“Get cash in as little as 30 minutes!” “No credit, no problem!” Do these slogans sound familiar? The ability to borrow cash fast–no questions asked–has become big business in Canada. Payday loans–small, short unsecured loans–seem to be commonplace these days. But who uses them and why? Why don’t people just turn to banks to borrow money much more cheaply? The answers may surprise you. The Centre for Community Based Research in Kitchener conducted this study in partnership with the Wellesley Institute and with guidance from an advisory committee. Read the report to find out more.
Principal Organization: Centre for Community Based Research
Partner Organization: Wellesley Institute
Authors: Sarah Marsh, Yasir Dildar, Rich Janzen
Participants: Payday loan borrowers and other stakeholders
Research Methods: interviews, web survey, literature review, community meeting