Susan Leblanc, the NDP MLA for Dartmouth North, has introduced a bill that will start to see the provincial federal government guarantee individual, short-term, “micro-loans” for amounts as much as $2,000 from credit unions.
We talked to Leblanc quickly, by phone, on and she told me the guarantee would be similar to the one the province now provides for small business loans from credit unions friday. The concept, she stated, would be to offer an alternative solution to payday advances — the short-term loans supplied by payday loan providers (like cash Mart and EasyFinancial and cash Direct while the money shop) at usurious prices in this province. ( Both payday lenders and credit unions are controlled because of the province, unlike banking institutions that are under federal legislation.)
The Spectator has discussing pay day loans — and alternatives to payday advances — before ( right here and right right here), nevertheless the introduction with this brand new legislation appears just like the perfect hook by which to hold a change, so let’s wade in. Continue reading ‚NDP Proposes Option To Pay Day Loans‘
