Payday loan use is on the rise in Ontario, according to a new survey, and insolvency experts say the loans are increasingly being taken out by people with higher incomes.

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CBC News : Payday loan use on the rise

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31 COMMENTS

  1. "payday loans should be illegal" so would you lend your own money to people with no credit history or bad credit? No? So you rather let those people starve with no money before pay day? Whats your solution then?

  2. It's amazing how these loans are becoming more and more acceptable in the community. People must be aware of the fact if you don't pay them back on the due date you're going to fall heavily into a debt trap. They can also affect your credit rating if main stream lenders see them on your credit report. Look before you leap.

  3. I'd rather starve !I have a close relative who simply committed financial suicide by way of Payday loan.I agree with a lot of comments here,don't do it!You are better off getting a loan from a crook in a dark alley.

  4. Payday loans are the worst. In the process of shutting these down the gov't should use their client lists to target people who are in most need of education, credit counselling, affordable housing, life skills training, etc.

    Next up go to work to make housing more affordable for everyone. Pop the real estate bubble.

  5. Trap…. payday loans send people into a sunken place! I used to work at one of these types of stores about 10 years ago and I'll tell you I see people come in and spend their social security check getting a payday loan and go to another store and get another payday loan and get locked out and therefore they have no money for themselves to provide Necessities they truly need.

  6. Whatever happened to saving for something until you could afford to pay for it? Unfortunately, our society doesn't seem to be set up for that anymore. In rural Northern Ontario for instance, you need a loan to get an education so that you can get a decent job. But you need a loan to get transportation to get to school. There are very few ways to save up even if you live with parents until you're thirty .

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