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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Payday Loan Fees, Charges

You know that on top of the original loan amount that you borrow, payday loans will charge you a hefty sum of other fees & charges that not many consumers know of.

These are some of the fees and charges you could be charged if you borrow a payday loan:

Interest Charges

Interest on your payday loan is charged from the date you borrow the loan, up to date of maturity. Payday loan lenders who charge more than 60% interest are termed as criminal under the Criminal Code of Canada. There have been cases where consumers who have not been able to repay back their payday loans have been taken to the courts by the lenders. The courts determined the interest charges billed by the payday loan companies have been >60% in some cases. The lenders therefore lost their case.
Note: All of the above charges (excluding the Non-Sufficient Funds Fee) are considered as Interest by the courts.

Admin/Processing/Convenience/Verification fees

These service fees cost 10-35% of the original loan amount or $10-35 for every $100 borrowed. Therefore, a $500 payday loan could result in $50-175 in service fees.

Broker's Fee

Sometimes when you walk into a payday loan shop, the lender will act as a "loan broker" and get you the money from an unknown lender. A transaction such as this will obviously include a Broker's Fee.

Collection Fee

If you are unable to repay your loan, a collection agency may get involved on behalf of the payday loan lender. They will thus charge you a collection fee on top of the original loan balance.

Early Repayment Fee

If you pay back the loan before the due date, you may be a charged an early repayment fee (usually a % of the total loan balance).

First time set-up fee

Some payday loan lenders will charge you a $10-20 fee if you are a first time customer.

Loan Repayment Fee

Some lenders charge you a loan repayment fee if you do not pay in cash.

Locate Fee

If the lender mails you a document and it is returned or calls you when your phone is disconnected, they will charge you a Locate Fee. This usually happens when a payment is late or missed.

Non-Sufficient Funds Fee

Ranging from $25-75, this fee is applied when the post-dated check you gave to the lender bounces and is dishonoured. On top of this, your bank will also charge you an NSF fee.

Loan RollOver Fee / Finance Charges

If you miss your first payment due date and the loan is rolled over to another due date, you will be charged a loan rollover fee which will include more finance charges.