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/