- Stress even greater for people who take out payday loans
- Multiple payday loans gets borrowers into a financial hole
- Nothing preventing customers from taking out concurrent loans
TORONTO, Oct. 18, 2016 /CNW/ - Two thirds of all Canadians say that having enough money is a major stress in their lives, but the numbers are even higher for people who have had to resort to payday loans to make ends meet.
According to a Leger online survey* of more than 1,500 Canadians conducted for Quickcheck Canada, 66 per cent of Canadians said money is a stressor in their lives while 44 per cent say it is their biggest stress. Those numbers jump for payday loan borrowers where 83 per cent said money was a major stress factor and 61 per cent said it was their biggest worry.
"Many low-income Canadians aren't able to borrow money from traditional banks and have to use payday loans to get by. Unfortunately, some of them take out multiple loans from different lenders and that gets them into financial trouble," said Sedef Karansu, the CEO of Quickcheck Canada, a software solutions provider to the payday loan industry.
According to the Leger survey, more than 1 in 10 Canadians (14 per cent) have taken out a payday loan. Some of them have gotten themselves into financial difficulty by securing multiple loans from different lenders.
"Unfortunately, the current government legislation that prevents people from taking out concurrent loans is rarely enforced and there is no mechanism for money lenders to know if their customers are doing so," said Mark Silverthorn, nationally recognized expert on consumer debt.
In an effort to end this practice and ease the financial stress of many Canadians, Quickcheck Canada has developed concurrent payday loan verification software that is available to any Canadian government agency seeking to mandate the submission of borrower's data to a government database to prevent concurrent payday loans. Quickcheck Canada has invested heavily in research and development to leverage cloud computing technology to create the most advanced tracking system product in North America.
Quickcheck Canada was developed in Ontario by a team whose senior management has significant experience in the Canadian payday loan, credit, collection, and debt relief industries. They saw the need for a comprehensive software solution for the payday loan industry, and in 2009, started working on what would become the Quickcheck Canada system.
To arrange an interview or to learn more about the results of the Leger survey on the financial stress levels of Canadians, please contact:
* A survey of 1,536 Canadians was completed online between September 12 to 15, 2016 using Leger's online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20. Leger's online panel has approximately 475,000 members nationally. Stringent quality assurance measures allow Leger to achieve the high-quality standards set by the company. Its methods of data collection and storage outperform the norms set by The World Association for Public Opinion Research.
About Quickcheck Canada
Quickcheck Canada was established in 2009 by the founders of its parent company, Consumer Debtor Protection of Canada Ltd., to address perceived information and communications technology needs in the payday loan industry. The company has grown over the years, and currently operates its sales, operations, research and development out of its headquarters in Vaughan, Ontario. Currently Quickcheck Canada has recurring contracts with Ontario-based payday loan vendors and is meeting growth targets.
Quickcheck Canada has become a leader in providing not only services, but solutions to the Canadian payday loan industry. The firm is 100% Canadian-owned and its senior management team not only has a wealth of experience but an extensive network that includes the Canadian payday loan, credit, collection and debt relief industries.
SOURCE Quickcheck Canada
Image with caption: "Money is the top stressor for Canadians (CNW Group/Quickcheck Canada)". Image available at: http://photos.newswire.ca/images/download/20161018_C6693_PHOTO_EN_797548.jpg