Payday loans are a dangerous trap.

Your first loan must be paid in full in 2 weeks. You need  all of your pay cheque to live on. so you need a new loan to pay the original loan and on and on.

 

You will need to take a second loan to pay the first and a third to pay the second and on and on. Huge admin fees and 500% interest  have you in a cycle of debt.

 

It may seem like you have no other choice but pay day loans in an emergency,  Taking out a payday loan lowers your credit score, will eat up any savings you could have had.

 

THEY DEFINITELY  WILL SUE YOU

IF YOU DO NOT PAY.

HERE IS HOW THEY GET YOU HOOKED

 

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

• Setup fees
• Account fees
• Administration fees
• Processing fees
• Convenience charges
• Verification fees
• Brokers’ fees
• Collection fees
• Loan repayment fees
• Renewal fees

There are many more terms for the hidden illegal interest charges these crooks use to cheat you.

 

Pay Day Loans Are As Addictive As Crack

Pay Day Loans Are Easy Credit Ripoffs

 

Canada Trusts

CANLAW