It's totally false, as we've seen not just in study after study but in the U.S., where it has already been lowered for instalment loans. People are turning to better alternatives. There is an increasing number of better alternatives coming up. People are able to resort to different means and not go to, as the Canadian Lenders Association is claiming, payday loans.
As we also specifically mentioned, a payday loan is a different product altogether from an instalment loan. We are seeing a huge jump in the uptick of instalment loans. This needs to stop. This is predatory. This is only going to push people more into poverty instead of helping them.