as interest rates on loans are generally considerably lower compared to credit cards. There are some exceptions to that rule—payday loans, for one—but using a loan calculator will help you ...

Zack Fenech is a professional finance writer from Toronto. He is passionate about demystifying complex finance topics and making them digestible and easy to follow for the average Canadian.

The interest can accumulate quickly. A two-week payday loan could have a fee of $15 per $100, which equals an APR of about 400%, much higher than the rate of a typical personal loan or credit card.