Payday Loan Business in Nova Scotia

Payday Loan Business in Nova Scotia

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 on the industry of pay day loans in Nova Scotia. Although the cash advance industry keeps growing regarding the national degree, British Columbia and Nova Scotia will be the only two provinces which is why information is available. The total loan amount in Nova Scotia in 2014 had been $89,276,435. The graph below programs the volume that is yearly 2012 to 2014. The portion vary from 2012 to 2014 is 16%.

The normal price of credit in Nova Scotia is $95.26, additionally the normal loan size is $433. Nova Scotia posseses a typical financial obligation of $23,149. 100% of licensed lenders and 25% of unlicensed loan providers have been in conformity with all the fee that is provincial demands in Nova Scotia.

Further statistics about pay day loans in Nova Scotia revealed that, at that time the investigation had been performed, there were 15 licensed payday loan providers operating 51 licensed payday lending stores in Nova Scotia. Throughout the 51 outlets, 172,023 loans had been given of which 44,478 had been classified as repeat loans. That is, these were given to a debtor a day or less once they repaid a payday loan that is prior. Moreover, 12,290 loans defaulted. The typical associated with the ‘average loan issued per socket’ ended up being $433.64.

Consumer Characteristics

Really the only official report available about clients of payday advances in Nova Scotia had been produced in 2007. Continue reading “Payday Loan Business in Nova Scotia”