The Centre for Community-Based Research and The Wellesley Institute need your help! Do you serve any clients who use payday loans? Help us better understand people’s experiences with these facilities and advocate for changes to protect them from being trapped in a cycle of debt.
I borrow from two different places every month. It’s a sinkhole. I just can’t seem to climb out of it
(payday loan user)
- The survey will take 5-10 minutes to complete
- Answers are confidential and reported anonymously
- Participants can choose to enter a draw for one of three prizes of $20
- The survey will close on January 31, 2010
What You Can Do to Help
- Download a Poster to be posted at your centre or bulletin board
- Ask people to Complete the Survey online
- Forward this request to people you know
Voluntary: Participants can withdraw at any time. If they withdraw, all information they provide will be destroyed.
Confidential: All information participants provide will be held in the strictest confidence. No names will be attached to any part of the results.
CBC news recently reported that some Ontario consumers could be caught in a never-ending cycle of borrowing from payday loan companies despite a new cap on loan fees and interest that came into effect December 15, 2009. The Public Interest Advocacy Group, an Ottawa-based watchdog, recently condemned the proposal by the Ontario Maximum Total Cost of Borrowing Advisory Board as still allowing astronomically high payday lending rates. Under this proposal, a $300 loan at this rate would cost $63 and if it were payable in 10 days, that would be an annual percentage rate of over 766%.
The survey is part of a study called Payday Lending: In Search of a Local Alternative.