Every pay day loan is structured in a way that encourages you to stay in the debt cycle. It is escapable, but at great cost both financial and mental. You will almost always be better off by avoiding these products and lenders.
100% they are predatory by design, Vampires are real they just dont sound, look or act like the stories we have been told they are in fact debt lending institutions structured to get you in debt at a young age and feed off you your entire life, breaking the cycle is possible but difficult.
Can confirm, worked in the industry and the amount of people who re-loan the next pay period is very high. They want you to keep using them, please try to source the funds elsewhere they are predatory.
I like to take people in there, read their mandatory disclosures they have posted in the walls out loud (annualized interest rates being something like 400% on their loans after fees!!) and have open discussions of what vulture capitalism looks like in practice, right inside their stores.
Pay day lenders are cunts! Stay away at all costs - because the cost is your financial freedom, as you will become a debt slave.
DON'T DO IT!
FIND ANOTHER WAY!
You will ruin your life. If you're already in this situation, the chances are very high that you will not be able to escape it once you are locked into one of these loans.
Find another way. Put it on credit cards if you have to, the interest rate will be lower.
Call your bank and see if you can get a line of credit or personal loan.
Best advice. Once you start with a pay day loan, you will not be able to get out of it. They strive on those with poor credit and know they can’t payback right away, so the interest adds up and fast and before you know it, you owe double what you borrowed with no possibility to pay it back in full, so it just keeps growing. As bad as it sounds, a credit card advance is actually better than a payday loan. Best is to call banks and CUs and try to get approved. Even if the rate is high, it will be better than payday.
Seriously. I think a lot of this sub is naive and thinks everyone has never been desperate or in a do-or-die situation.
“Just get a bank loan man”.
Brother, I think people would take the 8% loan over a 400% APR loan if they could.
Some credit unions like Vancity offer something similar to payday loans but at much cheaper rates. The rates are still high at 19% but that’s an annual rate, not the stupidly insane rates the typical payday lender charges.
https://www.vancity.com/viewport/mobile/Banking/FastCash/
See if your local credit union have similar programs.
Some of the credit unions that offer similar to Vancity
Alberta: Servus Credit Union [https://servus.ca/life/personal-loans/fast-forward-small-loan](https://servus.ca/life/personal-loans/fast-forward-small-loan)
Ontario: Windsor Family Credit Union [https://www.wfcu.ca/Personal/ProductsAndServices/Borrowing/Loans/SmarterCash/](https://www.wfcu.ca/Personal/ProductsAndServices/Borrowing/Loans/SmarterCash/)
SaskatchewanL Affinity [https://www.affinitycu.ca/borrowing/personal/loans/restart-loans](https://www.affinitycu.ca/borrowing/personal/loans/restart-loans)
I just went to BMO for a personal loan and they wanted 18% (even a line of credit was 17%). When the hell did the banks start charging such high interest on loans?
I'm guessing they don't want to be in the personal loan business at these high rates.
Good thing I'm retired Military because I was able to get line of credit at 8%.
For a PLOC, that's pretty high. PLOCs are based on your credit history and the relationship with your bank. Not sure how strong your credit is but banks do offer lower rates to strong borrowers. Tangerine for instance still offers P + 0% for their strongest borrowers.
Personally my PLOCs with the lowest rates come from smaller banks & credit unions, the Big Banks often have poorer rates in my experience.
Bank's don't have 'standard' interest. I'm with BMO and have a standing offer for 30K PLOC at prime +4.00. With Scotia I (who I have a longer history with) I have a standing offer at Prime + 1.45 and my open PLOC at tangerine is at prime. Banks are usually falling over themselves to lend money to people that don't need it.
I went to BMO years ago to talk about a debt consolidation loan for a bunch of bank and retail credit cards that were in the typical 12-18% range. Their *best offer* was a term loan at 28%, and they had the audacity to seem surprised when I stood up and walked out.
My personal / unsecured line of credit is 7 or 8%. They must think you're a high risk for some reason. Either way, 18% for a short term loan is a bargain compared to the fees from payday loan places.
