Myth Busting Payday Loans – Are They ‘Predatory’?

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Myth Busting Payday Loans – Are They ‘Predatory’?

Myth Busting Payday Loans – Are They ‘Predatory’?
Here’s a story that may feel familiar: all your bills covered for the month and you’re feeling great! Then suddenly the cat gets sick and needs to go to the (overpriced!) emergency vet at 2 AM. What can you do?There are many options, including credit cards, adding to your line of credit or even calling up the Bank of Mom and Dad. But if none of these options will work for you, for whatever reason, you may be considering a payday loan.

After doing a little online research you’re seeing some articles that payday loans are ‘predatory’ and take a terrible toll on those who use them. Your well-intentioned friend tells you it’s a terrible idea; that these payday companies prey on low income earners and welfare recipients.

Is it true?

Myth:

Payday loan vendors are out to get you. They prey on folks who rely on welfare or disability assistance while charging enough money to keep you in debt for extended periods of time.

Truth:

At Pay2Day, we really do want to lend a helping hand. True, there is a cost for payday loan services, but with Pay2Day, we want you to enter into a contract with a firm plan to balance your finances by your next paycheque.

Truth:

To be eligible for Pay2Day’s services, you must be employed (full or part-time). We do not offer our services to social assistance recipients.

Truth:

At Pay2Day, we understand what it is like to live paycheque-to-paycheque (as do a whopping 60% of Ontarians – you are not alone!), and we offer services focused on helping, rather than hindering, your financial position.

We hope that when you need a helping hand with your finances, you will visit us at one of our Greater Toronto area store-front locations and allow our representatives to help you through this temporary need.

find a pay2day payday location in the Greater Toronto area

  • Bayfield
  • Bradford
  • Cambridge
  • Dundas
  • Dundas Street
  • Dunlop Street
  • Ellesmere Road
  • Hamilton
  • Hastings
  • Hurontario
  • Jane & Wilson
  • Keele & Wilson
  • King George Blvd
  • Kitchener
  • Main Street
  • Niagara Falls
  • North York
  • Oshawa
  • Ottawa
  • Pickering
  • Queen & Chrysler Drive
  • Queen & Hwy 410
  • St. Catharines
  • Vaughan
  • Victoria Commons
  • Windsor
  • World Drive
  • Yonge street