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High-Interest Installment Loans Putting Canadians in Debt

Source: Erica Alini, globalnews.ca, October 25, 2021

Payday lenders can charge interest rates of up to 500 or 600 per cent.

All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a personal loan with an annual interest of 29.99 per cent.

“I was crying,” Zane says of the moment she says she realized how high her interest rate was.

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