PIAC, leave well enough alone
If certain groups in Ontario have their way, a payday loan would be as hard to come by as honest bank CEOs… right?
Recently, the Center For Responsible Lending or a similar “self-interest” group sat Ontario’s Public Interest Advocacy Centre (PIAC) down in its lap and made its mouth move. The dummy spoke, and anti-payday loan rhetoric came oozing out like bad peanut butter.
Rash decisions cause economic rash
CNW Group writes in a press release that the PIAC has taken it upon themselves to condemn the Ontario Maximum Total Cost of Borrowing Advisory Board’s currently proposed cash advance rate as “astronomically high.” They claim that the proposed $21 per $100 loaned rate takes advantage of “most vulnerable” consumers. It is my hope that reasonable discourse and exchange of opinion occurs, rather than a rash decision like the one recently made by Manitoba government to cap payday loans, despite their court’s ruling to the contrary.
PIAC legal Counsel John Lawford says that the advisory board’s report “proposes not only burying Ontario’s most needy and vulnerable consumers under new mounds of debt but has picked out the most expensive casket for them.” This is rhetoric without basis in fact, sir. Please do your research. I’ll get you started with a study on your own countrymen.
I say we help John Lawford out… he seems confused
Next, Lawford plays the broken record of “astronomical” APR rates. Faxless payday loans are not annual loans and you are misleading your constituency. Take a look, please.
If you’d like to encourage Mr. Lawford to further his payday loan research, he asks for calls and mail at the following: John Lawford, Counsel, Public Interest Advocacy Centre, ONE Nicholas Street, Suite 1204, Ottawa, ON, K1N 7B7, (613) 62-4002 x 25 (Tel), (613) 562-0007 (Fax). Help him out, people.
Related articles
- Media Advisory: Canadian Payday Loan Association Available for Comment on the Government of Ontario’s Advisory Board Report on Payday Loan Rates (newswire.ca)
- Board says Ontario should put cap on payday loans (ctv.ca)
- Cap payday loan costs, board urges (thestar.com)
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I wonder just how much that this group gets in donations from banks. And they point out that Ontario is facing a looming economic crisis – just like we are in the US – but yet they want to run an entire industry out of the country, putting thousands out of work, and losing billions in industry. The logic seems a bit fuzzy.