Alternative lender Cashco has launched an awareness campaign on social media to raise the issue of those Albertans who cannot access credit.
The #needmilkmoney campaign has surveyed 3,000 Albertans and says that across Canada it estimates more than 5 million people are ‘underbanked’ – they have a bank account but cannot access other services due to high costs.
“We want politicians to know that there is a portion of our population that is not being served by mainstream financial institutions,” says Courtney Johnston-Naumann, Vice President of Marketing & Communications, Cashco Financial. “The stories of families in our communities who struggle between paycheques is real. They are hardworking people who sometimes need a hand up, not a hand out, to be able to pay regular or unexpected bills in moments they need it the most. They should be able to access the credit they need without the many constraints currently in place that make it more difficult to pay back.”
Cashco says that An Act to End Predatory Lending introduced by the Alberta government in 2016 limits fair and equitable access to credit and makes building a positive credit history harder.
“The language and limitations imposed in the Act were a surprise to us,” said Tim Latimer, CEO, Cashco Financial. “It indicated that there was very little understanding of the industry and difficulties facing thousands of Albertans living paycheque to paycheque. We hope to bring this reality to the forefront and help shape Alberta’s future.”
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