When you look at the report ???Short-Term Gain, Long-Term soreness: Examining the Growing Payday Loan business in British Columbia??? (2016) there is certainly some information regarding the industry of payday advances in Nova Scotia. Whilst the pay day loan industry keeps growing regarding 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 had been $89,276,435. The graph below shows the yearly amount from 2012 to 2014. The portion differ from 2012 to 2014 is 16%.
The cost that is average of in Nova Scotia is $95.26, as well as the typical loan size is 433 that is&dollar. Nova Scotia posseses a debt that is average of;23,149. 100% of licensed loan providers and 25% of unlicensed loan providers have been in conformity utilizing the fee that is provincial needs in Nova Scotia.
Further statistics about pay day loans in Nova Scotia revealed that, at that time the investigation had been completed, there were 15 licensed payday loan providers operating 51 licensed lending that is payday in Nova Scotia. Throughout the 51 outlets, 172,023 loans had been awarded of which 44,478 had been classified as repeat loans. That is, they certainly were awarded up to a debtor a day or less once they repaid a payday loan that is prior.Continue reading