Payday Loans

Find The Best Payday Loan For You

There are far too many Canadians who find themselves unable to make ends meet when they live paycheck to paycheck. You could even find yourself in a position where you’re struggling to make ends meet because of mounting debts. It can be overwhelming, and a payday loan might appear like the answer to all of your financial problems. 

When you are in a bind and need fast cash for bills, payday loans can be quite beneficial. However, when compared to other loan alternatives such as personal loans or lines of credit, payday loans have substantial fees. Payday loans are a high-risk, expensive alternative to borrowing money. If you find yourself in debt and unable to pay off your loan, you could be trapped in an endless debt cycle. 

Before taking out a payday loan, it’s important to understand how they can benefit you and the cost of the loan.

What Are Payday Loans And How Do They Work?

Payday loans are a convenient and quick solution for obtaining money when you need it most. A payday loan is a short-term, unsecured loan used to finance expenses until your next pay day. 

You can get a payday loan in person or online with only a few minutes of processing time and no credit check required. All you need is a steady income, bank account, and a permanent mailing address.

Some lenders may lend to you if you are on social assistance since it is a guaranteed income, even if you don’t have a job. Payday loans are offered to everyone, regardless of credit history, but they have significant administration and miscellaneous fees. In the long run, you’ll pay far more for a pay day loan than for other personal loans.

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With a payday loan, you may borrow up to 60% of your next pay check. You must pay back the loan by the next payroll period, generally within 14-30 days, along with interest and administration costs. Depending on which province you reside in, certain lenders will give you a maximum of 62 days to repay the loan. To pay off the loan, you must give a postdated cheque or banking information to the lender so that they may receive their money when your next payday arrives.

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The Costs of Using Payday Loans

The province regulates the maximum interest rates that lenders may charge on payday loans, but you can anticipate to be charged $15-$21 for every $100 borrowed, depending on your location.Because payday loans are short-term, they do not have specified APR terms. Based on the costs charged for each $100 borrowed, the potential APR for payday loans would be between 391 and 443 percent. When comparing the potential APR on pay day loans to other loan possibilities, you’ll notice that they have considerably higher expenses.

The Bottom Line

Finding the ideal lender and payday loan for your needs may be a difficult process, with all of the possibilities available. Before you apply for a payday loan, it’s critical to research lenders and costs. Some payday lenders may have higher rates than others. 

Lenders may promise that they have your best interests at heart, but this might not always be the case. To avoid being taken advantage of, you should inquire about any fees involved with the payday loan and the lender must also assess your ability to pay back the debt. 

Avoid being caught in the debt cycle of relying on payday loans by first looking at other alternatives. You might be shocked at what sorts of personal loans you may qualify for.

Get The Cash You Need Right Now With Quick Access To Personal Loans

We have personal loans readily available for any credit type. Have the freedom to spend the loan on what you want. We have personal loans with flexible terms and payments suited to your needs. Get your cash when you need it, on your terms, and in as little as 15 minutes.Let’s start funding your future together. Get started today!