Questions to Ask Your Payday Loan Provider

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Friday, 06 November 2009 00:00

Payday loans are short-term loans that are attractive to people who do not have enough funds until the next payday. On top of this, payday loan companies do not conduct a credit check. Thus, even borrowers with poor credit histories can take advantage of these loans. However, there have been complaints about some practices of these loan companies, particularly with the high interest rates and fees that they charge.

Financial Consumer Agency of Canada What Who Why

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Thursday, 05 November 2009 00:00

The Financial Consumer Agency of Canada (FCAC) is an independent regulatory agency of the federal government that is in charge of informing and protecting consumers with regards to financial services, including payday loans. The FCAC was created in 2001 to enhance consumer education and provide more oversight on consumer issues in the financial services sector. The establishment of the FCAC was based on the Financial Consumer Agency of Canada Act. Its creation was part of several initiatives that resulted from studies on the reform of the financial sector.

What to Do if You Always End Up Applying for Payday Loans

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Wednesday, 04 November 2009 00:00

Payday loans are attractive to many people because they can be obtained within a day and qualifying for them is easy. All you need is an employment history and an active checking account. You do not even need to have a good credit score. Unfortunately, these short-term loans that have to be paid within 10 to 14 days often carry high interest rates and charges. Thus, some borrowers have found themselves always applying for payday loans. Let us look at what you can do if you discovering that you are always applying for payday loans.

Understanding How Payday Loans Work

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Tuesday, 03 November 2009 00:00

Payday loans are short-term loans in relatively small amounts that are meant to be paid back on the next payday of the borrower. These loans, which are also known as cash advance loans, are targeted towards people who have difficulties obtaining the usual bank loans. Here are the salient features of payday loans in Canada.