Think you’re the only one to turn to payday loans to cover unexpected bills and purchases? Think again! Each year, nearly 2 million Canadians search out lenders for short term loans. These simple and convenient financial products are seen as a better alternative to conventional loans, but they aren’t without their faults. Finding the right lender for your situation can take some time, but it’s not impossible. With the right resources you can make an informed and responsible decision!
Why Canadians Prefer Short Term Loans
Though the banks of Canada got the country through the recession relatively unscathed, they don’t make it easy for the average Canadian to get the assistance they need. While they offer a variety of loans, mortgages, and lines of credit, they have a long list of internal regulations that can slow down their process. Bureaucratic red tape can put the brakes on your loan right when you need it the most. Payday loans, however, can be a faster alternative. A lender like GoDay uses an online platform to accept, approve, and facilitate their products over the Internet. That means you can qualify in as little as 5 minutes and get the money you need just one hour after approval when you apply for payday loans from GoDay, and you can visit GoDay.ca for more specific information or to see what you should be looking for when evaluating online lenders. All you need is basic contact and financial information to apply.
What to Look Out For In Your Lender
Like any other financial decision, your choice of lender shouldn’t be a split-second one. So open up your cahiers and do some research, keeping in mind your lender should have all of the following traits.
- Affiliation with the Canadian Consumer Finance Association (CCFA): This trade organization makes sure their products set responsible lending limits.
- Membership with the Canadian Payday Loan Association (CPLA): This trade association has a Code of Best Business Practices to ensure the lender operates with transparency.
- Products and processes that adhere to provincial lending laws: The laws will differ from province to province, but their regulations will limit the way in which they do business, controlling the size, terms, and rates of their loans.
- A secure online platform: Since you’ll be sharing confidential financial information online, you’ll need to ensure their website has the appropriate security measures in place to keep your data safe.
- Knowledgeable and friendly representatives: Though a reputable lender will make their practices transparent and straightforward, they should always have a crew of specialists ready to help you at every stage of your application.
These are just some of the safeguards that can help you choose a lender that offers responsible cash flow solutions. Keep these items in mind on your search for your next payday loan. Guaranteeing your lender has these features can make sure you have no trouble paying back the cash advance you take on.