Tell Freeland: stand your ground on predatory lending

11,337 actions

goal: 15,000

Lobbyists are flooding Freeland’s office right now, attempting to overturn hard-won regulations to allow them to continue to exploit vulnerable Canadians.

Money lenders such as “Cash 4 U” and “Money Mart” are exploiting low-income Canadians struggling with the cost-of-living crisis – offering loans to those who can’t qualify at traditional banks and charging sky-high interest rates that keep low-income Canadians in cycles of debt.

According to political intel from allies, Finance Minister Freeland's office is alarmed by the lobbying pressure and there is a risk that the government could delay or water down their commitment to take on predatory interest rates.

Can you send your message right now, demanding the Liberals stand their ground and take on lenders preying on vulnerable Canadians?

Finance Minister Chrystia Freeland

Pass regulations to tackle predatory lending

Subject

Dear Minister of Finance, Chrystia Freeland,

I applaud you and your government for announcing a crack-down on predatory lending in the 2023 Budget, changing the criminal interest rate for non-prime loans from 47% to 35%.

I am heartened to see the Liberal government taking up this important call from organizations such as ACORN, who have been drawing attention to the issue of predatory lending. From 2016 to 2020, there has been a 300% increase in applications for same-day installment loans, which prey on vulnerable Canadians facing the cost-of-living crisis. Canadians rank internationally as having the highest household debt of any G7 country and the Liberal government must show Canadians that you will stand up to corporate greed and continue to protect Canada's most financially vulnerable.

Passing strong regulations on predatory lending will protect vulnerable Canadians from entering life-altering cycles of debt, and must be implemented without delay.

I urge you to pass regulations that would restrict interest rates from 47% to 35% and urge you to ensure pawn loans are not exempt.

Sincerely,

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Finance Minister Chrystia Freeland

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Tell Freeland: stand your ground on predatory lending

Finance Minister Chrystia Freeland

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