“I guarantee you, if you go out at the first of month, you will see them lined up at the payday lenders,” she said. “That’s how they trap you in the payday loan cycle.”The Star called six payday lenders across the city to ask about services being offered amid the pandemic. “In terms of the dangers moving ahead, it’s going to be difficult to regulate the online payday loan industry. On top of shorter-term payday loans, newer services offered by many payday lending outfits — like instalment loans — can be especially confusing for borrowers, said Whitehurst. That, says Dean, is what scares her — having watched a loved one lean more and more on payday loans.

Source: thestar April 11, 2020 09:00 UTC