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Pay day loan alternative can be a far better deal, but has its very own own dangers

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Benefit of fast money drives expansion of pay day loans

Try looking in your neighbourhood plaza or downtown roads and you also probably will discover a cash advance store within a couple of hundred metres of a bank or credit union.

Today, for instance, you can find 18 payday shops situated on Yonge Street between King (Toronto’s economic region) and Bloor (high-end retail area). Payday shops are often spotted through the better Toronto region due to their distinctive colours that are bright part areas to optimize their signage.

Through the previous ten years, a lot more than 1,350 stores have actually exposed in Canada with 675, or half, found throughout Ontario. There also is just a payday shop found within the federal Department of Finance building in downtown Ottawa.

Statistics suggest that 2 million Canadians use pay day loan shops and additionally they borrow significantly more than $2 billion yearly.

Quick expansion for the cash advance industry is simply starting. As an example, Advance America, running beneath the title National cash loan, recently launched eight brand new places in Manitoba in just a five-week duration and intends to start stores in British Columbia, Alberta and, without doubt, Ontario.

In accordance with a current news meeting, Money Mart intends to find shops in just about every community having a populace of 7,500 or maybe more. The money that is traditional market area was previously 40,000. Rentcash Inc. announced comparable development plans because of its Cash shop and Instaloans operations.

Just what exactly is driving this unprecedented development? How come there such demand whenever we realize that payday loan businesses charge rates of interest that may meet or exceed an annual percentage price of 700 percent?

Quite simply, an increasing quantity of Canadians are living payday to payday. (more…)