Canadian Consumer Finance Association

The Canadian Consumer Finance Association (CCFA) represents the majority of licensed lenders of small-sum short-term credit, including payday loans, installment loans, term loans, lines of credit, and cheque cashing services. CCFA members operate 959 licensed stores and online businesses. CCFA works with federal, provincial and municipal governments to achieve regulations that balance consumer protection with maintaining access to safe (licensed) small-sum, short-term credit for the millions of Canadians who need it. Our association is concerned about the proliferation of illegal online lending that follows no regulations and puts vulnerable Canadians at risk of real financial predation as well as privacy violations. As the pool of regulated payday lenders shrinks due to clampdowns on the legitimate industry, criminal online lenders will grow further. CCFA member companies fill a gap in the consumer financial market that is needed by millions of cash-strapped Canadians. Banks, trust and credit unions are not interesting in lending small-sum short-term credit to high-risk consumers. Trying to cut down a legal industry that is serving a growing number of Canadians in need, doesn’t make sense, especially when no legitimate or safe alternatives are available.