Same-day loan ads targeted at Nova Scotia renters raise concerns

Advertising suggests looking after emergency expenses with ‘affordable loan’

Ads for same-day loans targeting people who need rent money have been appearing in Nova Scotia, and a credit counsellor is concerned that a high-interest fix could start a cycle of payments people can’t afford in the midst of an already volatile housing situation.

In one online advertisement, easyfinancial Services offers e-day loans from $500 to $15,000. It suggests looking after emergency expenses with an “affordable loan.”

Interest for payday loans can start at 29.9 per cent. John Eisner, president and CEO of Credit Counselling Services of Atlantic Canada, says that is concerning.

Eisner said interest rates can legally be as high as 60 per cent, and ads for loans like these only come out when people are vulnerable.

These high rates are “compounding the problem,” Eisner said.

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Moncayo-Adams said he believes any advertising directed at struggling renters is insensitive and predatory, particularly after seeing last week’s teardown of a tent encampment outside Halifax’s old central library.

In an email, a spokesperson for goeasy, the parent company of easyfinancial, helps “provide access to credit for non-prime Canadians.”

“Easyfinancial is not a payday lender – we are an alternative financial provider that bridges the gap between banks and payday lenders,” said Bryan Tritt, goeasy’s vice president of communications, public relations and marketing.

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He said the problem begins with the housing situation making people more vulnerable to same-day loan companies, which can put them in the “revolving door” of multiple loans.

Eisner said the issue isn’t going away anytime soon. “Regardless of what [payday loan companies] say, they targeted the vulnerable people.”

Same Day Payday Loans Keep Your Mind Straight

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Because these exact same day payday loans are a cash advance, you may use the money that you receive. As a consequence, you may create your car payment, your payment for your own utility bill, or another bill that’s born immediately away.

If you try to apply to the same day payday loans all on your own, you’re likely going to get turned down. There are websites which provide use of businesses offering cash advances that are fast, and many of these websites have a stateoftheart application form that you may end up.

Even as we proceed in an market, it is important when searching for financing to take some precautions. The same day payday loans from payday advance businesses are convenient and fast, however there are.

The ideal location is really online. There are lots of websites which are intended to assist you find a company that could provide cash advances.

When it comes to quick cash advances, most businesses provide options that are different, also it is a fantastic idea to comparison shop for a pay day loanpare unique lenders to get the www.worldpaydayloans.com/payday-loans-az/glendale/ one with the best rates and also a decrease application fee.

Don’t forget to search around for another payday advance loan, after the same day payday loans to get you through an emergency. You’ll be glad you did once the funds is needed by you, and you’re going to be pleased that you made sure to see the fine print until you implemented.