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High-interest lending takes off during COVID-19 pandemic

CA, 23 Oct 2021
Terrified during the early days of the first COVID-19 lockdowns, 65-year-old Kathleen Zane took a leave of absence from her call centre job.

She says she was unable to get a loan from her bank, which charges less than eight per cent annual interest. But she already had a high interest loan of $1,500 with Easy Financial, which she increased to nearly $5,000, still in an annual interest rate of 30 per cent.

She says she was shocked to see how much interest she was being charged this summer.

Anne Gaviola reports.

For more info, please go to https://globalnews.ca/news/8286483/canada-personal-loan-payday-bad-credit/

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