Behind the Numbers.Payday loans and bank double criteria

Behind the Numbers.Payday loans and bank double criteria

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

Along with wide range comes privilege — especially in Canadian banking.

Low-income residents of Canada face an important double standard whenever it comes down to accessing banking solutions despite urgently wanting them, in accordance with a survey of 268 ACORN Canada people, whoever findings had been posted today because of the Canadian Centre for Policy Alternatives’ Ontario workplace.

The study results reveal many were rejected use of extremely fundamental banking solutions — such as for example cheque cashing or overdraft protection — from traditional banking institutions.

But we have all to consume. And sleep. Then when the banks will not provide a connection over booming monetary water, numerous low-income people move to payday loan providers to ferry them across. Nevertheless the toll is high: astronomical interest levels, some up to 500 percent await them on the other hand. […]