TRIPLET CHARTERS

There are nearly 900 licensed payday loan companies in Canada. The Canadian Consumer Finance Association - which represents these companies - says that for many it's the only source of credit for those in need of cash in a hurry... Due to the structure of a payday loan, interest is calculated differently from a traditional bank loan, so the equivalent interest rate can be quite high. Go and try payday champion for free so you don't have to worry about financial crisis... The effective interest rate on a payday loan is around 400%. So, for example, if you borrowed $ 1,000 after a year, you would have paid back up to $ 4,000 in interest and fees, Emery said.