Hamilton, Ont. woman ‘deeply regrets’ taking pay day loan with interest of 47 %

Hamilton, Ont. woman ‘deeply regrets’ taking pay day loan with interest of 47 %

Pat Foran Consumer Alert Videojournalist, CTV Information Toronto

TORONTO — A Hamilton, Ont. girl states she had been having financial hardships whenever she received to be able to combine her debts with financing from a quick payday loan company.

“I got an offer from a loan that is payday and made a decision to make the most of it and today we profoundly regret it,” Kathleen Kennedy told CTV Information Toronto.

Kennedy stated that she took out of the nearly $4,300 loan an and a half ago year. Also though she’s got been having to pay $252 every month, she continues to have far more left to settle and because of the pandemic she claims she will no further continue steadily to make her repayments.

The interest is said by her rate regarding the loan is 47 %.

“I discovered it absolutely was a really bad mistake. The attention price is outrageous and also this specific business is harassing me personally and I also do not ever wish to proceed through this once more,” Kennedy stated. Continue reading “Hamilton, Ont. woman ‘deeply regrets’ taking pay day loan with interest of 47 %”