Sometimes you will get a little short on cash for a necessary buy or emergency spending. But, you know you can cover for it in a short time. When this happens, an online payday loan could help tide you over.
You are not alone in this situation. An estimated two million Canadians turn to payday loans every year when they find themselves cash-strapped.
These payday loans come with high interest. But the ease of getting one offsets the cost, and they often come in the nick of time. The important thing is to pay it back as soon as possible. Doing this will help you avoid additional interests and penalty charges.
So how do you get an online payday loan? Here is what you need to know.
If you hear about payday loans for the first time, you should know that they are short-term loans. For this, you can borrow a maximum amount of $1,500. How short term? In most cases, you have to pay it back when you get your next paycheque, but you typically have 62 days to pay it off.
In some provinces, you can roll over a payday loan beyond 62 days, but it comes with additional fees. You cannot roll over a payday loan in Alberta, British Columbia, and New Brunswick. Other places include Nova Scotia, Ontario, and Saskatchewan.
You can get payday loans in person or online. You can find in-person companies almost anywhere in Canada, so it is easy enough to find one when you’re in need. But, an even easier means of getting this loan is to go to a reputable company online. Doing this will allow you to get this easy cash fix from the comfort of your home. These days, that’s always the better option.
Getting an online payday loan is as easy as one-two-three. When you go to an online payday site, you only have to choose the amount you need before applying. Then you wait.
If you pass the requirements for a loan, the company will send you a confirmatory email. Often, you can get the money in as little as an hour.
The real work for you is in choosing the right online payday lender. Because it is a very lucrative business, you will find thousands of payday lenders online. But, many will not be in Canada, which can leave you without recourse if you run into trouble.
You should also only deal with licensed payday lenders in your province. You can check this from the Canada consumer affairs website. GoDay, for instance, is a licensed online payday lender with physical offices in Canada. However, they don’t process in-person loans even if they have license numbers for all the provinces they serve. They also follow all the provincial rules for online payday lenders. This includes transparency in their rates and terms. So, you are safe when dealing with them.
Payday loans are only for your short-term needs. You should think of them as something that will help you get back on track with your finances. You should not see them as something that will take you further away. So, when dealing with a reputable payday lender, you can be sure that your temporary is just that – temporary.