High interest rate loan

Protect yourself against high-interest loans

We're here to help you understand and deal with the challenges associated with high-interest loans that can have a huge impact on your finances and prevent you from repaying your debt.

When a loan exceeds a certain interest rate (which is often two or three times higher than that charged by financial institutions), it is considered illegal under Canadian law. It would then be a usurious loan within the meaning of the Criminal Code of Canada. Private lenders sometimes get around the rules by replacing a portion of the interest with administrative charges. They often use deceptive practices to entice borrowers to accept these loans.

There are signs that you may be struggling to repay your loan, such as monthly payments that are difficult to maintain, frequent late payments and a steadily rising debt balance. If you find yourself in this situation, it's essential to take steps to protect yourself financially.

A meeting with a Mallette Redressement financier advisor will allow you to evaluate your options for getting out of this complex situation. We'll help you draw up a realistic financial plan tailored to your situation, taking into account the debts you've accumulated through high-interest loans or quick loans with no credit check.