Payday loans – The most expensive credit product on the market

May 21, 2015 | Category: Proposal Loans

This Globe and Mail article highlights the high cost of payday loans and that there are many alternatives to Payday loans. http://www.theglobeandmail.com/report-on-business/payday-loans-what-are-the-alternatives/article24463099

Prudent is an excellent example – let’ compare

A $1000 payday loan with a $210 bi-weekly fee that has been extended for 1 month = a total repayment of $1,420.00
A $1000 Prudent loan over 12 months bears a monthly payment of approx. $110 per/mo. – If paid off in 1 month and before the first payment comes due = a total repayment is $1120.00

Which is cheaper?

For more information about payday loans vs Prudent loans check out our comparison table at https://www.prudentfinancial.net/credit-sense/say-no-to-pay-day-loans/

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Fine print for your Prudent loan

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Minimum and Max period for a Prudent loan repayment is 6 - 48 months.

Maximum annual percentage rate (APR), which includes the interest rate plus fees and other costs for a year - up to 45.99% maximum (effective rate will vary).

A representative example of a Prudent loan – How is it broken down with all applicable fees
A typical $1,000.00 loan, paid off over a 12 month period borrows an amount of $1,020.00 which includes the $20 credit application fee. Total cost is $231.94. Payment is $104.33. This does not include optional life insurance.

*Rates vary according to credit risks but at all times compliant with all applicable legislation and

In some situations some security may be required.

Approval times are based on optimal situation – customer has all documents and extensive verification is not required.

Questions? We pioneered the Responsible Lender Pledge. Call us anytime and we’ll be happy to discuss your loan and what fees may be involved depending on your particular circumstances.