Home В» Blog В» Why the Ontario national DidnвЂ™t fall tricky adequate from the pay day loan Industry
Payday advances are a challenge. The attention rate charged is massive. In 2016, payday loan providers in Ontario may charge a optimum of $21 on every $100 lent, therefore then repeat that cycle for a year, you end up paying $546 on the $100 you borrowed if you borrow $100 for two weeks, pay it back with interest, and.
ThatвЂ™s an interest that is annual of 546%, and thatвЂ™s a huge problem nonetheless itвЂ™s not illegal, because even though Criminal Code forbids loan interest of greater than 60%, you will find exceptions for short-term loan providers, to enable them to charge huge interest levels.
Note: the most price of a loan that is payday updated in Ontario to $15 per $100. Continue reading