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Building a better payday loan

At one time or another we have all struggled with money. Some people are able to rely on loans from parents, family, or the bank to get through a financial crisis. Others are not so lucky and feel their only option is a high interest payday loan.
Momentum has been working to better regulate this predatory industry but regulation is only one side of the coin. On the other side is giving people access to better financial products that don’t charge 600% annual interest.
Momentum has partnered with First Calgary Financial to offer a loan that charges only 12% annual interest. Now Momentum is working with the Haskayne School of Business and the Hunter Centre for Entrepreneurship and Innovation on a case competition. This competition will challenge business undergraduate and graduate students to develop an alternative to payday loans. The winner will, in addition to cash prizes, be able to pitch their product or idea to management at First Calgary Financial.
On September 22nd a panel discussion to discuss this issue will take place at the BMO Forum at the Haskayne School of Business. Featured on the panel will be Shelley Vandenberg, President of First Calgary, and Jeff Loomis, Momentum’s Executive Director. RSVP to this event and for more information on the Case Competition.

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