The Dangers of Installment Loans

High Interest Installment loans

You may have heard of these loans a bit more lately in the news, they are a little different than PayDay loans. With Installment loans, these are high interest subprime loans, and unlike PayDay loans, they are not capped at 21%.

With Installment loans, these are quick approval loans, with an apr of 46.96% and they allow you to borrow at much larger amounts than payday loans and with up to three years to pay back the amount.

PayDay Loans

With payday loans, the interest rate in Ontario with these loans cannot go above 21%, and with a payday loan, you typically pay the full amount of the loan back on your next payday.

Credit Cards

Standard credit card rates in Canada with some of the top financial companies tends to be around 19.99% for purchases, and 22.99% for Cash Advances. Any interest rate charged over 60% per annum is considered criminal.

Aimed at People with Bad Debts & Poor Credit

Unfortunately, both payday and installment loans are aimed at the people who tend to have poor credit and bad debts. These style of loans can often at times get some people stuck in a slippery slope of debt.

Optional Insurance

Another consideration with installment loans is the optional loan insurance. Loan insurance payments are not included within the actual interest calculations. With the already high interest rate, the added loan insurance makes these types of loans very expensive in the long run. Always know exactly what you are signing, read all the fine print, know all the fees included.

If you are in a predicament where you are in financial distress and not sure what to do, call our offices for a free initial consultation. We can help sort out your financial situation and help provide an alternate solution that will work with you. Help is just a phone call away!

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We worked with Jackie. She is very professional and very caring. She is quick to respond and really cares about helping the people in front of her. I went with my uncle, who was scared of the whole process and mentally delayed. Jackie took her time with us and made him feel at ease. She carefully explained things multiple times and was very encouraging. She was a shining light in a difficult process.
stefania cicchino
13:54 27 Mar 21
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16:44 12 Mar 21
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19:01 11 Mar 21
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nicole lowartz
17:02 11 Mar 21
I've used these services twice and they have always been understanding, supportive and informative. They give you hope when you feel like there is none. I've referred multiple people to them and they've all had the same professional experiences. Jackie Stanley was amazing and got the job done. Thank you!
Kirah32
02:07 03 Mar 21
Dealing with any kind of debt can be stressful. Jackie is amazing! Professional, warm and extremely helpful to say the least! She made sure to answer all of our questions, address any concerns and made this whole process as smooth as possible.
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15:14 02 Mar 21
Working with David Sklar has been an easy and detailed process. I am especially thankful for the personal services provided by Jackie Stanley as she has been very informative and always ready to answer any questions or concerns in a timely manner. I highly suggest working with Jackie if the opportunity presents itself.
Clayton Surujbally
17:09 18 Feb 21
On February 2 l made the somber driveTo David Sklar and associates.I had known this location from having drovePast it many times over the years.I made a appointment using the phone numberOn their door in Pickering, OntLater that day l had a consultation withTrina Powell.Immediately upon meeting with her l wasBecomming more relaxed with the proceedings.Trina, was very down to earth, and very professional.We all have our calling, l can only gather sheHas found hers, and she is very good at herJob, and career.I met with her again two days later but on thisVisit l felt more relaxed, and self assured of myDecisions, having already met with Trina.Thank you! Hat's off to you.I also had a phone zoom call with MarkTo whom as well was very easy, and comfortableTo talk to,Thank you, Mark.The team at David Sklar and associatesShould take great pride, and comfort when theyHelp people, like me and probably so many others.Thank you.
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17:11 07 Feb 21
I have dealt with this company before many years ago when I did my bankruptcy , and found to be very trustworthy, professional, and right at ease. No judgement, very understanding and very supportive. So of course would come to then again when this time did the debt consolidation. The staff is friendly and goes over all the details with you and answers all your questions so you know exactly what to expect and make an informative decisison. I aslo like how if I had any questions could leave a message or email the company and how promptly they answer me back. Thank you David Sklar & Associates for getting me back on the right track and living a life of debt free again. I have my freedom back thank you for all your help and support. Amen 🙏
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Elizabeth Thomas
09:18 04 Feb 21