TORONTO, ONTARIO--(Marketwired - Nov. 3, 2016) - Today QUICKCHECK Canada welcomes the introduction of the Putting Consumers First Act (PCFA) by the Ontario government which includes provisions for Ontario's payday loan industry.
"Quickcheck Canada congratulates the Minister of Government and Consumer Services on the re-introduction of this bill. As a company that sees first-hand what payday loans can lead to in terms of consumer distress, we are hopeful that this bill will pass through the legislature quickly," said Roy Toker, Executive Vice President.
Ontario's legislation proposes to amend the Payday Loan Act to build on an already robust set of laws aimed at protecting borrowers by instituting a cap on cheque cashing rates, and mandating longer repayment periods for consumers with outstanding loans. However, Quickcheck Canada observes that despite these welcome amendments, the problem of enforcement will continue to persist unless government procures a centralized real-time database tracking system to monitor transactions and automate loan approvals.
"Without a real-time database tracking system that allows government to monitor and automatically prevent borrowers and lenders from contravening Ontario's consumer protection laws, the positive effect of these new provisions is going to be limited," said Roy Toker.
The real-time database tracking system is in place in as many as 14 U.S. States and the solution is gaining acceptance around the world as more and more economies struggle with the effects of predatory lending. The success of the solution has led to the endorsement from social interest groups like ACORN Canada.
"Government needs to procure a real-time tracking system to prevent rollover and concurrent payday loans and to better enforce its legislation. This, together with increased government investment in financial literacy for low-income families will greatly help prevent the negative impact of predatory lending in Ontario," said Marva Burnett, President, ACORN Canada.
Quickcheck Canada is based in Vaughan, ON, and has developed a state-of-the-art, made-in-Ontario solution for the province's unique payday loan market. The company is hopeful that an amendment to the bill that would compel industry to subscribe to such a program be considered by government as the it progresses through the legislative process.
Quickcheck Canada is 100% Canadian-owned and has become a leader in providing not only services, but solutions to the Canadian payday loan industry. Quickcheck Canada was developed in Ontario by a team whose senior management has significant experience in the Canadian payday loan, credit, collection, and debt relief industries.
If you would like more information about Quickcheck Canada, please contact at or email at email@example.com