When an unexpected expense arrives, a payday loan may appear to be a convenient way to access money quickly. Applications can often be completed online or at a physical lending location, and payday loans are designed specifically for short-term borrowing. However, Ontario consumers should understand the costs and repayment requirements before signing an agreement.
The first question to ask is how much the loan will actually cost. Ontario currently caps the cost of borrowing for payday loans at $14 per $100 borrowed. For instance, a $500 payday loan could have a maximum borrowing cost of $70, meaning the borrower could be required to repay $570 under the basic loan terms.
The repayment date is equally important. Payday loans are generally intended to be repaid over a short period, often around the borrower’s next payday. Before accepting a loan, consumers should consider whether their regular income will cover both the loan repayment and their normal expenses such as rent, utilities, groceries and transportation.
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A investigation estimates that each Canadian owes more than $7,000 on their credit cards by itself, and the common total debt loan every individual is more than $15,000. Additionally, every college graduate has already been burdened by loans crossing $35,000 whenever they go out of college. Carry out the stats amaze you?
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