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Payday Loan Business in Nova Scotia

Payday Loan Business in Nova Scotia

Within the report “Short-Term Gain, Long-Term Pain: Examining the Growing Payday Loan business in British Columbia” (2016) there was some given details about the industry of pay day loans in Nova Scotia. Whilst the pay day loan industry is growing in the nationwide degree, British Columbia and Nova Scotia would be the only two provinces which is why information is available. The loan that is total in Nova Scotia in 2014 ended up being $89,276,435. The graph below programs the volume that is yearly 2012 to 2014. The portion differ from 2012 to 2014 is 16%.

The normal price of credit in Nova Scotia is $95.26, while the typical loan size is $433. Nova Scotia comes with a typical financial obligation of $23,149. 100% of licensed loan providers and 25% of unlicensed loan providers have been in conformity because of the provincial cost disclosure needs in Nova Scotia.

Further statistics about payday advances in Nova Scotia revealed that, at that time the study had been completed, there were 15 licensed payday loan providers operating 51 licensed payday lending stores in Nova Scotia. Over the 51 outlets, 172,023 loans had been awarded of which 44,478 had been classified as repeat loans. That is, these people were issued to a debtor twenty four hours or less when they repaid a payday loan that is prior.