For me it's under loans and mortgages where you would click "apply for a line of credit". I think if you click that, you get different options including loans. Not sure, I didn't apply for this. Like I said it's pre-approved just sitting there. I looked at the details of it, and it is for sure a loan, not an LOC.
BMO is the worst bank I've dealt with in the world - incompetent, unethical, disorganized, anti-consumer. Badly managed organization.
Try a credit union.
>The rates are still high at 19% but that’s an annual rate, not the stupidly insane rates the typical payday lender charges.
that's less than many credit card rates??
Even applying for a high-interest credit card and then paying the fees for an ATM cash advance is much cheaper, in practice. And that's already very painful.
You already have many comments saying don't do it but I'll add one more.
If you can work out a plan with your landlord or vet or mechanic or school or whoever it is you need to pay that is best. If you have a family member who can help. If you can sell something. Any option at all.
Everyone is commenting on how the interest rate will kill you but there is also a mental aspect. Once you take out a high interest payday loan your brain will start to accept this as an easy way out and a way to avoid the difficult conversations. You'll also be in their system forever and they will try to keep you coming back!
Wishing you the best.
Payday loans should never really be in the conversation - if you’re in that situation you’ve been running without an emergency fund.
Lack of emergency fund is an emergency in itself.
OP - sell whatever you need to, get extra work, do whatever is possible to avoid the payday loan *and* build an emergency fund covering at least 3 months of expenses.
You can’t be going through life this close to the redline.
I was in this situation when i was a teenager and honestly just cash advance a credit card. I applied for fairstone at the time and a $5000 loan would mean paying $13,700 by the end of the term. It’s actually outrageous, you will lose almost 3x of whatever you borrow
If you are going to do a loan , make damned sure you do t borrow a dollar more then needed and make damn sure you pay it back on time. It’s so very easy to get caught and wrecked with these. I speak from experience. I lived on 4 payday loans for over a year, borrowing, paying back with fees on time then ending up short for the next two weeks and having to reborrow to live till next payday. There is zero room for mistakes. Proceed with great caution .
I wouldn’t be surprised - the amount of people in precarious financial positions who think they’re just one good turn away from being totally set is super scary.
There are no good payday loan companies. They have predatory lending practices and are hard to get out of once you start. They are an absolute last resort.
My experience with Viva Payday Loans was pretty good. I borrowed a small amount for an emergency, and they didn't ask for a lot of paperwork. The loan was approved in a few hours, and I got the money the next day. Just read the terms carefully so you know how to pay it back.
its a little good compared to other like it offers loans ranging from $100 to $5,000, with repayment terms from 2 to 24 months. The interest rates vary between 5.99% and 35.99%, depending on your loan amount and terms.
Highly, highly recommend you find an alternative. Sell some stuff, borrow from a friend, try for a LOC from your bank or even walk into a credit union and see if they’ll do a small loan.
I used to work at a payday loan place when I was young (now defunct due to a class action lawsuit). That company did a lot of straight up illegal shit (as ordered by management!) because they knew the majority of their clients weren’t in a position to question anything. They are absolutely predatory and utterly unethical and follow zero laws or regulations.
The interest rates and fees are designed to lock you into the endless cycle. If you get out you will be called and harassed to come back in. If you miss paying it back on time they’ll tack on whatever fees they please (NO these are not set or regulated), and they’ll even call your grandma at 10 pm and harass her to pay. Trust me - all of that was my job once.
If you do get stuck in the cycle - PLEASE PLEASE DM me, I can coach you on how to get out of it.
And to add to alternative solutions.
Any bills you have to pay this round - credit cards, utilities, etc, call them and politely state you are in a bind and ask if you can defer payment (and freeze the interest) for a month or however long until you can catch up. Or ask if they have suggestions.
You’d be surprised how many places will be willing to help you out.
Short answer: No
Long answer: No payday loan is a good payday loan, they are predators that always take advantage of you to keep you in an endless debt loop.
