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The Department of Community and Government Services reminds Nunavummiut that payday loans are “a very expensive way to borrow money” and that companies that provide such loans must meet certain standards. Payday loans are short term and carry significantly higher interest rates than regular bank loans or lines of credit. “High interest rates and potential …

A loan involves collecting money from a friend, bank, or financial institution in exchange for eventual repayment of the balance, plus interest. The principal is the money loaned to you, and the amount paid to get the loan is interest. Since lenders risk the loan not being repaid, they must compensate for this risk by …