April 24: Join the ACORN Fair Banking Campaign Rally at Fairstone Metrotown.
At CCEC we support the work of ACORN Fair Banking campaign. and have been providing our members with emergency short term loans for many years. We also provide debt consolidation services to help our members avoid the predatory lenders.
Non-bank lenders like Fairstone are unregulated when they give out loans over $1500. They give out loans up to $20,000 at rates as high as 59% which is still considered legal (under 60% is legal in Canada).
Fairstone recently rebranded from CITI Financial. You may have heard of them as they were a leader in the US with predatory mortgages. In the US, they paid penalties of over $7 Billion for their role in financially destroying millions of Americans. So, they renamed their high interest loan outlets as Fairstone. ACORN's campaign for Fair Banking is putting Fairstone on notice that their days of unregulated lending are coming to an end.
The BC Government has introduced legislation that would license high-interest lenders, enabling them to cap the interest rates and other predatory lending practices. "Regrettably many people do not understand the true implications of taking out a high-cost loan only to find out later how hard and how long it can take to repay,” says Scott Hannah, president of the Credit Counselling Society.
Email Metrovan@acorncanada.org for more info on ACORN's campaign and be sure to join the rally on April 24!
Call CCEC if you need a short term or other loan. We want to work with our members to avoid them feeling they need to work with predatory lenders.