Avoiding Payday Loans

Payday Loan Facts

One of the strongest financial danger signs is the repeated use of Payday Loans.

While we sympathize with the desperation that can lead people into taking out Payday Loans, we want to make it very clear how poor a credit choice Payday Loans are.

What are Payday Loans?

Sometimes called Cheque Cashing Services – Payday Loans are short-term, unsecured loans that usually require the borrower to give the lender a post-dated cheque or a pre-authorized debit to cover the loan and the fees/interest charged on the loan. Loans are usually for 1 to 14 days in length.

Under the Ontario Government’s Payday Loans Bill of Rights, the Payday Loan industry can charge up to a maxim of maximum of $21 (fees plus interest) for each $100 that a consumer borrows. Payday loans are for periods of up to 14 days, which means that the annual cost of borrowing $200 (14 days x 26) would be $1096 – equal to 546% per year!

Scary News from Statistics Canada

According to Statistics Canada* in 2005 – 353,300 families reported taking out a Payday Loan in the previous three years.

This truly frightening statistic indicates there are many Canadians who are desperate for cash at any cost and many who do not understand how poor a credit choice they are making.

Avoiding Payday Loans

Part of avoiding Payday Loans, is to get your finances under control. The most effective ways to do that is to set up a realistic budget, build up an emergency fund, and stick to it.

Check out our free series on how to set up a budget. It will help you get started on your way to financial stability.

Knowing the true costs of Payday Loans – may be one of the best incentives for getting your finances under control.

Trapped in Payday Loans?

If you are trapped in the Payday Loan cycle, can’t see a way out, and live in the GTA – it might be time to speak to one of the Licensed Debt Professionals™ at David Sklar & Associates. We offer a free initial consultation where we will review your current financial situation and explore all of your debt-removal options. Call 416-498-9200 to book your free consultation at one of our six GTA offices.

* Statistics Canada – http://www.statcan.gc.ca/pub/75-001-x/10407/9617-eng.htm

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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