Payday Loans Vs Other Short-Term Loan Options
If you are considering taking out a payday loan, you will benefit from a look at a publication called The Cost Of Payday Loans on the Financial Consumer Agency of Canada's website.
(The Financial Consumer Agency of Canada (FCAC) was established in 2001 by the Canadian federal government. One of their mandates is to expand consumer education in the financial sector.)
The website includes information on how to calculate the cost of various short-term loan options: the cost of a payday loan as opposed to the cost of a cash advance on a credit card, overdraft protection, and line of credit.
This is essential information for would-be borrowers.
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