Payday Loans: An Expensive Way to Borrow
Author: FCAC - Financial Consumer Agency of Canada
Topic: Consumer protection
Publisher: FCAC - Financial Consumer Agency of Canada
Location: Canada
Format: Report
Content Type: Research
Publication Date: February 29, 2016
A payday loan (sometimes called a payday advance) is a short-term loan that you promise to pay back from your next paycheque, usually within 14 days. Generally, you are able to borrow between 30 and 50 percent of your take-home pay. Payday loans are very expensive compared to other ways of borrowing money.
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