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The brand new Democrats introduced a bill Tuesday that could provide customers an substitute for payday that is expensive.
вЂњBecause regarding the interest that is exorbitant therefore the method that the attention substances with payday loan providers, lots of people whom utilize the cash enter into a cycle of owing,вЂќ said Susan Leblanc, the NDP agent for Dartmouth North. вЂњIt can actually quickly spiral away from control. Our bill is actually providing a substitute for those kinds of loans, that are lower interest micro-credit loans which may be offered through the credit union system.вЂќ
You can find 42 cash advance outlets in Nova Scotia, in accordance with a study commissioned for customer advocate Dave Roberts and submitted towards the Nova Scotia Utility and Review Board. The board does reviews associated with the loan that is payday every 3 years to talk about restrictions on concurrent and repeat loans.