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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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
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