We Tell You Exactly About Disrupting the Payday Lending Industry
In Canada, there are over 1,300 payday lending outlets offering extremely high priced but quick and effective approaches to borrow short-term cash. Payday loan providers charge between $15–25 in costs per $100 lent for 14 days, leading to yearly portion prices of up to 500 %. In contrast, Canadian legislation forbids other lenders from charging much more than 60 % yearly interest on loans.
The use of payday lenders continues to increase despite the high cost of borrowing. From 2009 to 2014 (latest available figures), the amount of Canadian grownups that reported utilizing a loan that is payday from two % of households to four per cent,