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Desperate Londoners turn to payday loans | Local | News | The ...
Quick and easy, payday loans have become a safety net for many Londoners unable to cover basic monthly necessities — but at huge cost. Now, a just-completed United Way study is paving the way for a program many say is needed — a way to improve financial literacy for people living on the edge. Kate Dubinski reports
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Rent is due, the fridge is bare and the bank account balance is zero.
In a financial crunch, many Londoners turn to payday loans that offer quick bucks but with steep interest rates that begin a cycle of debt difficult to escape.
What else can you do, when then the kids need to eat and no bank is going to give you a short-term loan?
“The use of (payday lenders) isn’t predicated by irresponsibility — it’s predicated by desperation,” says Andrew Lockie, executive director of the United Way of London and Middlesex.
Now, after a survey commissioned by the United Way spelled out who uses payday loans, why and how, the city’s major banks and credit unions are getting together to figure out how best to help people before they get buried under a debt mountain.
“People aren’t using these services to get extras. It’s to keep a roof over their heads or put food on the table,” Lockie said.
Often, people need a relatively small amount of cash quickly, but end up snowed under daunting interest rates, especially on a fixed income.
Most people taking out payday loans in London are on welfare, disability or some other social assistance, with a bad credit history that would prevent them getting a traditional bank loan.
“People get payday loans because they can’t get loans or they don’t think they can get loans from the traditional financial institutions,” said Jack Smit, the former CEO of Libro Financial, who will head up the thinktank of banks and credit unions figuring out how to help people with financial literacy.
“If payday loans weren’t there, people would go to lenders in back alleys. These are legitimate, regulated businesses and there will always be a need for them,” Smit said.
The financial institutions will first meet in November, then again in January, and will eventually prepare a report that will be released in the spring.
The thinktank will look at how, as a community, we can help people be more financially literate and aware, and what services should be available through either financial institutions or social service agencies.