Did you know that payday loan interest rates can be 400% per year or more?
Unfortunately, a lot of clients that we have met with have got themselves in pretty deep with the dreaded payday loans. If you find yourself running back and forth between pay day loan companies on pay day please give us a call…we can help! These are unsecured loans and can be included in a Consumer Proposal or Bankruptcy.
Below are some tips if you are considering to ask for a pay day:
- Always check that a lender is licensed (don’t take out a loan unless you see an Ontario license number, even if borrowing from retail stores or online lenders)
- Be aware that there are companies that pose as online payday lenders but are actually “lead generators” that collect personal information from people looking to get a payday loan and then sell it to an actual payday lender (sharing this kind of information can put you at risk of identity theft)
- Plan to have enough money in your account to repay the loan and on the day that it is due
- Understand how much you will pay for the loan if it’s overdue
- Know how much will it cost you to borrow this money?
- Know how much will you be charged if you don’t pay the loan back on time?
- Check to see that this payday lender licensed and in good standing?
- Are you being charged more than $18 for every $100 that you’re borrowing?
For more information on how we can help you with your pay day loans please contact a Harris & Partners Inc. Licensed Insolvency Trustee at 905-479-5712.