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POLL: Two-thirds of cash advance users caught in period of financial obligation

POLL: Two-thirds of cash advance users caught in period of financial obligation

Vancity one of the primary to provide loan alternative that is payday

Vancouver, B.C. – A poll released today by Vancity shows 67 percent of pay day loan users when you look at the Lower Mainland and better Victoria are borrowing many times a 12 months.

The credit union poll, that has been carried out by Insights West, suggests 35 % took down an online payday loan when an or more month. Having an expense that is unforeseen didn’t anticipate (38 %) and getting behind on bills (37 %) will be the major causes why borrowers stated they utilized payday loans. Another 22 % stated it had been because that they had a debt that has been due.

Today Vancity became one of the very first main-stream financial organizations to introduce an alternate to payday advances for the people.