Two-Thirds of Payday Loan customers Trapped in pattern of Debt

Two-Thirds of Payday Loan customers Trapped in pattern of Debt

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Vancity among the first to supply cash advance alternative

Vancouver, BC – A poll released today by Vancity suggests 67 per cent of pay day loan users into the Lower Mainland and better Victoria are borrowing many times a year.

The credit union poll, that was carried out by Insights West, suggests 35 percent took down an online payday loan as soon as an or more month. Having a unexpected cost they didn’t anticipate (38 %) and getting behind on bills (37 per cent) will be the major causes why borrowers stated they utilized pay day loans. Another 22 percent stated it absolutely was because a debt was had by them that has been due. Continue reading “Two-Thirds of Payday Loan customers Trapped in pattern of Debt”