Fair Credit: Enhancing low-cost, short term credit options among low- and moderate-income consumers

ACORN conducted a survey to understand the impact of the pandemic and uptake of A report by the Financial Resilience Institute high-cost loans. [...] barriers and identification requirements, check A critical factor that exacerbates the issue for holding policies, garnishment and setoff, hours the most lower income people is the complete of operation and location of the banking lack of or inadequate access to mainstream institution and a lack of appropriate products banking institution services (banks and credit and accurate financial advice fo. [...] In terms of the institution/individual from where the money was borrowed, out of the 343 respondents who said they had to borrow money in the last 12 months, the largest proportion of people used their credit card (36%), followed by borrowing it from a family member/friend (18%) or the bank (17%). [...] interest rates of the low-to-medium credit The only other product that people seemed to options that they were aware of or had used in be aware of had used was the Vancity Fast and the past. [...] If respondents tried accessing • 26% of respondents mentioned the low-to-medium credit options annual rate of interest between 10-20% • Another 26% stated the annual rate of Out of the 73 people who said they were interest to be between 21-30% aware of and/or had used a low-to-medium • Close to 20% of respondents said that credit option, about half of the respondents the interest rate was more tha.