Not sure if these are international bottom feeders, or just one that sets it's lucritive but criminal businesses in the Great White North.
Heard numbers on the radio tonight as high as $3000% per annum....
Quote:The fees and service charges attached to payday loans have been determined to be "interest", by a series of recent judicial decisions in Canada. This brings payday loans within the provision in the Criminal Code of Canada which describes the offence of a criminal interest rate being interest attached to a credit agreement or arrangement which is over 60%. An interest rate is commonly expressed as an annual percentage rate. The fees and service charges attached to payday loans may range from 300% to over 1000%, rendering them illegal under the Criminal Code.
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