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Unregistered payday lenders bullying borrowers strapped for money during pandemic. Borrowers face aggressive collection strategies like insults and harassment

Unregistered payday lenders bullying borrowers strapped for money during pandemic. Borrowers face aggressive collection strategies like insults and harassment

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Borrowers face aggressive collection tactics like insults and harassment

The pandemic economy is forcing some Nova Scotians to turn to unregistered payday lenders online who resort to harassment, intimidation and name-calling when clients fall behind on re re payments, says a credit counsellor.

John Eisner, president and CEO of Credit Counselling Services of Atlantic Canada, stated the majority of their current consumers are fighting short-term loans from online loan providers.

The loans average between $800 and $900, he stated, with many people borrowing from various businesses.

“when you are desperate, individuals will make the cash. It’s not hard to access,” stated Eisner.

Insults and harassment

Eisner stated collection that is aggressive utilized by some online loan solutions are against laws in most Canadian provinces.