Payday loans – The most expensive credit product on the market

May 21, 2015 | Category: Proposal Loans

This Globe and Mail article highlights the high cost of payday loans and that there are many alternatives to Payday loans. http://www.theglobeandmail.com/report-on-business/payday-loans-what-are-the-alternatives/article24463099

Prudent is an excellent example – let’ compare

A $1000 payday loan with a $210 bi-weekly fee that has been extended for 1 month = a total repayment of $1,420.00
A $1000 Prudent loan over 12 months bears a monthly payment of approx. $110 per/mo. – If paid off in 1 month and before the first payment comes due = a total repayment is $1120.00

Which is cheaper?

For more information about payday loans vs Prudent loans check out our comparison table at https://www.prudentfinancial.net/credit-sense/say-no-to-pay-day-loans/

More Posts

Need Winter Tires? Use the Equity in Your Paid-Off Vehicle

Car Loan Financing with Bad Credit: How to Get Approved

Want to Get Approved for a Payday Loan? Consider These Alternatives Instead

Why an Ontario Private Lender Can Be Your Best Referral Partner

How to Get a Solid Commitment When the Market is Unstable in Toronto

Consolidate Debt with a Home Equity Loan Before Back-to-School Expenses

Bankruptcy Filings in Canada Are Rising. An Ontario Private Lender Can Help You Rebuild

Refinance Mortgage Without Appraisal. Yes, You Can

How to Get a Loan with Terrible Credit

How to Shrink $1,225 per Month in Payments Down to $300

Secure Your Loan. Apply Today!

Click below to submit your loan application.

Fine print for your Prudent loan

FSCO Lic. #12059)

Minimum and Max period for a Prudent loan repayment is 6 - 48 months.

Maximum annual percentage rate (APR), which includes the interest rate plus fees and other costs for a year - from 19.99% to 34.99% maximum (effective rate will vary).

A representative example of a Prudent loan – How is it broken down with all applicable fees
A typical $1,000.00 loan, paid off over a 12 month period borrows an amount of $1,020.00 which includes the $20 credit application fee. Total cost is $231.94. Payment is $104.33. This does not include optional life insurance.

*Rates vary according to credit risks but at all times compliant with all applicable legislation and

In some situations some security may be required.

Approval times are based on optimal situation – customer has all documents and extensive verification is not required.

Questions? We pioneered the Responsible Lender Pledge. Call us anytime and we’ll be happy to discuss your loan and what fees may be involved depending on your particular circumstances.