In times of intense financial instability, such as the current one provided by the COVID19 crisis, sometimes you just need to borrow from yourself to continue your standard of living. You can take from your savings and reallocate your budget as best you can, but when the chips are down and your bank account is about to hit empty, you may have to resort to something more alternative.
It’s not necessarily the result of bad planning on your part: After all, we live in a world that is still adjusting to post-pandemic circumstances, and even the best planners can get hit out of the blue with a sudden expense that wipes out their savings – especially now that Canada appears to be going through a very bad weather phase and we are coming out of the traditional year-end spending season.
You have money coming in on your next paycheck in a week or two, but now is when you need it. So, do you bring home less to eat or leave medical issues untreated, or should you apply for a same day loan? Payday loans are short-term loans that are repaid on your next payday. These types of online loans aren’t for everyone, but for those of us living paycheck-to-paycheck with below-average credit scores, loans payday online provide quick solutions to complex solutions.
Here’s everything you need to know before you put that pen to paper and how to find the loan that will best meet your needs:
Legally in Canada, a payday loan is based on a borrower’s recent work history and pay amount. The risk that the lender takes loaning out the funds combined with the time the loan will be outstanding for is calculated into a figure that the borrower will charge. Usually, this about $15 on every $100 borrowed, but this varies from lender to lender.The borrower agrees to repay the amount on a certain date. In these days of online banking, this means sharing your current banking records with the lender so that they can extract the funds in the same way that they forward the borrower the cash advance.
The amount that borrowers can borrow varies from Province to Province but typically ranges from $100 to $1,500. If borrowers are able, at the end of the lending period, they can either pay their debt in a lump sum from their accounts or negotiate further terms with the lender. However, if you’re contemplating the latter, you should be aware that the loan terms will change, and the eventual repayments will be larger.
The Canadian Consumer Finance Association reports that nearly 2 million Canadians use payday loans each year, so don’t think that this is ‘just you’. More likely, it is ‘you, just now!’ Many of us choose to take out payday loans BC because they require virtually no effort to attain, and lenders are more forgiving to people with bad credit histories. All you need to apply for and get a payday loan is an open, not overdrawn, bank account, proof of your identity, a reliable source of income and some references for the lender to double check those facts.
The important thing to you is, you need money now. With so many lenders out there, it can be difficult to sift through them all and find the best deal.
One last qualifier, because it bears repeating: the ease of loans personal makes them a viable option for people who need cash fast. There are terms that you need to understand before you agree to them but, in Canada, there are Provincial and Federal Laws that online payday lenders must adhere to , to continue doing business. Ensure that your lender is Canadian and sticks to those guidelines and that they are laid out on their websites.
The system works because it’s online so use them wisely, and you’ll find that you can stay on a firm financial foundation while still getting the economic boost you need.
Maximum charges permitted in British Columbia for payday loan: 15% of the principal. We charge: 15% of the principal. For a $300 loan for 14 days: Total cost for borrowing = $45 Annual Percentage rate = 391.07%
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