1814523966_94b08b29a9There are times when we find a need for money in a hurry to pay past due bills or financial obligations, but have not necessarily saved enough to do so on such short notice. These occasions hopefully only come once in a great while. We can turn to friends or family for quick loans that we can repay in the upcoming weeks, but sometimes our family and friends are strapped for cash just like us and we must find alternate arrangements for the money we need.  Banks will also lend us the money, but it may take longer than desired to get the information to the bank and receive our funds. These are the perfect circumstances in which a payday loan can help us. You can get quick cash for bills or financial obligations that are pressing and urgent and need to be taken care of right away.
In Canada, each individual province is saddled with the responsibility to dictate the maximum amount of the fees and interest companies can charge their customers for using payday loans and cash advances. Manitoba recently set a precedent by lowering the maximum amount to $17 per $100 borrowed. This is significant because it costs roughly $26 per $100 for companies to loan money in this manner. Now payday loan companies will be forced out of business in that providence, making it difficult for some who live paycheck to paycheck to make ends meet. Unfortunately, while the restrictions are a way to protect the consumer, the new regulations may hurt them by offering them no solutions to short term money problems. Many may have their utilities shut off due to lack of payment and lack of funds. This may teach people to better budget their money, but the short term effects may be devastating for many.

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