It is sad to find out the spread of cash advance companies across Canada that could entrap low-income citizens into borrowing funds at unbelievable rates, occasionally, as high as 500 per cent per annum. There are cheaper ways to loan a few hundred dollars for a couple of weeks. Rushing to pay the loan off monthly or two sooner might just cause more cash troubles within the long run. A spokesman for that industry group representing the most important players in the payday advance sector said his members welcome any competition from traditional lenders. At Money Mart , a $300 loan for 14 days at an interest rate of 23 per cent of the key would cost $69. Now many my debt is owed to those cash places. The CPLA is currently involved in Canada's high quality setting process for establishing maximum allowable fees for online payday loans cash advances in the province of Manitoba.