Cost of Living9:05Why instalment loans are the riskiest bet in finance
Jolene Chateauneuf was just trying to avoid getting evicted.
It was 2021, and she was short $1,500 for the rent on her apartment in Princeton, B.C., where she was living at the time. So she took out a rapid loan from a payday-style lender and gave the money to her landlord.
Rapid loans are sometimes referred to as instalment loans, to differentiate them from traditional payday loans, which — as the name implies — are paid back in one lump sum when the borrower’s paycheque arrives.
In the last few years, rapid loans
