Saturday, July 9, 2005

Rising Consumer Debt Means Busy Payday Loan Stores in Canada

By John Mitsuda
Payday Loan Writer

Contrary to popular belief, Canadians who frequent payday loan shops are well-educated, pocket decent incomes and don’t believe they are being ripped off.

The study, commissioned by the payday-loan industry, indicated users of the service are generally satisfied and opt to go because of the convenience, and the refusal by chartered banks to provide small, short-term unsecured loans.

The survey indicated only five per cent of the Canadian population uses payday lenders. Of those who do, the average income is about $41,500. Of the customers surveyed, 35% had incomes of more than $50,000.

Even though Canadian payday loans, like American payday loans, also have triple digit APRs, 72 percent of payday loan applicants surveyed said they thought the cost of taking out a payday loan was reasonable. Whether a fast cash advance is right for you is a different matter. Think it through and be sure you are prepared for the responsibility.

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