Daniel AJ Sokolov<p>Wow.<br />&quot;The FCAC&#39;s 2020-21 COVID-19 <a href="https://social.heise.de/tags/Financial" class="mention hashtag" rel="tag">#<span>Financial</span></a> Well-being Survey showed that approximately 2 per cent of <a href="https://social.heise.de/tags/Canadians" class="mention hashtag" rel="tag">#<span>Canadians</span></a> used an online non-bank lender or <a href="https://social.heise.de/tags/PaydayLoan" class="mention hashtag" rel="tag">#<span>PaydayLoan</span></a> company in the previous 12 months.&quot;</p><p>Payday loans are crazy <a href="https://social.heise.de/tags/expensive" class="mention hashtag" rel="tag">#<span>expensive</span></a>, often close to 60% p.a. (sixty!) if you include the fees. Charging above 60% is <a href="https://social.heise.de/tags/criminal" class="mention hashtag" rel="tag">#<span>criminal</span></a> <a href="https://social.heise.de/tags/usury" class="mention hashtag" rel="tag">#<span>usury</span></a> in <a href="https://social.heise.de/tags/Canada" class="mention hashtag" rel="tag">#<span>Canada</span></a>. However, loans of up to $1500 are exempt, so the typical payday loan <a href="https://social.heise.de/tags/lender" class="mention hashtag" rel="tag">#<span>lender</span></a> could charge even more.<br /><a href="https://social.heise.de/tags/poverty" class="mention hashtag" rel="tag">#<span>poverty</span></a> <a href="https://social.heise.de/tags/money" class="mention hashtag" rel="tag">#<span>money</span></a> <a href="https://social.heise.de/tags/ripoff" class="mention hashtag" rel="tag">#<span>ripoff</span></a> <a href="https://social.heise.de/tags/poor" class="mention hashtag" rel="tag">#<span>poor</span></a></p>