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Only a few loans are manufactured equal. Increasingly more Canadian loan providers are pitching super interest that is high as fast, convenient options to conventional borrowing products, when in reality they’re greatly more costly.

Baiting naive clients with usage of effortless money and a solution to any or all their monetary woes, these digital lenders vilify “archaic” banks and “high-interest” charge cards. Nonetheless, when the trap happens to be sprung, they provide loans which can be dual to TWENTY times the price of a charge card!

In Canada, part 347 of theВ Criminal CodeВ makes it a criminal offense to charge a lot more than 60% interest each year. But which haven’t stopped our politicians from offering interest that is high a convenient exception (what’s that about?) – allowing them to charge over 500% interest each year!

You need to be extra vigilant to ensure you don’t get fooled into a government approved debt trap whether you’re looking for a little extra cash, need money for an emergency or are looking to lower the cost of your current debt. Continue reading →