Like many Canadians, cash flow can differ from month to month, and the reality is that some months the numbers may just not add up. Emergency costs and unplanned expenses can arise at any time, throwing your careful budgeting out the window. Things like home or care repairs, medical situations or family emergencies can be both expensive and unplanned.
If you are facing financial uncertainty, you have likely been considering seeking out a personal loan. But perhaps you are wary! Loan companies are all different, and perhaps you have heard horror stories of people being burned by high interest rates and unexpected charges when seeking out this kind of financial help.
But there’s no need to worry: the good news is that there is a type of personal loan that can help you get back on track financially, and that has easy to understand fees. In a stressful time, such as when emergency expenses arise, a payday loan may be the right option for you.
A low interest personal loan is a type of loan that lets you borrow up to $1500 over a fixed short term period. Usually set up to be repaid by your next paycheck, it can essentially be considered an advance on your regular income. Plus you can use the cash for anything. Even car repair bills, etc.
Unsecured and unrestricted, this type of loan doesn’t require any collateral to be approved for, and the funds are able to be spent in any way you like. For many Canadians, payday loans are the perfect personal loan to help them through a tight money spot. When sought through a reputable lender, payday loans can be a valuable financial resource to help you get back on track to financial stability.
One of the advantages of payday loans is that the fees are very clear upfront, meaning you can budget for them and avoid any nasty surprises. Assuming you make your repayments on time (usually on your next payday), you will avoid being stung with high interest rates or penalty charges.
At My Canada Payday, the borrowing fees on a payday loan vary by province, but are a fixed rate. This rate is:
For each $100 you borrow the fee is $19. For example, a $300 loan means you are paying us back $357.
Manitoba & Saskatchewan
For each $100 you borrow the fee is $17. For example, a $300 loan means you are paying us back $351.
British Columbia, Alberta & Ontario
For each $100 you borrow the fee is $15. For example, a $300 loan means you are paying us back $345.
This easy fee tracking system makes sure that you stay in control of your personal loan, and are not stung with the rude shock of high interest rates or unplanned fees.
To make it even more simple, many modern lenders have shifted to providing their services online. By avoiding the hassle of in-person loans, you can feel even more informed and empowered when seeking out a personal loan.
When you’re in a stressful financial situation, you of course want to ensure that you don’t make it even harder for yourself. This is where an online payday loan has become the preferred way for many Canadians to get access to up to $1500, in as little as 15 minutes.
Some of the advantages of choosing an online lender for your payday loan application include:
If you have decided that a personal loan is the right option for you, then seeking out a payday loan is easier than you may think. The process looks like: