Advocates want number of payday loan stores reduced in Burnaby

A rally was held earlier this week protesting the lack of government regulation for payday loan stores in Burnaby.

The story was reported in a recent article. “Monica McGovern with the group ACORN says the city has a big problem with these types of money-lending businesses, especially along the Kingsway corridor.” The article goes on to note that payday loan stores charge up to 600 percent annual interest. “ACORN is concerned the money-lending businesses take advantage of people with low-incomes who would never be able to repay the money with such high interest rates.”