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The Federal Government has introduced legislation lowering the maximum interest rate specifically in order to curb these bandits. Both charge outrageous, probably illegal fees.
Pay-day loan sharks are charging annual rates of interest as high as 360% for advance loans, which is why several class-action lawsuits are now swirling.
Some credit card issuers face lawsuits over gouging rates on cash advances.
Both rip off the poor and leave them in worse shape than before. If you need to use a pay day loan service, you are already in deep financial trouble and need to get help... fast.
Your credit card company considers taking cash advances a possible sign of credit problems and will monitor your account very closely
Before you can determine the best course of action to achieve financial stability, you need to take a look at where you are right now.
Prey day loans charge over 500% interest
You can get a better deal from the Mafia
The maximum cost of borrowing applies until the date your loan is due.
Some of the many ways payday loan companies charge illegal interest disguised as fees
Even though the Criminal Code of Canada considers fees and service charges to be interest, which are all charged on a payday loan nothing seems to be done to stop these crooks.
When a new regulation is made law, the pay day loan sharks change the names of their illegal charges to something else.
Each of the following is actually considered under the law to be interest. Added together they usually far exceed the legal amount of interest that can be charged for a loan
There are many more terms for the hidden illegal interest charges these crooks use to cheat you.
This is not legal advice, it is information
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