Payday loans: Protecting yourself if you get one

Did you know?

If you take out a payday loan for 14 days, what is the annual percentage rate of interest you are likely to pay?
  • 25%
  • 50%
  • 196%
  • 391%

When money troubles get really bad, it may feel tempting to consider taking out a payday loan. Before you do, be aware they're a very expensive way to borrow money. And that's not the only reason to avoid getting a payday loan. But should you have no other option, learn what’s involved in getting a payday loan, and how to prevent problems.

What you should know

Take action to protect yourself

Common questions

Who can help

  • This information applies to British Columbia, Canada
  • Reviewed for legal accuracy in December 2019
  • Time to read: 11 minutes

Reviewed for legal accuracy by

Mario Garcia, CarbonCure Technologies and Ari Wormeli, YLaw Group

Mario Garcia
Ari Wormeli

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