The Real Cost of Payday Lending

Since the early 1990s payday lending businesses have become increasingly prolific in most parts of Canada, including Calgary. The payday loan industry claims that they provide a needed service at a reasonable cost and do not target those living on low incomes or push customers for repeat business. Social agencies and advocates working to reduce poverty view payday lenders and other fringe financial businesses as problematic for those looking to exit the cycle of poverty.