The dangers of payday loans. Despite their speed and convenience, there are some compelling reasons to avoid payday loans.
Payday loan interest rates. Although a number of payday lenders' websites come equipped with a sliding tool showing the total amount you'll repay (if you make your repayments in full and on time), to compare loans against each other you need to check the APR (annual percentage rate). Payday loan APRs tend to be incredibly high - over 5,000 in some cases. Regulations introduced by the FCA in January 2015 cap the total interest and fees of payday loans at 100 of the original amount borrowed, but that's still a lot of unnecessary debt compared to other options.
The cost of Canadian payday loans. Interest rates and fees vary from province to province. Payday loans in British Columbia, Alberta, Saskatchewan, Manitoba or Ontario are different from loans in New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador.
In some of the Canadian provinces payday loans are regulated and capped, and in some are not. Direct Canadian lenders in our network offer competitive rates and fees.
You can always check with your local government if a lender is charging you more than it is allowed by the law.
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