Infographic: The Payday Loan Cycle

Written by Caitlin Wood
Fact-checked by Caitlin Wood

Infographic: The Payday Loan Cycle

Categories

Loans Payday Loans

Payday loans have been around for decades, they represent a part of the financial world that many people have never even heard of. Within the last month payday loans and the lenders that offer them have been written about in the majority of Canadian news publications. With payday loans on everyone’s mind right now, we’re taking a look at how these lenders pay upon those in desperate financial situations and then trap them in what is called the payday loan cycle. Take a look at our newest infographic for an in-depth look at how this vicious cycle of debt is perpetrated.

Take a look at some of our previous articles for more information on payday loans.

• How Much Do Payday Loans Really Cost? Click here.
• Payday Loan Help: Break the Cycle and Get Help, read this.
• How Payday Lenders Prey Upon the Poor, here.
• Payday Loans vs Installment Loans Video, watch here.

Infograph icons accredited to “Freepik“