As shown in Figure 5, three-quarters reported loans of $1,000 or less, while over fifty percent (55 %) reported loans of $500 or less. Twenty per cent reported loans of $500-$1,000, while just four per cent reported loans of $1,001-$1,500.
Figure 5: Can you calculate that total value regarding the payday that is last you took?
In Canada, a regulated pay day loan cannot go beyond $1,500, yet seven per cent stated the worthiness of these loan had been over $1,500. Its not clear whether these participants had been citing the full https://badcreditloanslist.comt/payday-loans-wv/ total cost of borrowing (including interest and charges), were thinking about a different type of borrowing, or had the ability to access bigger payday-style loans off their loan providers. Almost 50 % of people who accessed loans over $1,500 accessed their loans online, that may suggest that bigger loans are increasingly being accessed in this way.
Repayment of loans
While pay day loans are made to bridge customers with their next paycheque, one-third utilized sources apart from their paycheque to settle their final loan.