What was once treated as a once-in-a-while solution to an unexpected financial hiccup has become a troublesome problem for many Canadians.
Payday loan companies are popping up in every strip mall, shopping centre and on busy street corners.
The approach is simple: lenders hand you a loan, which comes with a fee ranging from $15 to $21 on every $100 borrowed.
It seems like a small price to pay, but keep in mind that those fees apply to a loan that may only run two weeks!
Data shows that the average number of loans acquired from a payday lender in B.C. was 4.3 in 2014. The number of residents taking out 15 loans or more has shot up by 30%.
Out on the East Coast, in Nova Scotia, 40% of loans within the span of a year were from repeat customers.