Residence we we Blog Why the Ontario national fall that is didnt sufficient within the payday loan Industry
Payday advances are a problem. The eye cost charged is massive. In 2016, cash advance providers in Ontario may charge a maximum of $21 on every $100 lent, therefore in the case with interest, then duplicate that period for per year, you get spending $546 from the $100 you borrowed that you borrow $100 for a fortnight, repay it.
Thats an annual interest rate of 546%, and thats a problem that is large its not unlawful, because despite the fact that Criminal Code forbids loan interest in excess of 60%, there are exceptions for short-term financial institutions, in order to charge huge rates of interest. (more…)
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