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Manitoba Offers the Poor New Alternatives to Payday Loans

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posted on Mar, 15 2006 @ 11:57 AM
Even in socialist Manitoba, a lot of people live hand-to-mouth and just can't make it to payday. Payday loan companies fill the gap - and charge HUGE interest on payday loans.

The Manitoba provincial government is taking on these financial institutions - one program offers education and alternatives; the second step is a law to set a lower maximum interest rate.

Manitoba Program to Offer Alternatives to Payday Loans

The provincial government is investing in a project to assist low-income people in managing their money in an attempt to tackle the problem of payday lending companies that provide short-term loans at high interest rates.

The Community Financial Service Centre, an initiative by the North End Community Renewal Corporation, will provide money-management training as well as small, low-interest, short-term loans to help its clients improve their credit history.

"It'll give people alternatives," said Manitoba Finance Minister Greg Selinger. "Instead of going to payday lenders, they will get ID, they will get access to mainstream institutions, they will get support on how to do better financial planning. All of those things will reduce their dependence on payday lenders."

Sorry - lost the other link.

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