Canada watchdog says use of payday loans has doubled

By Matt Scuffham

TORONTO (Reuters) – The number of Canadians turning to high-cost payday loans has more than doubled since 2009 to 4 percent of households, the country’s consumer watchdog said in a report published on Tuesday.

The Financial Consumer Agency of Canada (FCAC) said that, as a result of its findings, it will bolster its consumer education material and work closely with provinces to raise awareness about the high cost of payday loans.

Payday lenders have grown in popularity because they offer quick access to cash without the extensive checks that banks make and are prepared to lend to borrowers with …
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