Representative example: Frank owes $1,000.00 in fines
Frank was ordered to go to court in Toronto since he hasn’t paid any of his parking tickets in the last few years. The court orders that he pay $1,000, and not wanting to have to return to court, Frank decides he needs to pay it as soon as possible. He is heading to Florida in a few days to visit his son who owes him money, so he decides to take out a payday loan to cover his fines in the meantime.
Frank heads online to compare payday loan providers. He knows this is an expensive option, but he is absolutely certain he can pay the full amount back in 14 days since his son owes him money. He is immediately approved for a payday loan and receives the funds into his account within a couple of hours.
| Cost of fines | $1,000.00 |
| Loan type | Payday loan |
| Loan amount | $1,000.00 |
| Cost of loan | $15 per $100 borrowed ($150.00) |
| Loan term | 14 days |
| Additional fees | None |
| Weekly payment | $287.50 |
| Total loan cost | $1,150.00 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
