Buffy Peters and Quentin Sock say they knew people in their community who needed financial help. They hated having to track down the person and ask for their money back, so they were skeptical of loaning.
But now the Mi’kmaq couple has started a business offering short term, also known as payday, loans.
The Financial Consumer Agency of Canada warns consumers that payday loans are an expensive way to borrow money and to consider other, cheaper options. Many provinces have enacted regulations that cap the cost of borrowing on payday loans.
“We understand people mess up and that they might have bad credit, but that does not mean they are unable to pay off a loan,” said Peters, who is from Elsipogtog First Nation. Full story here.