# data[].attributes.body
This site delves into the numerous alternatives to payday loans. It introduces the argument that while 99% of Canadians have an account with a bank or financial institution, only 4% have ever taken out a payday loan. That being said, it further points to banking services such as lines of credit, credit card cash advances, and overdraft protection and provides illustrations comparing the cost of these loans to those offered at payday loan stores, to which the difference is monumental

This source is important to consider, for it gives the perspective of the competitor, or the alternative to a payday lender. Previously visiting a payday lender's website, shown touting the benefits of its relative ease of access, as well as looking at an unbiased government site, you must also take into account the perspective of a bank or a representative of a bank, with respects to the idea of payday loans. Since this source alludes to the mutual relationship that is formed between a bank and its client, it points out the stark contrast between a bank's desire to work with the client to pay back its offered loans in a timely manner, and the relatively predatory nature of its payday competitor. While a payday store may not particularly care about the ability of a customer to repay in time to make as much money as possible in a single transaction, it is in a bank's best interest to loan out money responsibly, with the long-term goal in mind to leave people in good enough financial shape to be able to take out new debt in the future once the current amount is paid off.

# data[].attributes.body
You will learn about payday loans: the so-termed quick and easy way to gain access to cash. The benefits and negative implications will be explored through a variety of websites, informative videos, and images. As you may know, the monetary system is dependent on there being a debt load held by the population, though when most people think debt, we tend to associate it with longer-term loans, lines of credit, and mortgages. Though we must not neglect short-term borrowing as having a significant share of our debt load, for we should look at it in both the perspective of a consumer and the larger economy as a whole.

# data[].attributes.body
This website is a Canadian lender's information page, describing the benefits of payday loans. It compares this type of loan to other forms of credit in that it explains the advantage of access to cash being quicker, with fewer requirements and less scrutiny. It further divulges into the lack of requirement to show credit history as means to determine eligibility to take out a pay day loan, where the consumer can opt to demonstrate income as means of establishing ability to pay it back in time.

What it significant about this source is that the purpose is to market services to potential customers by demonstrating a competitive advantage over other types of borrowers. The fact that the criteria is less comprehensive makes this particularly attractive to individuals who have had a history of poor credit. Therefore, virtually anybody who has steady employment may be eligible, rendering this a strong tactic to gain new business for a lender.

# data[].attributes.body
The Government of Canada website outlines an extensive list of negative repercussions of payday loans, particularly when the borrower does not have adequate funds at the time of the loan maturing. Though it describes the baseline cost of $17 per $100 borrowed, the severe penalties, which are on top of this fee, are outlined if not paid back in time including additional fees and interest, lawsuit, seizure of property, and garnishing wages.

It is important to visit a variety of sources including government websites, in order to understand the full picture of short-term borrowing. In the mind of a consumer, it may be tempting to make impulsive decisions by visiting a lender's page, which is designed to promote the benefits of payday loans, without seeking an objective source of information that gives figures and draws direct comparisons to other types of borrowing.

# data[].attributes.attachment_link.keywords[]
personal finance; credit; regulations; consumer protection; loans; debt; interest rates; debtors; borrowers

# data[].attributes.attachment_link.description
How payday loans work, how much they cost in fees and interest. What to ask a payday lender and payday loan laws in your province or territory.