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The BC model

The British Columbia model Leblanc cited may be the Fair and Fast Loan system made available from the Vancity credit union in Vancouver.

We talked to Vancity’s vice president of credit and member help, Mo Ladak, on and asked him what had inspired the program, which launched monday. He stated:

Finally, we saw a necessity within our community…with these different payday lender stores showing up on lots of road corners and extremely gouging individuals…with their very high rates. While they don’t market the rate, they boost the expense of borrowing, but once you translate it to an interest rate, in the past, it had been corresponding to about 600%…I think now it is around 400% or more, which will be nevertheless very high. Continue reading →