The report continues:
The finding that pay day loan use isn’t limited to borrowers that are low-income mirrored in a Financial Consumer Agency of Canada (FCAC) research, which figured вЂњwhile payday loans are primarily utilized by individuals with low-to-moderate incomes (a lot more than half lived in households with yearly incomes under $55,000) many higher-income Canadians additionally reported accessing these loans. Twenty per cent of participants reported home incomes exceeding $80,000.вЂќ
Leblanc said that in drafting Bill No. 57, an amendment into the Credit Union Act, the NDP seemed вЂњacross the national countryвЂќ at options to payday advances.
One of this big things we took inspiration from some of those things, but we also did quite a lot of talking to people here, on the ground that we looked at was the Vancity model, that’s the credit union out in Vancouver, and so.