Summary

FCAC is trying to notify customers in regards to the expenses of, and options to, pay day loans. Through a study of cash advance users, we discovered that most are maybe perhaps not presently accessing available options and don’t realize the general expenses of pay day loans. Although Canadians access payday advances for a number of reasons, the possible lack of understanding and comprehension of relative expenses most likely impact the decision to make use of these costly services and products. FCAC encourages customers to explore all their credit options and guarantee they comprehend their general costs.

The pay day loan users surveyed were more inclined as compared to normal Canadian to spending plan, but numerous had trouble addressing expenses that are necessary. The demand for small-value, short-term loans illustrates the reality that many Canadians are maybe not ready for money shortfalls, whether brought on by unforeseen costs or earnings interruptions. Continue reading →