NDP Proposes Replacement For Pay Day Loans. Susan Leblanc, MLA, Dartmouth North

NDP Proposes Replacement For Pay Day Loans. Susan Leblanc, MLA, Dartmouth North

Susan Leblanc, the NDP MLA for Dartmouth North, has introduced a bill that could look at provincial federal government guarantee individual, short-term, “micro-loans” for amounts as much as $2,000 from credit unions.

I talked to Leblanc shortly, by phone, on and she told me the guarantee would be similar to the one the province now provides for small business loans from credit unions friday. The concept, she stated, is always to offer an alternative solution to pay day loans — the short-term loans supplied by payday loan providers (like cash Mart and EasyFinancial and cash Direct while the money shop) at usurious prices in this province. ( Both payday lenders and credit unions are controlled by the province, unlike banking institutions that are under federal regulation.)