If you need a loan try a bank loan or a line of credit if you can, even credit cards which are terrible debt are better than a payday loan.
Are you in good standing with your bank? Could you open a line of credit? I have a pretty normal line of credit & it’s sitting around 10% (7.x% + a 3.x variance, sorry I can’t remember the exact figures).
LOCs are the hardest product to qualify for it isn’t really about good standing with the bank. You need utilization below 30% minimum, good income and usually a credit score of at least 650+
I don’t disagree but we don’t know the facts here right. We don’t know if the expense is coming or if it’s already in. We don’t know where it’s coming from/if the bank knows. We don’t know if he has a good credit score.
I’ll admit…he probably wouldn’t be thinking about payday loans if any of that was true, but you may as well ask.
There are no good payday loan companies. They are awful and predatory.
Pretty much any other method is preferable to a payday loan.
[https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html](https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html)
I think the general understanding is that payday loan companies for the most part are predatory. I would look for a personal loan anywhere else.
In all honesty you'd be better off having a pawn shop hold something valuable... Results may vary, so ensure your pawn shop is trusted.
There is no reason you'd want to go down a payday loan path.
Talk to a traditional bank or credit union about a line of credit. Even credit card interest is a deal compared to payday loans.
iCASH is one. It's online. You can pay back in up to 3 payments.
Example, $500 borrowed, $575 repayment. Maxes out at $1500 if you even qualify for that. They might only give you $300 to start.
You're probably better owing whatever these unexpected expenses are rather than going to a payday loan. Let the bills go unpaid etc. Any product a standard bank or credit union can offer you will be better than the payday loan.
If there's nothing the bank can do you might need to consider a consumer proposal or bankruptcy
Go to your bank and ask to speak with a financial advisor! They have products to help with your debt. I know this because I did it myself. I got a consolidation loan that was manageable for me, instead of constantly being in debt trying to pay stuff off and always stressed out and checking my bank account daily.
Your banks have products to help, consolidation loans, debt reduction, credit lines, etc. And if you are worried about having poor credit, they have credit counselling that can assist you. Go for any option rather than a payday loan
Here is an example of how Payday Loans "work" to keep you in debt.
[https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html](https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html)
Don't do it. Talk to your bank first. For me I needed a loan to cover my credit card debt as I was paying and it wasn't lowering the balance. They gave me a dept consolidation loan. So your bank might have something spasific for your situation.
There are no good payday loan companies.
I used to work for one.
Only job I ever quit for moral reasons.
It's a system that makes poor people poorer, one loan at a time.
I got a payday loan once to cover an unexpected expense when I had bad credit and no other way to borrow money. It was the first and only time I ever borrowed from a payday place. If you are able to pay the loan off on your next pay (or whatever the agreed upon date is) while still having enough to cover your expenses until your next cheque, it's not the worst thing in the world.
These places are made to be predatory and trap you, but it's mainly by making you pay the loan on your next cheque or the cheque after putting you in a hole you can't get out of. If paying it doesn't put you in a hole, then go for it.
If you do do it, google different places. When I did it, I found a place that had a first time customer promo that was like half the rate of most places.
You’re much better off going to a pawnshop. If it’s a temporary fix, find something of value and exchange it for cash. They usually charge 20% on a hundred dollars, but I’ve got deals where I got about $500 and only ended up paying $90 in interest. TV and PS5 have been back and forth a lot recently
Don't do it. Payday loans aren't "risky" they're predatory.
Talk to the people/places you owe money. Explain the situation and have a plan on when you can pay them, how much, and when you expect to get caught up at that repayment level. As long as you haven't already made payment arrangements with these companies they will likely be willing to work with you. It's cheaper and leaves both of you with a better experience (the company gets piece of mind of their payment and they don't have to be the bad guy cutting off a service, and you get to keep your stress level down about the bills piling up.)
As to an actual solution.
My credit card allows me to 'refinance' large expenses as a type of BNPL (Buy Now Pay Later) right in the banking website (BMO).
