A pay day loan is a short-term, high-interest loan that is built to relieve monetaray hardship that develops in-between paychecks. In line with the Canadian pay day loan Association, nearly 2 million Canadians utilize payday-lending solutions on a yearly basis.

Payday advances cover anything from $100 to around $1,500 with bi-weekly rates of interest as high as 25per cent – or a great 652% in Annual portion Rate (APR). Continue reading →