Payday Loans Toronto – Dangerous Debts

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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, call us at 1-844-962-9200 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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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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