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Created with Fabric.js 1.4.5 Payday Loan Companies Who uses these services? Why do people use these services? The dangers of Payday Loans *People between ages 18-34*Households making less than $30,000 a year*People who need money quickly *The payday loan companies do not usually perform a credit cheque*People want/need instant money*People want avoid outstanding feesthey have at their bank*People are being exploited and forced to take the loan to give theirmoney to someone else *The loan needs to be paid back quickly (usually the next expected pay period)*The interest rate is higher than most credit cards (up to$21 for $100 borrowed)*The instant cash can become a habit*The loan must be paid prior to taking out another loan Know Your RIGHTS! The rising popularity of payday loans has lead to increased awareness of the 2008 Payday Loan Act. Before thinking about resulting to a payday loan know your rights. There are laws to protect people who take out payday loans, however these laws do not protect against the ridiculously high interest rates!For information on the laws protecting these rights visit: Just How High Are These Interest Rates? If you borrow $300 for 2 week: Payday Loan Fee If you borrow $300 for 2 weeks: Payday loan fee: Credit Card with interest of 23% 1 loan will cost:2 loans will cost:4 loans will cost:6 loans will cost: $63$126$252$378 $2.65$5.29$10.59$15.88 (information from (chart from (created using C.2 Handout
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