Ontario man has spent years trying to pay off a $4,500 loan

With high interest loans, most of the payment goes to interest and not paying down the principal.Terry O 'Halloran was devastated to find out he may have to make payments for another five years, but kind and generous CTV viewers came forward to help out.Terry O 'Halloran is back repairing small engines at his shop in Barrie, but he says now he feels much better about the future.

Say in a matter of about four hours, four and a half hours, there was like 50 calls.50?50.

Yeah.O 'Halloran had health problems five years ago and lost his leg.He needed money to buy a wheelchair and make a ramp for his home.He took out a $4 ,500 loan through a payday loan company and was paying $200 per month.Even though he never missed a payment, he was shocked to discover he still owed almost $3 ,700.

At $4 ,500, if you do the math, it comes out to pretty near $10 ,000 for a $4 ,500 loan.

Following our story, viewers reached out from the GTA and across the country wanting to help.

There was people from Vancouver.There was people from Regina.There was people from Alberta.There was actually a lawyer from Newmarket.that I had two from the East Coast.

O 'Halloran said the first people to contact him were a husband and wife.They want to remain anonymous, but they've made arrangements to pay off his loan in full next week.It's going to be paid off on Monday, and that's out and gone.O 'Halloran says he's overwhelmed by the response and gets emotional thinking about the kindness of strangers that wanted to help.

The support.that there's that many people out there that would do it.But I'm happy, and now I can get on with life, also thanks to you.I really thank you from the bottom of my heart for me.did and CTV News too.

O 'Halloran says it was also important to raise the issue of high interest rate loans and says the government needs to do more to stop predatory lending practices.And O 'Halloran says he'll never take out a high interest rate loan again and will always be grateful for the kindness shown to him to help him get back on track.On your side, I'm Pat Foran.If you have a consumer story idea, email us at alert at ctv .