TORONTO – Payday loan company Money Mart is preying on vulnerable people by exchanging gift cards for cash at half their face value, and the practice should be stopped, Ontario’s opposition parties said Thursday.
The New Democrats distributed copies of a sign posted in the window of a Money Mart in Hamilton, which promotes “a new way to get fast cash” by trading gift cards for 50 per cent of their cash value.
“Why does this government allow Grinches like Money Mart to steal Christmas from our most vulnerable people in Ontario,” asked NDP consumer critic Jagmeet Singh.
“Forcing individuals who are already under a great deal of stress during the holidays to pay this extraordinarily high rate for an exchange is simply disgusting.”
Singh said Money Mart’s “predatory” scheme takes advantage of the fact many charitable organizations give out gift cards to clients to help them buy gifts and…
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