Payday Loans Toronto – Dangerous Debts

Payday Loans Toronto – First Choice for Dangerous Debts

When we decided to write this series on dangerous debts in Toronto – the first choice on everyone’s list was payday loans.

Every day we work with good people, throughout the Greater Toronto Area, who have gotten caught in the payday loan trap. Sinking further and further into debt as they pay exorbitant interest and fees on short term loans.

When we show people how much they are paying for the convenience of a payday loan – they are horrified and more than a little embarrassed at their poor judgement. But at the time they got the loans, they felt they had no other choice.

As of 2009 in Ontario, the maximum that a payday loan company can charge on a loan is $21 per every $100 loaned out on a single loan short term loan usually for up to a maximum of 14 days. On a 14 day loan that works out to an annual rate of 547.5%.

547.5%

Payday Loan Rollovers

In 2009, the Ontario Payday Loan Bill of Rights, put a stop to the practice of rollovers, where a payday loan company would roll an outstanding balance into a new loan.

This new law was enacted to protect consumers – and is a good law, however we are now seeing people coming in with 8, 9 and the record so far, 14 payday loans all with different payday loan companies.

Imagine getting collection calls from 14 different payday loan companies.

The Payday Loan Trap

Once people have started using payday loans, it gets harder and harder to get out of debt. A good portion of their next paycheque will be going to pay off these loans – pushing them further and further into to debt.

Say More Than NO to Payday Loans

It takes more than just saying you will not use payday loans – it takes getting control of your finances, using effective budgeting and building an emergency fund.

Take control of your finances before you are caught in the Payday Loan Trap.

Too Late?

If you are already trapped in the payday loan spiral, don’t believe you can get out, and live in the Greater Toronto Area – give us a call. At David Sklar & Associates, Inc, we offer a free consultation to people who are dealing with overwhelming debt and need a fresh start. Call 416-498-9200 to book your free consultation at one of our six convenient GTA offices.

 

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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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
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20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
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01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
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17:02 11 Nov 21
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09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
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18:45 25 Oct 21
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07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
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16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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