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Behind the figures. Payday advances and bank double standards

Earnings inequality is mounting in Canada, making an wealth that is already inexcusable worse.

Sufficient reason for wide range comes privilege — especially in Canadian banking.

Low-income residents of Canada face a substantial dual standard whenever it comes down to accessing banking solutions despite urgently wanting them, based on a study of 268 ACORN Canada people, whoever findings had been posted today because of the Canadian Centre for Policy Alternatives’ Ontario workplace.

The study outcomes reveal numerous have already been denied access to extremely banking that is basic — such as for example cheque cashing or overdraft protection — from traditional banking institutions.

But we have all for eating. And sleep. So when the banking institutions will not provide a connection over booming economic water, numerous low-income people seek out payday lenders to ferry them across. However the cost is high: astronomical interest levels, some because high as 500 percent await them on the reverse side.

50 % of the surveyed ACORN members looked to predatory lending storefronts to cash a cheque. One in three went for meals cash. Another 17 percent required money to cover the lease.

That are these low-income residents of Canada embracing present day loan sharks? Continue reading