Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Some Canadians pay up to 400 percent in payday loan fees

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August 15, 2005

Some Canadians pay up to 400 percent in payday loan fees

According to CBC News, many Canadians don't realize how much payday loans cost over the year. Supposedly only seven percents of the population use payday loans in Canada, many appreciating longer hours and convenient locations. They don't think that the interest charged by the payday loan shops is generally too high:
"In one example the federal consumer agency uses, a $300 loan over 14 days could easily cost fees totalling $50 - which on its own doesn't sound huge until you consider that's actually 435 per cent of the loan, measured at an annualized rate. "

Posted in Payday Loans at August 15, 2005 07:33 PM

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