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Skip payday loans, this will be Canada’s the fresh new age bracket away from higher-attention finance
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All of the Kathleen Zane planned to perform try pick a couch. As an alternative, she says she ended up with $5,850 indebted and you can an unsecured loan having an annual attention from %.
Debt out-of high-attention fees financing, a pretty new product which has gained popularity lately, has become much more common among Canadians that have reduced credit ratings otherwise brief borrowing from the bank records.
