Professor Chris Robinson
“Having access to short-term, unsecured credit is a good thing, especially for many low-income people… And if new competition brings down the rates, that’s good.”
Finance professor Chris Robinson supports legislation that would take the payday loan industry mainstream…
In an article by Jeff Sanford, Professor Robinson explained that emergencies arise for people without credit. While the chance of winding up in a debt trap does exist, payday loans are an important option for many people.
Professor Robinson also said that the total amount of debt outstanding for the Canadian payday loan industry is likely less than the outstanding mortgages at one branch of a Big Five bank.
Chris Robinson is a finance professor at Ontario’s York University.
Source: A Matter of Interest: Payday Loans (Canadian Business)
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