Bad Credit Loans Loan In Canada Clarification Of Bad Credit Payday Loans Part Sixty Two

To show how expensive bad credit payday loans can become

, a borrower writes out a post dated cheque to their lender for one hundred and fifteen dollars. This cheque is for a one hundred dollar loan where an additional fifteen dollars is added onto the initial loan by the lender as the loan fee. The date on the cheque is the day that the borrower will next be paid and the loan period is usually for fourteen days. At this stage the lending of one hundred dollars for a fee of only fifteen dollars seems reasonable, as long as the lender is given permission by the borrower to cash the cheque on the date written on the cheque and the loan is not rolled over at the request of the borrower. However, statistics obtained from many surveys done on bad credit payday loans show that most people are not one time borrowers of bad credit payday loans.

Research has proved that most borrowers of bad credit payday loans need to rollover their loans more than once and every time they do this, to extend the final repayment date of their bad credit payday loan, the lender adds on the another loan fee equal to the initial loan fee. This leads to the astronomically high interest rates and or annual percentage rates (APRs) that so many critics of these types of loans complain about. Renewing a loan or rolling it over leads to borrowers landing themselves into a cycle of continuous debt. The state of California in the United states of America has more payday loan lending outlets than a well known burger and restaurant has in the same state. In California specific bad credit payday loans surveys have concluded that the average payday loan borrower takes out or is granted an average of eleven payday loans per year.

These bad credit payday loans borrowers pay an interest rate or annual percentage rate (APR) on these loans of around four hundred and seventy four percent. These statistics were officially released in nineteen ninety nine by the Consumer Federation of America (CFA) and the Public Interest Research Groups (PIRGS). Another survey carried out in two thousand and one by the Consumer Federation of America (CFA) and the Public Interest Research Groups (PIRGS) found that thirty three percent of the two hundred and thirty five bad credit payday loan lenders, that were analysed, charged an annual percentage rate (APR) of over five hundred percent for a hundred dollar loan taken out of a loan period of fourteen days. It is therefore obvious that all potential borrowers of bad credit payday loans need to conduct a comprehensive investigation in to the ways that bad credit payday loans are applied for, granted and administered before they actually put pen to paper or finger to keyboard and apply for their own bad credit payday loan.

To read about the various types of Canada loans available at BHM Financial or to apply directly online for a Canada loan in any one of the Canadian provinces namely, Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan, visit the loans in Canada website at bad-credit-loan-in-canada.com. You can also text chat with a BHM Financial loans consultant now, online, about your Canada loan, by accessing this link Canada loans text chat.

To learn more about the different kinds of Canada loans offered by BHM Financial visit Bad Credit Loans Loan In Canada Clarification Of Bad Credit Payday Loans Part Sixty One.

Bad Credit Loans Loan In Canada Clarification Of Bad Credit Payday Loans Part Sixty Two

By: Clyde Thorburn

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