Pay day loans a final resort for over fifty percent of users: study

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Almost two-thirds of Ontario’s pay day loan users look to the controversial short-term, high-interest loan providers being a last resource after exhausting all the options, in line with the link between a study released Tuesday.

The Harris poll, carried out with respect to insolvency trustees Hoyes, Michalos & Associates Inc., unearthed that 72 percent of borrowers had attempted to borrow from another supply before using down a quick payday loan and 60 per cent stated fast-cash stores had been a resort that is last.

Many pay day loan users are the ones who does be refused for conventional loans from banks, such as for instance a type of credit, so that they turn to alternate economic solutions. Continue reading “Pay day loans a final resort for over fifty percent of users: study”