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PayDay Speed Debt HelpHow to Get off the Paydayspeed Cycle

Table of ContentsFrequency of PaydaySpeed LoansThe True Cost of A PaydaySpeed LoanPaydaySpeed Loan RegulationsKnow Your RightsAlternatives to PaydaySpeed LoansGet Help - Debt Relief Options356849

7-10% of Canadians rely on payday Speed loans to make ends meet52% are likely to use cheque-cashing or paydayspeed loan companies more than once a year12% use these services monthly10% do so more than once a month

Frequency of PaydaySpeed

Frequent use of paydayspeed loans, including paydayspeed loan rollovers, is a primary indicator of debt problems.

3In Ontario, paydayspeed loan costs are limited by law to $21 for every $100 borrowed.If you do not pay your loan on time, extra interest can be charged on top of the above fee.Interest rates on unpaid paydayspeed loans are often as high as 60% per year.

The True Cost of a PaydaySpeed

PaydaySpeed loans are a very expensive borrowing option.

4The Criminal Code of Canada limits interest to 60% per year.Most provinces have created specific regulation to limit paydayspeed loans.In Ontario, payday lenders are licensed by the Ontario Ministry of Consumer Services. You should never borrow from an unlicensed payday lender.Regulations are governed by the Ontario Payday Loans Act.

Paydayspeed Regulations

5Ontario law limits the maximum cost for borrowing at $21 for every $100 borrowed.

Rollovers are prohibited in Ontario. You cannot take out a paydayspeed loan with the same lender until your first loan is paid in full.

You have two days to cancel your paydayspeed loan without penalty considered a cooling off period.

Know Your Rights

6You must be told, in writing, the amount borrowed, length of the loan, total cost including fees and charges, and the exact due date.

You must receive the full amount borrowed up front, without deductions.

You cannot be required to repay an amount of the loan before the due date

Know Your Rights Contd

7Credit cards are a less expensive borrowing option even at 36% and are more flexible.Build an emergency fund so you can reduce your reliance on paydayspeed loans.Overdraft protection is another cheaper option with rates usually around 21%.Try other lending options like a small loan, line of credit or family and friends.Alternatives to PaydaySpeed

Most importantly create and maintain a budget.

8If you are trapped in a cycle of payday loan and other debt, consider these debt relief options.

Paydayspeed loans are discharged by filing bankruptcy.Payday speed lenders will not participate in a voluntary debt management plan.They are however automatically included and eliminated in a consumer proposal.Get Help Breaking The Cycle

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