Payday loans - ARCHIVED

Articles and reports: 75-001-X200710413185


Payday loans are part of the growing alternative consumer credit market in Canada. These loans are for relatively small amounts ($100 to $1,000) and are short-term, with repayment usually made on or before the next payday. Although the convenience of payday loans makes them attractive, concerns have been raised about questionable practices within the industry, including high borrowing costs, insufficient disclosure of contract terms, and unfair collection practices. Who uses payday loans and why?

Issue Number: 2007104
Author(s): Pyper, Wendy
FormatRelease dateMore information
HTMLJune 19, 2007
PDFJune 19, 2007