Alternate monetary solutions (AFS) pertains to solutions such as for example payday advances, quick money installment loans

Alternate monetary solutions (AFS) pertains to solutions such as for example payday advances, quick money installment loans

Home В» We We We Blog В» Clamping Down On Payday Advances & Regulating Alternative Lenders

Recently, the Ontario Ministry of national and Consumer Services (Ministry) asked interested events to submit their tips about possible methods to strengthen customer security for all those people who might use alternative monetary solutions (AFS) such as for example pay day loans and fast cash installment loans, along with people who might find by themselves dealing with loan companies.

As you of Ontario’s biggest individual insolvency companies, we come across very first hand the devastating monetary impact the exorbitant usage of high expense, subprime financial products has on each and every day Canadians. As numerous whom read our we we blog understand, I have always been specially enraged by the techniques of payday lenders as well as other financial products built to entrap people in a cycle of cash advance borrowing against their very own economic most readily useful interest. Being mindful of this, our company presented a written report towards the Ministry outlining our findings and recommendations. Today Ted & we discuss exactly how a pay day loan industry is changing and also the introduction of alternate lenders providing money at very high interest rates.

What exactly are alternate services that are financial?

Alternate monetary solutions (AFS) relates to solutions such as for example pay day loans, quick money installment loans and lease to possess businesses. Continue reading Alternate monetary solutions (AFS) pertains to solutions such as for example payday advances, quick money installment loans