Rates

It’s no secret that Payday lending has been a source of controversy in the past. It is hard to ignore the propaganda and uniformed buzz surrounding such a service.

RedLeafLoans.ca is very upfront about fees and practices. It’s quite easy to understand when there is nothing to hide. View Our Rates

APRs

Banks typically grant loans for terms no less than 1 full year. The interest rate provided is known as the Annual Percentage Rate. Because the financial world revolves around bank procedures, a 2 week, secure loan must also be displayed in the same way.

Displaying a 2 week loan in the same format as a year long loan suggests that you keep paying that amount every two weeks for the entire year! No wonder those numbers seem outrageous.

Imagine if everyone had to show rates in terms of APR:

Would you pay $4,5550.00 per year to stay in a hotel?

How does a $1,300.00 per year to rent a snowboard or skis fit into your vacation budget?

Would you pay $1,170.00 per year to rent a car for one day?

The point is that, a RedLeafLoans.ca payday loan is a short term solution with a fixed, one time cost.