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Utilization of financial organizations

Participants reported reduced usage of conventional services that are financial the standard Canadian. Footnote 31

By way of example, just 35 per cent of participants reported accessing a credit card, in comparison to 87 per cent of Canadians generally speaking. Footnote 32 Only 12 per cent stated that they had personal credit line, in comparison to 40 per cent of Canadians. Footnote 33

Participants identified a few good reasons for not credit that is accessing a bank or credit union:

  • 27% stated a bank or credit union wouldn’t normally provide them cash
  • 15% said they didn’t have time for you to get that loan from the bank or credit union
  • 13% stated they failed to would like to get cash from a credit or bank union
  • 55% said payday financing offered the most readily useful customer support
  • 90% said payday financing had been the fastest or most convenient option
  • 74% stated payday financing had been the most suitable choice open to them