Professor Chris Robinson
“The payday lending industry is not very risky in the way that we usually think of risk in financial institutions. The lending portfolio is very diversified in the form of many very small loans, and hence the loss rate is reasonably stable.”
Finance professor Chris Robinson puts a dent in payday lenders’ claims that high fees are justified by high risks…
According to a York University study by Chris Robinson and research assistant Anna Abaimova, traditional banks have much greater risks:
“A single corporate default can cost a bank far more in loan losses than the total loan losses of the entire payday lending industry in Canada for a year.”
Chris Robinson PhD, CA, CFP is a finance professor and co-ordinator of wealth management programs at the Atkinson School of Administrative Studies, York University.
Source: Regulation of Payday Lending in Canada by Chris Robinson and Anna Abaimova (York University)
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