microfinance and subsidy shows that virtually all microfinance institutions are subsidized, but these subsidies are small. There are two clear paths for increasing microcredit’s impact through continued investment: » Lowering the cost of microcredit by lowering...

To give Canadians a better understanding of the impact fraud has on the marketplace, Fraud Facts 2017 provides a snapshot of the different types of scams that are currently affecting Canadians and what you can do to fight back. An informed consumer is a smart consumer and that is exactly what...

When household emergencies strike or there’s not enough in the bank to make it to the next paycheck, some families turn to small-dollar credit—small loans from alternative financial service (AFS) providers, such as payday lenders or pawnshops, or from mainstream sources.  In October 2014, the...

This paper analyzes findings from a survey by ACORN Canada of a sampling of its membership to understand why they turn to alternative financial services such as high interest payday loans. The survey finds that the majority of the 268 respondents turn to these services as a last resort because they...

Payday loans are an expensive way for consumers to borrow money. The use of these short-term, high-cost loans has more than doubled in Canada recently to four percent of Canadian households. The Financial Consumer Agency of Canada (FCAC) has been tasked with raising public awareness about the costs...

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...

With the bulk of baby-boomers set for retirement, the financial abuse of seniors is a growing concern in British Columbia—for government, financial institutions and boomers themselves. In order to address the problem of seniors financial abuse it is generally agreed that communities must improve...

This report provides an overview of the payday lending landscape in British Columbia compared to the rest of the country and explores the underlying factors contributing to the growth of the industry in recent years. It puts forth a series of recommendations to help ensure consumers have access to...

This worksheet is designed to help you identify the costs involved in buying and maintaining a home. It will also help you determine how your expenses might change once you move in. Some costs involved in buying a home, such as closing costs, happen once only, while others like mortgage payments...

When you bought your home, you probably signed a mortgage agreement that remains in effect for a certain period, called the term . When your mortgage term comes to an end, you will have to pay off your mortgage, renew it for another term or switch your mortgage to another lender. Your options are...

This is a guide from the FCAC on shopping around for a mortgage. A mortgage is a loan that is designed to help you purchase a home or other property. Home buyers make a down payment on the purchase price and then borrow the remainder from a lender. Five percent is the minimum down payment home...

Mortgage prepayment refers to paying more than the regular mortgage payments you have agreed to pay in your mortgage contract. If your mortgage gives you prepayment privileges, you can save thousands of dollars in interest charges by paying down your mortgage faster. However, if you have a closed...

You have choices that can help you pay off your mortgage faster and save a lot of money in interest charges. It all starts with understanding how your payment is applied to the principal and interest you owe, and the options your mortgage lender can offer...

Buying a home is probably the biggest financial decision you will ever make, and for most people, it requires getting a mortgage. Before you start shopping around, you need to know what you can afford. It’s important to have a realistic budget. This publication outlines three steps you can take...

All banks, and trust, loan and insurance companies and retail associations that are federally regulated (or that are incorporated at the federal level) must have a complaint-handling process in place for individuals and small businesses. This process details how a customer may make a complaint, and...

Mobile payments (m-payments) are an important aspect of mobile banking, which is a form of retail financial services that is growing rapidly around the world. Canadian consumers are increasingly migrating away from branch-based banking towards online and mobile banking. Research suggests that the...

You’ve decided to get that cell phone, credit card, or gym membership – but do you know exactly what you are getting into? Before you sign any contract, here are 10 things you need to...

Despite the fact that, with only basic identification, all Canadians have the legal right to open a bank account, there has been an explosive growth in fringe financial institutions (FFIs) over the past decade or so which offer financial services such as cheque cashing, payday loans, and income...

This report has two purposes. The first is to document some of the lessons learned from conducting a financial literacy course on behalf of Houselink Community Homes over the winter of 2013/14. We want to share these insights with others who work with consumer survivors and low-income people. The...

The microfinance industry began with the intent to help poor clients help themselves. That’s one reason so many microfinance institutions have embraced the Smart Campaign, which strives to embed a set of client protection principles into the fabric of the microfinance sector. This synthesis...

This brief is the joint submission of the Canadian Literacy and Learning Network (CLLN), Momentum Calgary, SEED Winnipeg, Social and Enterprise Development Innovations (SEDI), and St. Christopher House in Toronto – five non-profit organizations working to strengthen the financial inclusion and...

Twelve million Americans take out payday loans each year, spending $9 billion on loan fees. The data included here provide facts on the market and borrower usage, plus a brief review of the Consumer Financial Protection Bureau (CFPB) proposed framework to regulate payday and auto title...

Consumer protections safeguard all consumers from predatory practices and enable honest businesses to thrive by ensuring a fair and vibrant marketplace. More than just a regulatory tool, consumer protections—for example, protections against abuse by debt collectors, deceptive advertising by used...

This guide summarizes ways of preventing and intervening in situations of financial abuse of...