Cost of Living9:05Why instalment loans are the riskiest bet in finance
Jolene Chateauneuf was just trying to avoid getting evicted.
It was 2021, and she was short $1,500 for the rent on her apartment in Princeton, B.C., where she was living at the time. So she took out a rapid loan from a payday-style lender and gave the money to her landlord.
Rapid loans are sometimes referred to as instalment loans, to differentiate them from traditional payday loans, which as the name implies are paid back in one lump sum when the borrower’s paycheque arrives.
In the last few years, rapid loans have become common as most provinces cracked down on predatory payday loan practices, prompting alternative lenders to instead offer larger loans …
Read the full article at: https://www.cbc.ca/radio/costofliving/rapid-loans-payday-lenders-interest-1.7095874