Pay Day Loans 101
Jennifer Stewart from moneyville.ca provides an overview of pay day loans…
“On any given day, hundreds of people are desperate enough for cash that they turn to one of 700 payday loan stores in Ontario to get it.
They have rent to pay, or their mortgage, or they are way late on their utility bills. So they walk into these shop front stores looking for help, and fast cash. Without much fuss, or for that matter a credit check, they get an advance against their pay cheque. For every $100 they borrow, they pay a hefty fee, with the provincial maximum fee capped at $21 for every $100 borrowed….”
Read full post:
http://www.moneyville.ca/article/919548–why-payday-loans-should-be-a-last-resort