The industry can no longer be considered growing in Canada, notes Stan Keyes, spokesman for the Canadian Payday Loan Association, which represents most licensed payday lenders in the country as a result.

He pegs the present final amount of outlets at 1,459, which include certified storefronts and online lenders. He says the fast growth took place between 2000 and 2010. Since that time, “growth money mart loans coupons in the market is declined or flat in provinces partly as a result of legislation.”

Onerous laws could harm organizations and competition, which may end in far even worse alternatives for those in urgent need of the short-term loan, Mr. Continue reading →