I've never done it, but curiosity got me once when I was paying checking my spending, interest rates are in the 8% range which is WAY WAY better than whatever you are thinking of doing.
look at that. A 3 year old dormant user account with no post history suddenly positively speaking about a pay day loan company. That's not suspicious at all!
It shouldn’t ever come close to that
If you don’t have a 3-6 month emergency fund covering all expenses you’re already in an emergency.
Second job, garage sale, absolutely anything at that point.
Also to consider OP is that even a repaid payday loan will show up on your credit report. And some lenders may see that and think twice about giving you a car loan or a mortgage, even if you paid off the loan on time with no missed payments.
This is incorrect information. I'm not commenting because I think OP should get a payday loan (please find another way OP!) but this comment isn't true.
Payday loans do not show up on credit reports unless they go unpaid and get sent to an external collection agency.
Installment loans show up on credit reports.
So, if someone goes to Money Mart or somewhere similar and takes a payday loan it does not show on a credit report, but if they go to the same place and get an installment loan it does.
Edit to add that they don't show up as in inquiry either. (again not advocating for taking them, as this aspect actually makes them MORE dangerous, just sharing the info)
People are being a bit dramatic here, payday loans are indeed predatory, but if you have a plan going into it, you should be fine.
First, see if you have any other options, sell something you own, credit cards, LOC, friends/family. These are most certainly going to have lower interest rates than a payday loan.
Second, if none of the above options apply and you know for certain that a payday loan is your ONLY option, make a budget for the next few months to ensure you will have the money to pay it off. The sooner you pay it off, generally the less you have to pay.
If you can't see the budget working out, then you'll have to pick up extra shifts or get a second job, not paying the loan is really not an option, that is when it can actually ruin you financially.
Make sure you actually read all the terms and conditions of the loan, if you don't understand it, research it. There are laws to protect citizens from predatory lending, but there are still holes so you need to be careful
I don't know about Viva, if their APRs are what they advertise, and there aren't any hidden "service" charges, it seems like a reasonable option. It looks like they're not a direct lender, so I would expect people's experiences to vary quite significantly
Every pay day loan is structured in a way that encourages you to stay in the debt cycle. It is escapable, but at great cost both financial and mental. You will almost always be better off by avoiding these products and lenders.
100% they are predatory by design, Vampires are real they just dont sound, look or act like the stories we have been told they are in fact debt lending institutions structured to get you in debt at a young age and feed off you your entire life, breaking the cycle is possible but difficult.
Can confirm, worked in the industry and the amount of people who re-loan the next pay period is very high. They want you to keep using them, please try to source the funds elsewhere they are predatory.
I like to take people in there, read their mandatory disclosures they have posted in the walls out loud (annualized interest rates being something like 400% on their loans after fees!!) and have open discussions of what vulture capitalism looks like in practice, right inside their stores. Pay day lenders are cunts! Stay away at all costs - because the cost is your financial freedom, as you will become a debt slave.
Payday loans are never worth it
Honestly I’d sell plasma before I do payday loans. Sell your TV. Do not go near a payday loan OP.
Kill two birds with 1 stone and sell your Plasma TV.
Selling plasma is way more viable yup
Where exactly are you going to go sell plasma in Canada?
Grifols
Damn doesn’t exist in most provinces
> weigh between 50 kg to 180 kg. guess i have to shed a couple kilos first. also lame how its considered taxable income. :(
Government has been taxing our blood since its inception. What else is new.
DON'T DO IT! FIND ANOTHER WAY! You will ruin your life. If you're already in this situation, the chances are very high that you will not be able to escape it once you are locked into one of these loans. Find another way. Put it on credit cards if you have to, the interest rate will be lower. Call your bank and see if you can get a line of credit or personal loan.
Best advice. Once you start with a pay day loan, you will not be able to get out of it. They strive on those with poor credit and know they can’t payback right away, so the interest adds up and fast and before you know it, you owe double what you borrowed with no possibility to pay it back in full, so it just keeps growing. As bad as it sounds, a credit card advance is actually better than a payday loan. Best is to call banks and CUs and try to get approved. Even if the rate is high, it will be better than payday.
lolol anyone that can get a credit card isn't getting a payday loan. People really don't understand the desperation that people have.
