Ward 6 Councillor Brock McGregor wants to see tighter guidelines for payday lenders. 
He’s asking municipal administration to come up with recommendations for a by-law that would make lenders more transparent and accountable.
“There’s some opinion that payday lenders can contribute to the cycle of poverty,” McGregor says. “There’s lots of evidence out there of people getting into trouble with short term, small loans turning into a pretty significant financial burden, and we want to try to limit that in our community, we want to promote better options, and really make sure that we’re part of the solution to helping people who are financially insecure.”
McGregor says a credit union in Windsor has done something similar by offering short-term loans at a much lower interest rate, in order to entice customers to use traditional banking methods.
