WINNIPEG, MANITOBA: C. Buhler and Associates Ltd., an insolvency firm serving Western Canada and the Territories, is warning Canadians about the risks of taking loans from payday lenders.
To offer payday loans, a lender must be licensed in the province or territory in which they are operating. Provinces have rules capping the cost of payday loans, and these rules vary from province to province. Traditionally Manitoba’s rules are among the most stringent in the country, and many new entrants to the payday lender marketplace are unaware of these limits.
Payday loans are among the most expensive way to borrow money. Though lenders must be licensed and follow certain rules, payday loans are costly way to borrow money, and should be reserved for the most extreme of cases, due to their high costs. Payday lenders may use a variety of tactics, including harassment, to collect money.
There are alternatives to payday loans, such as borrowing from a line of credit or taking a cash advance on a credit card. These alternatives, when available, cost significantly less than a payday loan, on average.
Crystal Buhler, a licensed insolvency trustee and the president of C. Buhler and Associates Ltd., wants Canadians to know that licensed insolvency trustees can provide financial options, which may avoid the need to take out payday loans. “A licensed insolvency trustee can offer much more than support through bankruptcy,” said Ms. Buhler. “They can offer financial counselling to help you find techniques to pay back your debt more efficiently and to manage your finances more effectively. They can also point you to options like debt consolidation, and help you explore loan options that offer much lower interest rates than payday loans. Many payday lenders are not regulated in the provinces where our clients reside, which means it becomes difficult to enforce the law that is in place to protect Canadians.”
Founded in Brandon, Manitoba, C. Buhler and Associates Ltd. serves Alberta, Manitoba, Saskatchewan, and the Territories. It offers credit counselling, debt consolidation, consumer proposals, bankruptcy proposals, corporate restructuring, and other services.
For more information, visit www.debtfreenorth.com.
Media Contact
Name
C. Buhler & Associates Ltd. - Licensed Insolvency Trustee
Contact name
Crystal & Kevin Buhler
Contact phone
1-855-352-3733
Contact address
1460 Chevrier Blvd #200
City
Winnipeg
State
Manitoba
Zip
R3T 1Y6
Country
Canada
Url
https://debtfreenorth.com/
