Ted Michalos: therefore, from the area that feels like good plan. It forces individuals well people who are currently when you look at the system, it becomes less much less high priced, less appealing for the lending company. The real question is at just just just what point does the lending company state, well once again, now it is perhaps perhaps perhaps not well well worth me lending therefore IвЂ™m maybe perhaps not planning to restore your loan, which produces a challenge. Along with your solutionвЂ™s likely to be to head to the man across the street to begin straight right right back during the $21 once again. So, in of it self, this wonвЂ™t re solve the difficulty. ItвЂ™ll simply result in the loans to get relocated around.
Doug Hoyes: therefore, think about you canвЂ™t do a second loan within 30 days of the first one or something like that if we had a massive database of everybody who gets a payday loan and? Therefore, every loan gets attached to the exact same database, and that means, youвЂ™re discouraging or rendering it impossible for individuals to have a loan that is second.
Ted Michalos: Yeah, this 1 appears enjoy it has some promise, theyвЂ™re trying it in a few the U.S states. We donвЂ™t think it is in Canada yet. The expense of administering this type of system we had been told by the Ministry people, a dollar, a dollar, a money . 5 that loan.