Mogo Loans: Are They A Good Deal?

Podcasts
Posted in Debt Free In 30
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Mogo Financial offers free credit scores, nice lounge stores and an online loan app. On today's DFI30 podcast we talk with Squawfox.com blogger Kerry Taylor talks about her visit to a Mogo Financial Lounge and how she found a sexy store that's a payday loan company in disguise.

Why the Ontario Government Didn't Come Down Hard Enough on the Payday Loan Industry

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Payday loans are a problem. The interest rate charged is massive. In 2016, payday lenders in Ontario can charge a maximum of $21 on every $100 borrowed, so if you borrow $100 for two weeks, pay it back with interest, and then repeat that cycle for a year, you end up paying $546 on the […]

When Is Overdraft Protection A Bad Idea?

Posted in Money Tips
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Overdraft protection seems like a good idea. You pay a service fee to cover you for the unfortunate time or two, that your bank account is temporarily short of funds, avoiding costly returned or NSF cheque charges and the embarrassment of having your payment bounce. According to one big Canadian bank “it helps you manage […]

Payday Loan Solutions For a Hazardous Industry

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

On today's show, I share previously unheard clips with guests Brian Dijkema, Rhys McKendry, Jonathan Bishop, and Ted Michalos sharing their thoughts on how to improve the payday loan industry and find better payday loan solutions.

Discussing Payday Loan Solutions, Podcast 99, Transcript

Posted in Debt Free In 30
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Listen to the podcast: Payday Loan Solutions for a Hazardous Industry It's the summer of 2016 and as is our custom we run best of shows where we rerun the most downloaded episodes of Debt Free in 30. Today is not a best of show, I've got two never before heard interviews for you but it […]

Payday Loans Not The Real Problem: Consumer Debt Is

Podcasts
Posted in Debt Free In 30
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

The Ontario Government is reviewing current payday loan legislation and is considering changes. It’s no secret that there are problems with payday loans. In fact, we will cover a few and offer some payday loan alternatives.

Payday Loans a Symptom of a Bigger Problem: Study

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

The government of Ontario, and many other jurisdictions, are looking for ways to better regulate and control payday loans. Even Google has weighed into the fray by banning ads from payday lenders. Yet, most critics focus on the high costs associated with these loans and the short term nature of repayment. The payday loan industry claims […]

What is the Maximum Amount of Interest I Can Be Charged in Ontario?

Posted in Debt Help
Posted by Ted Michalos, BA, CPA - LIT

Here is what I found in a couple of minutes searching the internet: The Bank of Canada overnight rate (the rate banks are charged to borrow) is 0.5% Mortgage rates are currently around 2% for the “best” qualified customers. Secured personal loans and lines of credit will cost about 6%. Unsecured loans and personal lines […]

Bill 156 - Is This The Payday Loan Regulation We Need?

Podcasts
Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

For those struggling with debt, it is easy to be drawn in by payday loans and get trapped on a payday loan debt cycle. In today's podcast, Doug Hoyes speaks with Jonathan Bishop, a Research and Parliamentary Analyst at the Public Interest Advocacy Centre, about Bill 156 and its potential impact on legislation surrounding payday loans.

Creating A Better Payday Loan Industry

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Like it or not, payday loans often meet the need for urgent cash for individuals who can't, or won't, borrow from more traditional sources. On this weeks podcast we talk with the authors of a payday loan study "Banking on the Margins" about how to create a better payday loan or small dollar credit market to benefit consumers.