Some Truths about Cash Advances or Payday Loans. (From the people who use them)

When asked, payday loan and cash advance users replied that they feel the payday loan and cash advance industry treats their customers better and more fairly than the credit card industry, cable providers or even the bank industry.  Three quarters of payday loan and cash advance users agree that the fees charged by payday loan and cash advance companies are reasonable at comparable costs, considering that they do not require credit checks and how fast, easy and hassle free they are.  A majority of both payday loan and cash advance users and the general Canadian population agree that, since large financial institutions such as banks and credit unions do not provide short term loans for smaller amounts, Canadians who need the services of payday loan and cash advance institutions; should have access to Payday Loan or Cash Advance companies with no hassle.  Payday loan users were more likely to agree that payday loans or cash advances are a better option than pawnbrokers or personal title loans; but even among non users of  Payday Loans and Cash Advances, 67% of Canadians agree that payday loans or cash advances are the better option.  Payday loan/cash advance users state that their top reasons for using a payday loan’s company services are for: “emergency” quick funds to pay for some necessities/emergency 36%; second, to help out with an unexpected expense like car or household repairs 24%; and third, to help avoid Non Sufficient Funds cheques from their bank or credit union account and/or late fees on routine bills.

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Nature of the Cash Advance or Payday Loan Industry

Payday lending is a relatively new business, introduced in Canada including the provinces of Ontario, British Columbia and Alberta in the early 1990’s.  There are now an estimated 1,000 payday loan or Cash Advance stores and or virtual online store websites across the provinces (excluding Quebec, where payday loans are not legally allowed).  Payday lenders usually provide multiple services, including cash advances, payday loans, cheque cashing, bill payments, wire transfers and even tax refunds.  Some payday loan or cash advance companies serve their customers through physical locations (store front).  However there are a growing number of virtual lenders that are either partially or wholly internet based where you would log onto their website to apply using the online application and get instant pre-approval on a Cash Advance or Payday Loan.   Either way, this is a growing business that fills a need for people who do not have an extensive credit history, no access to available funds and also mainstream financial institutions.  Its growth shows no signs of slowing down in the foreseeable future. 

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