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.
Infograph icons accredited to “Freepik“
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Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.
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