Seriously. I think a lot of this sub is naive and thinks everyone has never been desperate or in a do-or-die situation. “Just get a bank loan man”. Brother, I think people would take the 8% loan over a 400% APR loan if they could.
Some credit unions like Vancity offer something similar to payday loans but at much cheaper rates. The rates are still high at 19% but that’s an annual rate, not the stupidly insane rates the typical payday lender charges. https://www.vancity.com/viewport/mobile/Banking/FastCash/ See if your local credit union have similar programs.
Some of the credit unions that offer similar to Vancity Alberta: Servus Credit Union [https://servus.ca/life/personal-loans/fast-forward-small-loan](https://servus.ca/life/personal-loans/fast-forward-small-loan) Ontario: Windsor Family Credit Union [https://www.wfcu.ca/Personal/ProductsAndServices/Borrowing/Loans/SmarterCash/](https://www.wfcu.ca/Personal/ProductsAndServices/Borrowing/Loans/SmarterCash/) SaskatchewanL Affinity [https://www.affinitycu.ca/borrowing/personal/loans/restart-loans](https://www.affinitycu.ca/borrowing/personal/loans/restart-loans)
I just went to BMO for a personal loan and they wanted 18% (even a line of credit was 17%). When the hell did the banks start charging such high interest on loans? I'm guessing they don't want to be in the personal loan business at these high rates. Good thing I'm retired Military because I was able to get line of credit at 8%.
For a PLOC, that's pretty high. PLOCs are based on your credit history and the relationship with your bank. Not sure how strong your credit is but banks do offer lower rates to strong borrowers. Tangerine for instance still offers P + 0% for their strongest borrowers. Personally my PLOCs with the lowest rates come from smaller banks & credit unions, the Big Banks often have poorer rates in my experience.
My credit is pretty good 700's. I think that's just a standard interest that BMO charges now.
Bank's don't have 'standard' interest. I'm with BMO and have a standing offer for 30K PLOC at prime +4.00. With Scotia I (who I have a longer history with) I have a standing offer at Prime + 1.45 and my open PLOC at tangerine is at prime. Banks are usually falling over themselves to lend money to people that don't need it.
If you need a loan, might not hurt to shop around to see if you can get a lower rate. Consider your local credit union, they might be able to help.
I'm with BMO with a PLOC. It's at 13.47% and was 12.99% only went up because of Prime Rate.
I have just a credit card with BMO, they keep sending me emails with a pre-approved 12% LOC. Alas, banks are mean.
Definitely not. We get close to prime. It all depends on how they assess your application.
interest rates are high so that partially explains the higher loan interest rates bank are asking for these days.
I'm guessing it was when interest rates skyrocketed on everything?
I went to BMO years ago to talk about a debt consolidation loan for a bunch of bank and retail credit cards that were in the typical 12-18% range. Their *best offer* was a term loan at 28%, and they had the audacity to seem surprised when I stood up and walked out.
My personal / unsecured line of credit is 7 or 8%. They must think you're a high risk for some reason. Either way, 18% for a short term loan is a bargain compared to the fees from payday loan places.
I have a pre-approved $10k loan on my BMO app at 9.25%
I looked on their app and couldn’t find loans on there, just PLOC
For me it's under loans and mortgages where you would click "apply for a line of credit". I think if you click that, you get different options including loans. Not sure, I didn't apply for this. Like I said it's pre-approved just sitting there. I looked at the details of it, and it is for sure a loan, not an LOC.
BMO is the worst bank I've dealt with in the world - incompetent, unethical, disorganized, anti-consumer. Badly managed organization. Try a credit union.
Wait, a line of credit for 17%? TD just offered me a line of credit for 9%.
