John Lamb via Getty Images
Perry Mastrovito via Getty Images
For the last few years the fintech industry, and specifically, alternative lenders, have been the belle of the ball. Substantial growth and strong investor confidence has left the industry with rose coloured glasses; those glasses were dramatically pulled off recently with a succession of three impactful events.
Rob Daly via Getty Images
Payday loan companies in Ontario can charge a maximum of $21 on every $100 borrowed. That may not sound like a lot, but if you take out that loan every two weeks, for a year, you will have paid $546, which is an annual interest rate of 546 per cent. That's a lot higher than even the highest credit card interest rate.
OTTAWA -- Squeezed out by stricter bank regulations, a growing number of mortgage-hunting Canadians have been turning to non-traditional lenders to overcome borrowing hurdles like bad credit. The prop...