Home loans Infographic: The Payday Loan Cycle

Infographic: The Payday Loan Cycle

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“

Tags: loans, payday loans

Infographic: The True Cost of Borrowing

We all know that borrowing any amount of money through any type of lending product puts us into debt. There really isn’t any way...

Posted 1 day ago

View Post

Applying for Long Term Loans in Canada

There are many kinds of loans available to all Canadians who are currently looking to get the financing they need. From short term...

Posted August 11, 2017

View Post

How to Get a Short-Term Flex Loan in Canada

When it comes to choosing a lender and a loan, we can almost guarantee that most Canadians want flexibility. Flexibility in the...

Posted July 24, 2017

View Post

Disclaimer: All loans are subject to credit and underwriting approval. Loans Canada is a lead referral network and may be remunerated for its referrals. Loans range from $500-$15,000 with terms from 4 months to 60 Months. APRs range from 29.99% to 55% and will depend on our partner's assessment of your credit profile. For example, on a $500 loan paid monthly over 9 months, a person will pay $81.15 per month for a total of $730.35 over the course of the entire loan period. This amount includes our partner's optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). In the case of a default on your loan your payment plan will be terminated and different collection methods will be employed to collect your remaining balance. Outstanding debts will be pursued to the full extent of the law. Our lenders employ fair collection practices.

Note: Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. Loans Canada is a lead referral company, not a lender. Loans Canada only works with financial service providers that adhere to Canadian laws and regulations. To protect yourself, read more on this topic here.