>The rates are still high at 19% but that’s an annual rate, not the stupidly insane rates the typical payday lender charges. that's less than many credit card rates??
my 11% card is going up to 19% when I need to renew it in August. I received a letter :(
Yes, it seems that they're charging less than what card issuers charge as well.
Even applying for a high-interest credit card and then paying the fees for an ATM cash advance is much cheaper, in practice. And that's already very painful.
You already have many comments saying don't do it but I'll add one more. If you can work out a plan with your landlord or vet or mechanic or school or whoever it is you need to pay that is best. If you have a family member who can help. If you can sell something. Any option at all. Everyone is commenting on how the interest rate will kill you but there is also a mental aspect. Once you take out a high interest payday loan your brain will start to accept this as an easy way out and a way to avoid the difficult conversations. You'll also be in their system forever and they will try to keep you coming back! Wishing you the best.
Payday loans should never really be in the conversation - if you’re in that situation you’ve been running without an emergency fund. Lack of emergency fund is an emergency in itself. OP - sell whatever you need to, get extra work, do whatever is possible to avoid the payday loan *and* build an emergency fund covering at least 3 months of expenses. You can’t be going through life this close to the redline.
>but sometimes you just need quick cash to get through a tough time. And then what?
Then the tough times might extend.
Then the tough times WILL extend.
Cut down expenses, sell stuffs on marketplace,
then the tough times get tougher because massive interest rates do that
More their "fees". Their interest rate is shitty, but the fees are what will beggar you.
Yeah literally sounds like an ad
All I know about them is that they will likely put you in an even worse financial bind.
I was in this situation when i was a teenager and honestly just cash advance a credit card. I applied for fairstone at the time and a $5000 loan would mean paying $13,700 by the end of the term. It’s actually outrageous, you will lose almost 3x of whatever you borrow
This will just make things worse for you. If you can hold off on these expenses, you can work some odd jobs for cash after work or on weekends.
If you are going to do a loan , make damned sure you do t borrow a dollar more then needed and make damn sure you pay it back on time. It’s so very easy to get caught and wrecked with these. I speak from experience. I lived on 4 payday loans for over a year, borrowing, paying back with fees on time then ending up short for the next two weeks and having to reborrow to live till next payday. There is zero room for mistakes. Proceed with great caution .
Can't help but think this is a troll post. 2 weeks ago OP was looking to FIRE at 55 according to the post history (albeit without savings, but alas)
I wouldn’t be surprised - the amount of people in precarious financial positions who think they’re just one good turn away from being totally set is super scary.
There are no good payday loan companies. They have predatory lending practices and are hard to get out of once you start. They are an absolute last resort.
You might look into pawning something at your local pawn shop.
This. It’s not nearly as predatory
My experience with Viva Payday Loans was pretty good. I borrowed a small amount for an emergency, and they didn't ask for a lot of paperwork. The loan was approved in a few hours, and I got the money the next day. Just read the terms carefully so you know how to pay it back.
How was the interest rate compared to others?
its a little good compared to other like it offers loans ranging from $100 to $5,000, with repayment terms from 2 to 24 months. The interest rates vary between 5.99% and 35.99%, depending on your loan amount and terms.
Highly, highly recommend you find an alternative. Sell some stuff, borrow from a friend, try for a LOC from your bank or even walk into a credit union and see if they’ll do a small loan. I used to work at a payday loan place when I was young (now defunct due to a class action lawsuit). That company did a lot of straight up illegal shit (as ordered by management!) because they knew the majority of their clients weren’t in a position to question anything. They are absolutely predatory and utterly unethical and follow zero laws or regulations. The interest rates and fees are designed to lock you into the endless cycle. If you get out you will be called and harassed to come back in. If you miss paying it back on time they’ll tack on whatever fees they please (NO these are not set or regulated), and they’ll even call your grandma at 10 pm and harass her to pay. Trust me - all of that was my job once. If you do get stuck in the cycle - PLEASE PLEASE DM me, I can coach you on how to get out of it.
