341 – Predatory Loans: Stop Paying 39%, 49% and 59% on So-Called ‘Easy’ Loans

Payday loans aren’t the only predatory loans out there. These days, several fintech companies offer ‘easy’ installment loans at high rates, ranging from 39% to 59%! On today’s podcast, Ted Michalos and Doug Hoyes explain how these loans work and what makes them predatory. Doug and Ted also discuss high-cost loan regulations, the changes the Government of Ontario is proposing, and give their two cents on consumer protections they believe should be implemented to help borrowers make informed financial decisions. Tune in!

Helpful Links:

Government of Ontario High-Cost Credit Consultation Paper: https://www.ontariocanada.com/registry/view.do?postingId=36067&language=en

Why Bad Credit Installment Loans Are Seldom the Answer: https://www.hoyes.com/blog/why-bad-credit-financing-loans-are-seldom-the-answer/

Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/