29 - Why You Shouldn't Use Quick Cash

The COVID-19 pandemic has been a factor in the rise of same day money services. A recent survey found that 80% of those who used payday loans did so to pay for everyday living expenses like rent and groceries. With annual interest rates ranging from 25% - 400% this is a worrisome trend. But is the cost worth the benefit? In this podcast Derek Chase, Licensed Insolvency Trustee, explains the true cost of these same day money services. He also looks at:

• The negative momentum and dangers of starting these loans
• Ease of procuring loans online
• Cost of administration fees, interest rates, and the length of the loan
• Understanding cash flow in order to avoid needing same day money
• Alternative sources for financial assistance

Licensed Insolvency Trustees can help you take control of your finances. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. 

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.  

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Payday Loans – They’re a Trap!
• 5 Debt Warning Signs & How to Deal With Them