Pay Day Loans
As many New Brunswickers struggle to make ends meet, there’s one industry that’s cashing in as a result: payday lending. Payday lenders offer short-term, high-interest loans to borrowers in need of quick cash. They tend to cluster their storefronts in low-income neighbourhoods. The HDC responded to the New Brunswick Financial and Consumer Services Commission’s request for comments on the regulation of the payday industry in the province and has focused on two areas: the high cost of borrowing and the debt cycle created by repeat and concurrent borrowing.
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