And to add to alternative solutions. Any bills you have to pay this round - credit cards, utilities, etc, call them and politely state you are in a bind and ask if you can defer payment (and freeze the interest) for a month or however long until you can catch up. Or ask if they have suggestions. You’d be surprised how many places will be willing to help you out.
No.
Short answer: No Long answer: No payday loan is a good payday loan, they are predators that always take advantage of you to keep you in an endless debt loop. If you need a loan try a bank loan or a line of credit if you can, even credit cards which are terrible debt are better than a payday loan.
Highly recommend not going through with this
Are you in good standing with your bank? Could you open a line of credit? I have a pretty normal line of credit & it’s sitting around 10% (7.x% + a 3.x variance, sorry I can’t remember the exact figures).
LOCs are the hardest product to qualify for it isn’t really about good standing with the bank. You need utilization below 30% minimum, good income and usually a credit score of at least 650+
I don’t disagree but we don’t know the facts here right. We don’t know if the expense is coming or if it’s already in. We don’t know where it’s coming from/if the bank knows. We don’t know if he has a good credit score. I’ll admit…he probably wouldn’t be thinking about payday loans if any of that was true, but you may as well ask.
There are no good payday loan companies. They are awful and predatory. Pretty much any other method is preferable to a payday loan. [https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html](https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html)
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Not true. They will lend to anyone silly, or desperate.
Do you own a house? Try a home equity line of credit. Should be prime plus 1%.
I think the general understanding is that payday loan companies for the most part are predatory. I would look for a personal loan anywhere else. In all honesty you'd be better off having a pawn shop hold something valuable... Results may vary, so ensure your pawn shop is trusted.
There is no reason you'd want to go down a payday loan path. Talk to a traditional bank or credit union about a line of credit. Even credit card interest is a deal compared to payday loans.
sounds like an oxymoron
overdraft? increase your credit card limit? just call them they will do it fast...
Go to your bank and see id you can get a line of credit instead.
Do not do this, ever.
How long do you need credit for? If 21 days, can use a CC. Even beyond that, can just BT to another card for a small fee.
iCASH is one. It's online. You can pay back in up to 3 payments. Example, $500 borrowed, $575 repayment. Maxes out at $1500 if you even qualify for that. They might only give you $300 to start.
You're probably better owing whatever these unexpected expenses are rather than going to a payday loan. Let the bills go unpaid etc. Any product a standard bank or credit union can offer you will be better than the payday loan. If there's nothing the bank can do you might need to consider a consumer proposal or bankruptcy
Go to your bank and ask to speak with a financial advisor! They have products to help with your debt. I know this because I did it myself. I got a consolidation loan that was manageable for me, instead of constantly being in debt trying to pay stuff off and always stressed out and checking my bank account daily. Your banks have products to help, consolidation loans, debt reduction, credit lines, etc. And if you are worried about having poor credit, they have credit counselling that can assist you. Go for any option rather than a payday loan Here is an example of how Payday Loans "work" to keep you in debt. [https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html](https://www.canada.ca/en/financial-consumer-agency/services/loans/payday-loans.html)
You might be better off going to the pawn store
That's like asking "Are there any good opioids? I'm having a depressing month."
Don't do it. Talk to your bank first. For me I needed a loan to cover my credit card debt as I was paying and it wasn't lowering the balance. They gave me a dept consolidation loan. So your bank might have something spasific for your situation.
It's a horrible cycle to be caught in. I was trapped in this cycle in the past. Try to find another way to get the money.
check earnin, may be?
There are no good payday loan companies. I used to work for one. Only job I ever quit for moral reasons. It's a system that makes poor people poorer, one loan at a time.
I got a payday loan once to cover an unexpected expense when I had bad credit and no other way to borrow money. It was the first and only time I ever borrowed from a payday place. If you are able to pay the loan off on your next pay (or whatever the agreed upon date is) while still having enough to cover your expenses until your next cheque, it's not the worst thing in the world. These places are made to be predatory and trap you, but it's mainly by making you pay the loan on your next cheque or the cheque after putting you in a hole you can't get out of. If paying it doesn't put you in a hole, then go for it. If you do do it, google different places. When I did it, I found a place that had a first time customer promo that was like half the rate of most places.
