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

How to Rebuild Credit: The Return of the ABC’s of Credit

Private Lender Ontario: Options for Ontarians With Bad Credit

Toronto Homeowners Are Using Private Loans to Consolidate Debt and Breathe Again

How to Rebuild Your Credit After Bankruptcy in Ontario

Need Cash Fast in Ontario? What a Car Title Loan Can (and Can’t) Do for You

Private Lending in Ontario: How Prudent Financial Helps Borrowers Move Faster

Are online only banks right for you in Canada?

A home equity loan vs a Reverse Mortgage in Canada

Your credit score and simple ways to improve it

The Basics of budgeting and taking on new debt

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.