To the Legislative Assembly of Ontario:
WHEREAS current legislation allows pay day lenders to charge exorbitant fees of $21 for every $100 borrowed (an Annual Percentage Rate of 500%)
WHEREAS vulnerable clients fall deeper into debt by taking out additional loans from multiple institutions to pay for previous loans across lenders
WHEREAS pay day clients are forced to repay loans at much faster rates than standard credit card customers.
WHEREAS pay day lenders are often the only lender available in low-income communities
WE the undersigned petition the Legislative Assembly of Ontario, as follows:
THAT the Legislative Assembly undertakes legislative reforms to cap fees at $15 for every $100 borrowed; establish a database to enforce the ban on rollover loans; extend the period of time consumers have to repay loans and work with alternative institutions like credit unions and postal banking, to provide financial services to low income communities.