The PAY DAY LOAN TRAP
written by Peter Temple (4 Pillars)
Many families in the Brampton area take the unfortunate step of securing Pay Day Loans to help with short term cash flow needs but unfortunately these loans can get out of control quickly and it can be a big problem. See below an excellent article on exactly what a Pay Day loan is and why to avoid them:
What is a Pay Day Loan?
Pay day loans are short term unsecured loans for unexpected cash needs. Usually the loans are intended to be paid back within 2 weeks or by the next pay date. They should be used to cover very occasional emergencies and not for making up the shortfall in monthly budgets.
