‘Without revenue we cannot risk losses, therefore we need to reject people that have riskier credit ratings’
The garish yellowish storefronts promising fast and cash that is easy needs to dwindle in Alberta as the cash advance industry claims provincial regulations set up this past year are making its signature product unsustainable.
The sheer number of payday shops has fallen to about 195 from some 220 this time around a year ago, based on provider Alberta.
Money cash says it is paid down how many loans it issues from about 30,000 a month last year to a variety of 1,500 to 1,800 because it denies all however the minimum borrowers that are risky.
“the specific situation in Alberta is regrettable,” stated Cash Money representative Melissa Soper. “Without revenue we can not risk losses, so we need to reject people that have riskier fico scores.”