There are many people "flocking" to pay day loan providers in Canada, according to the Toronto Sun.

Describing the financial product as "a quick way to raise money", the newspaper suggests a number of points to bear in mind when choosing to borrow cash in this way.

Apparently people should only borrow what they are certain they will be able to pay back, as well as ensuring they are fully aware of the terms and conditions of the loan before they take it out.

"If you must borrow, only borrow an amount you're 100 per cent sure you can repay on the due date," the publication states.

Citizens should not agree for their employers to sign over their whole paycheck to a pay day loan lender if they cannot afford everything they owe, it adds.

Offering further advice, the newspaper claims consumers may wish to work with their financial adviser to ensure they do not get into money-related difficulty in the first place.

Last week, the Long Beach Press-Telegram reported a study from Georgetown University's Credit Research Center. The survey in question found that 50 percent of Californians who opt for pay day loans earn between $25,000 and $50,000.

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