When someone is in need of fast cash, especially if they don’t really have many options, the thought of payday loans might cross their mind.
Since payday loans come with high interest, they shouldn’t be your first choice when looking to borrow. But if you don’t have any other options or alternatives, at least they can provide you the fast funds you might be looking for during times that might otherwise look difficult or bleak.
Borrowing online in Ontario, or just about anywhere in Canada, is a simple way to get fast funds when you are in need of taking care of financial matters quickly.
Explore Your Options
Your first options for borrowing should be the bank, credit unions, friends, family, or just about anything with a low-interest rate, or none at all. But for various reasons, these are not always options for some. Your next option might be to try pawning something of value. If this is also not an option, there are few alternatives.
Sometimes people need payday loans for a car repair, so they can get to work. There might be a surprise bill, emergency or unexpected expense of some kind. Whatever the case may be, since payday loans are high interest, most other options available can be better. But if you have truly explored all other options to get the cash you need quickly, then sometimes even payday loans can be the answer.
There are some cases where people realize that they might face an NSF or overdraft charge and make use of payday loans to ensure that they have the funds in their account. There are also times where some are also concerned about taking a hit to their credit score and would prefer to borrow quick cash like a payday loan to avoid a late payment. If you live from pay cheque to pay cheque, you have a tight budget, and one that leaves no room for error. Should you decide that a payday loan is right for you, the process is quick and easy.
How To Get A Payday Loan
When a need for quick cash comes up, payday loans are easy to get. Often all that’s needed is proper identification, proof of an income and a valid bank account. It isn’t always those with a lower income that make use of these fast funds either. Sometimes there are situations where those with a moderate to higher income don’t have access to quick cash too.
When applying online for payday loans, you simply complete the application and submit your details. The lender will review this information and often provide an answer about whether you would be approved in just a few minutes.
Alternatives to Payday loans
Depending where you live, when you need emergency cash there are sometimes other options to payday loans to consider. While banks, friends and family are the place to start, you may also find some organizations or church groups that might be willing to help.
If you have equity in your home, you might qualify for a Home Equity Line of Credit (HELOC). The downside is that this might take more than a day or two to access. If time is less of an issue, you could look into trying a side hustle or part time work.
Money Management, Borrowing and Planning
Not everyone uses a budget, but for some, after being put in a spot where they experience some type of financial hardship it often becomes a wake up call. This can be especially true for those that live paycheck to paycheck.
If you were to put at least $20 aside in an emergency fund per paycheck, in less than a year you would have $400 saved up. It might not seem like a lot, but it might be enough to help you avoid taking a payday loan in future. Or a much smaller amount that would be easier to pay off without disrupting your budget or putting you into a debt spiral.
It is worth noting that you should never borrow more than you would be able to to repay. If you can’t afford it now, then in a week or two when it comes due, you probably can’t afford it then either. Sometimes people take payday loans without thinking about this, which can be due to the current situation and financial stress. But this can create a whole new set of problems at times when you don’t practice responsible borrowing and think short term.
But if you’ve weighed your options and think payday loans are the best option, it’s easy to get started and you can have an answer in minutes.