How a $200 payday loan cost over $31,000Robbie McCall started using payday loans after he had to stop working because of his health, and had trouble making ends meet with his disability cheques. He says it has taken him nine years to pay off a $200 loan. McCall says when the loan fees started adding up, he borrowed from another payday lender and the avalanche of fees began to pile up. Ottawa's Montreal Road has 15 payday lenders in one short strip, just a few blocks from Robbie McCall's home. These include small, short-term loans and credit options that are a fraction of the cost of a payday loan.

Source: CBC News January 03, 2018 18:45 UTC