‘Astronomical’ costs nevertheless plague hopeless borrowers
Two-thirds of pay day loan users within the Lower Mainland and Greater Victoria turn to the high-cost loan providers at the very least 3 times per year, based on a brand new poll.
The Insights West survey had been carried out for Vancity Credit Union, which includes launched its very own cheaper loan providing for pay day loan users.
The poll discovered 35 % of users took out payday advances at minimum once per month, while another 32 % stated once or twice each year.
The primary reasons offered had been having a unanticipated cost, getting behind on bills or just because a financial obligation arrived due.