Overdraft Protection

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Living paycheque to paycheque? How Canadians get by

Rounding it up

  • 47% of Candadians live paycheque to paycheque, many of whom resort to overdraft protection or some type of loan to get by.

  • Access to loans, however, is rife with inequalities. If you earn middle to high income and have good credit, you’ll be approved for decent lending products like lines of credit.

  • If you earn low income or have bad credit, you’re often stuck with predatory payday lending.

  • A better alternative? Seek lending from a credit union (they tend to be more community-driven) or use KOHO’s Early Payroll feature.

8 min read

Ayaz Virani
#loan#overdraft#early payroll#paycheque

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