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2016-12-13
Author: Leah Drewcock
A payday loan, also known as a payday advance or a cash advance, is a relatively small amount of money borrowed at a high rate of interest. Repayment is usually required within two weeks or on the next payday.
Payday lenders are prohibited in B.C. from collecting payment from the borrower’s employer and cannot loan more than 50 per cent of the borrower’s net pay or other net income to be received during the term of a payday loan.
Often when the pay day loan comes due, the borrow ends up paying a fee and rolling over the loan into another two week period, paying another fee and interest charge in hopes they will be in a better position to repay the loan next payday.
One common complaint I hear from my individuals who I help with their debts is ‘I wish I had never started using payday loans, once I started I could never seem to stop the vicious cycle of re-borrowing’.
I think of payday loans like running on a treadmill where the speed keeps getting faster. You can’t keep up but aren’t sure how to safely step off. The payday loan cycle is difficult to stop and many borrowers use multiple payday loan companies and have multiple loans outstanding at any one time. The added stress of not knowing how to pay the loan off can cause borrowers to give up and stop trying to pay. This can lead to some of the ‘ugly’ collection issues listed above.
So how can you stop the payday loan cycle?
Payday loans are short term fixes for emergency situations. If a short-term payday loan has caused you long-term problems we recommend you contact an MNP Trustee and find out about the life-changing debt solutions we offer so you can erase debt from your life for good and get back on track for a strong financial future.
Contact an MNP Trustee for a free confidential consultation.
Payday Loans Legislation in British Columbia
To file a complaint against a payday lender or learn more about how payday loan companies are regulated click here.
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