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Difference between revisions of "Payday Loans"
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== Client problems== | == Client problems== | ||
* Client has taken out a payday loan and wants to know their rights.
| * Client has taken out a payday loan and wants to know their rights.
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* Client wants to cancel a payday loan.
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== Summary of the law == | == Summary of the law == | ||
Certain finance companies make small, short-term, high-interest loans that go by a variety of names: payday loans, cash advance loans, post-dated cheque loans, for example. Typically, the borrower writes a personal cheque, post-dated by two weeks and payable to the lender for the amount they wish to borrow plus a fee. The company then gives the borrower the amount of the cheque minus the fee. | Certain finance companies make small, short-term, high-interest loans that go by a variety of names: payday loans, cash advance loans, post-dated cheque loans, for example. Typically, the borrower writes a personal cheque, post-dated by two weeks and payable to the lender for the amount they wish to borrow plus a fee. The company then gives the borrower the amount of the cheque minus the fee. | ||