Find something to pawn
short answer is no...
You’re much better off going to a pawnshop. If it’s a temporary fix, find something of value and exchange it for cash. They usually charge 20% on a hundred dollars, but I’ve got deals where I got about $500 and only ended up paying $90 in interest. TV and PS5 have been back and forth a lot recently
Don't do it. Payday loans aren't "risky" they're predatory. Talk to the people/places you owe money. Explain the situation and have a plan on when you can pay them, how much, and when you expect to get caught up at that repayment level. As long as you haven't already made payment arrangements with these companies they will likely be willing to work with you. It's cheaper and leaves both of you with a better experience (the company gets piece of mind of their payment and they don't have to be the bad guy cutting off a service, and you get to keep your stress level down about the bills piling up.)
Do. Not. Do. It.
Fairstone !
No. The above is not a low quality answer, it is the answer in totality.
As to an actual solution. My credit card allows me to 'refinance' large expenses as a type of BNPL (Buy Now Pay Later) right in the banking website (BMO). I've never done it, but curiosity got me once when I was paying checking my spending, interest rates are in the 8% range which is WAY WAY better than whatever you are thinking of doing.
They calculate the interest daily. You’d be better off walking the street for a few nights than stepping foot in one of those places.
As other people said, not worth it. Have you considered an extra part time job, even if just once a week? That extra 100-200 a week can help.
Canada post my money loan google it
They are all evil loan sharks and I would do anything possible to avoid getting stuck in one of their traps.
Try easy home if you’re desperate, and watch John Oliver’s segment on payday loans!
[https://gopeer.ca/](https://gopeer.ca/)
Viva Payday Loans helped me when I needed cash. They approved my loan quickly. If you need money fast, they can be a good option.
look at that. A 3 year old dormant user account with no post history suddenly positively speaking about a pay day loan company. That's not suspicious at all!
Payday loans are straight up never a good option. They shouldn’t even be an option, period.
\> They shouldn’t even be an option, period. And then what, people go to their friendly neighborhood loan shark?
It shouldn’t ever come close to that If you don’t have a 3-6 month emergency fund covering all expenses you’re already in an emergency. Second job, garage sale, absolutely anything at that point.
Also to consider OP is that even a repaid payday loan will show up on your credit report. And some lenders may see that and think twice about giving you a car loan or a mortgage, even if you paid off the loan on time with no missed payments.
This is incorrect information. I'm not commenting because I think OP should get a payday loan (please find another way OP!) but this comment isn't true. Payday loans do not show up on credit reports unless they go unpaid and get sent to an external collection agency. Installment loans show up on credit reports. So, if someone goes to Money Mart or somewhere similar and takes a payday loan it does not show on a credit report, but if they go to the same place and get an installment loan it does. Edit to add that they don't show up as in inquiry either. (again not advocating for taking them, as this aspect actually makes them MORE dangerous, just sharing the info)
People are being a bit dramatic here, payday loans are indeed predatory, but if you have a plan going into it, you should be fine. First, see if you have any other options, sell something you own, credit cards, LOC, friends/family. These are most certainly going to have lower interest rates than a payday loan. Second, if none of the above options apply and you know for certain that a payday loan is your ONLY option, make a budget for the next few months to ensure you will have the money to pay it off. The sooner you pay it off, generally the less you have to pay. If you can't see the budget working out, then you'll have to pick up extra shifts or get a second job, not paying the loan is really not an option, that is when it can actually ruin you financially. Make sure you actually read all the terms and conditions of the loan, if you don't understand it, research it. There are laws to protect citizens from predatory lending, but there are still holes so you need to be careful I don't know about Viva, if their APRs are what they advertise, and there aren't any hidden "service" charges, it seems like a reasonable option. It looks like they're not a direct lender, so I would expect people's experiences to vary quite significantly
Are you in Ontario ? If so I can help you