Internet lenders falling through cracks in Canadian law
June 25, 2008 | industry, media coverage | Comments (0)As this story reports, it’s not so easy bringing Internet lenders in line with payday lending laws. The industry has continually warned that bans or crackdowns on payday lenders drive consumers into an unregulated environment. From the piece:
“It seems they are slipping through the cracks,” federal New Democrat industry critic Peggy Nash said of online payday lending companies yesterday. “It’s the bricks-and-mortar that ends up getting dealt with.”
CFSA member companies follow strict Best Practices for their Internet lending.
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