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High-interest lending takes off during COVID-19 pandemic

CA, 23 Oct 2021
Terrified during the early days of the first COVID-19 lockdowns, 65-year-old Kathleen Zane took a leave of absence from her call centre job.

She says she was unable to get a loan from her bank, which charges less than eight per cent annual interest. But she already had a high interest loan of $1,500 with Easy Financial, which she increased to nearly $5,000, still in an annual interest rate of 30 per cent.

She says she was shocked to see how much interest she was being charged this summer.

Anne Gaviola reports.

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