POLL: Two-thirds of pay day loan users caught in period of financial obligation

POLL: Two-thirds of pay day loan users caught in period of financial obligation

Vancity among the first to supply pay day loan alternative

Vancouver, B.C. – A poll released today by Vancity indicates 67 % of cash advance users when you look at the Lower Mainland and Greater Victoria are borrowing times that are several 12 months.

The credit union poll, that has been carried out by Insights West, shows 35 % took down a quick payday loan as soon as a same day payday loans direct lenders louisiana thirty days or higher. Having a unexpected cost they didn’t anticipate (38 percent) and getting behind on bills (37 %) would be the major causes why borrowers stated they used pay day loans. Another 22 % stated it absolutely was because that they had a financial obligation which was due.

Today Vancity became among the very first main-stream financial organizations to introduce an alternate to payday loans for the users.

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