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Let me make it clear about Disrupting the Payday Lending Industry

Let me make it clear about Disrupting the Payday Lending Industry

In Canada, there are over 1,300 payday lending outlets that offer excessively high priced but fast and effective methods to borrow short-term cash. Payday loan providers charge between $15–25 in costs per $100 lent for a fortnight, causing yearly portion prices of up to 500 per cent. In comparison, Canadian legislation prohibits other loan providers from charging significantly more than 60 % yearly interest on loans. (more…)

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