As shown in Figure 5, three-quarters reported loans of $1,000 or less, while over fifty percent (55 %) reported loans of $500 or less. Twenty % reported loans of $500-$1,000, while just four per cent reported loans of $1,001-$1,500.
Figure 5: Could you calculate that total value regarding the payday that is last you took?
In Canada, a regulated cash advance cannot go beyond $1,500, yet seven per cent stated the worthiness of the loan ended up being over $1,500. It really is ambiguous whether these participants had been citing the sum total price of borrowing (including interest and costs), had been considering another kind of borrowing, or could actually access bigger payday-style loans off their loan providers. Almost 1 / 2 of people who accessed loans over $1,500 accessed their loans online, which could suggest that bigger loans are now being accessed in this manner. (more…)