Notably, thirty five percent said they didn’t have access to a bank account at the time of its last cash advance. This is certainly striking, due to the fact 99 percent out of Canadians for the 2014 reported having accessibility to help you a bank account. Footnote 34 After that, pay day loan providers basically require pre-subscribed accessibility a bank checking account in advance of agreeing to help you lend in order to a customer. It could be one specific respondents excluded empty bank accounts, otherwise translated “access to a checking account” while the an account with currency they could supply. Specific respondents get have not applied, and others possess used and you will come rejected. So it interested in highlights the need for customers to tell by themselves and you will to seek help from professionals to understand the options offered to these to see her need and you may issues.
FCAC was attempting to change users towards can cost you off, and you may solutions to help you, payday loan. As a result of a survey away from payday loan pages, we discovered that many are maybe not currently opening available alternatives and you will hardly understand this new cousin can cost you out-of payday loan.