Tag: payday loans

A Study on the Impact of the Changes in Payday Loan Regulation in Alberta on Borrowers

Dear Potential Participant: Have you taken a payday loan in the last three years?  If yes, We would like to invite you to participate in a research being conducted by a team from Mount Royal University in collaboration with Momentum. We are interested in talking to you about your experiences with payday loans to understand whether and how you have been impacted by the changes… Read more

Re: Payday lenders down 25% under new law (Calgary Herald)

There is no doubt that new rules have significantly changed the payday loan industry in Alberta. The changes have increased the importance of alternative options for short-term credit, such as products now offered by ATB and First Calgary Financial. However, it is incorrect to assume that the supply of credit provided by these options needs to meet the demand for short-term credit prior to the… Read more

Have your Say: Government of Alberta’s Proposed Consumer Protections

The Government of Alberta is looking for ways to better protect Alberta’s consumers—like you and I—and is needs your input! They recently launched a consumer protection survey to collect feedback on 14 different consumer issues, including: A consumer bill of rights Door-to-door sales The automotive sector Household moving Ticket sales Gift cards Truth in pricing Veterinary billing Fairness between consumers and businesses Cancellation rights Talent… Read more

Payday Lending Changes in 2016

2016 was a momentous year for payday lending reform, both in our province and our city! Here’s a recap: CALGARY June 2016 – Calgary City Council votes by a margin of 13-1 to include payday lenders under the Business License Bylaw •Payday lenders must now obtain business licenses and pay an annual licensing fee of $184. •In addition, payday lenders must display large signs in-store… Read more

Alberta Announces Lower Fees for Payday Loans

Momentum has been working towards change in the payday lending industry by educating the provincial government and the City of Calgary on the real cost of payday lending. We have seen the results of people—hardworking people like Timothy Afolayan—getting stuck in a cycle of worsening debt because of payday loans. We were excited to have staff members in attendance when Service Alberta Minister Stephanie McLean… Read more

Catalysts for Change: Four Systems-level Initiatives

Momentum is committed to making a meaningful difference in our community. We all want to live in a community where everyone has a sustainable livelihood and a meaningful chance to contribute. We want to inspire the development of local economies with opportunities for all people. Your support helps us to accomplish this, through community economic development programs for individual participants, and your partnership helps us to… Read more

Four Differences between Micro Business Loans and Traditional Banking

…and the Difference They Make The Micro Business Loan program is one of eight programs in Momentum’s Business Development department. People come to the department to discover their entrepreneurial potential, and to develop the techniques of running a successful business. Some participants who go through the training are also eligible for the Micro Business Loan program. With all the banks in Calgary, why does Momentum… Read more

Provincial government proposes changes to Alberta’s payday lending laws

Over the past two years, Momentum has partnered with individuals and groups to advocate for payday lending reform in our province. These efforts paid off yesterday, when Service Alberta Minister Stephanie McLean introduced Bill 15: An Act to End Predatory Lending in the Alberta legislature. This act aims to reduce the cost of borrowing in Alberta to $15 per $100 borrowed – the lowest rate… Read more

Alberta Legislation to End Predatory Lending

The Government asked for input, Albertans responded and now the Government plans to act. During the Throne Speech last week, the Alberta Government announced An Act to End Predatory Lending. The goal of this act is to strengthen consumer protection around short-term loans in order to ensure that these loans do not lead to a vicious cycle of debt for the people who turn to… Read more

The Business of Payday Lending

Payday loans are accessed by more than two million Canadians each year. Currently in Alberta the maximum interest rate is the second-highest in the country at $23 for every $100 borrowed. Payday lending is a profitable business. One that targets some of our most vulnerable citizens including, seniors and the working poor. Provincial regulations governing payday lenders expire this June. The provincial government conducted a… Read more