The payday loan industry has pointed out that payday loans by their very nature are short term, most lasting about 10 days. Comparing short-term interest rates with annual interest rates is like pointing out that a $200 hotel room would cost over $70,000 a year, they say.

The Canadian Payday Loan Association has said the average payday loan is approximately $280 and the average length of the loan is 10 days.

But Lawford said most of the $2 billion a year borrowed from Canadian payday loan companies is done so by repeat customers who can’t get ahead of their debts.

The Payday Loan Association has welcomed Ontario’s regulation, saying the new maximum rate will help protect consumers and get unscrupulous players out of the business.

The association defended the interest rates.

“What justifies him [Lawford] saying the rate is too high?” asked association spokesman Stan Keyes. “If he has any kind of evidence to justify that statement, please bring it forward.”

Earlier this month, Saskatchewan became the fifth province to announce it would regulate payday loan companies. The new rules will set the maximum cost of borrowing in Saskatchewan at $23 per $100.

British Columbia, Alberta, and Nova Scotia have also passed legislation that limits borrowing rates, and Prince Edward Island is considering it. Limits are also in place in Manitoba and Quebec.

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Question about is there a way to borrow 1500-2500 from a private lender? have to clear payday loans. i’m good to pay back :
these payday loan fees are absorbing my paycheck. can anyone help me???? i work full time

Answer about is there a way to borrow 1500-2500 from a private lender? have to clear payday loans. i’m good to pay back :
Don’t borrow more to cover your existing debt. Ask your bank for a loan with a fixed rate and pay off the others with a higher interest rate. Then budget for the repayments and stick to it.

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All the best to you.

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