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Just Just What Occurred After One U.S. State Banned Pay Day Loans

Just Just What Occurred After One U.S. State Banned Pay Day Loans

There’s good financial obligation and bad debt…and then you can find pay day loans. These short-term financial products may charge yearly rates of interest of 546 % (or even more), and may keep borrowers caught in a vicious period of taking out fully brand new loans to repay their old people. Just to illustrate: an Ottawa guy whom borrowed $1,400 in payday advances wound up over $10K with debt.

Through the Financial customer Agency of Canada, right right here’s just exactly how much interest you’d pay for a $300 pay day loan after a couple of weeks, when compared with several other options:

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