Payday loans are one of the most popular fast loan or short-term loan vehicle in Canada as also in many other Western countries. But they are one of the least well understood. Many companies expose borrowers to payday loans without properly educating them about the perils and dangers of the same. They are only shown the bright side but the thorny side is conveniently suppressed.
Most borrowers don’t read the fine print of the loan documents carefully while signing them. They pay for their naivety later on when they find out about the additional charges, pre-closure penalty fee or auto loan renewal and all these charges keep adding up often without the knowledge of the borrower. When he gets trapped completely in the payday loan repayment bills completely, the lenders put the blame squarely on him saying that all the warnings and terms and conditions were written in the various documents that he had signed and he had used his own discretion to take the loan. So, they are under no way responsible for the borrower’s plight.
That is why the provincial governments in Canada have framed quite a few laws to protect the borrowers from facing harassment from the debt collection agents and lenders. It is important that you know about them. You should be equipped with the common questions and answers regarding payday loans as well before you decide to apply for one yourself.
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We live in an instant gratification society. Our forebears would have saved up to buy the things they wanted, but today’s ‘buy it now’ generation doesn’t want to wait for their new toys. Instead they take out personal loans or max out their credit cards to afford new cars, designer clothes or luxury holidays. There is nothing wrong with this mentality, but the problems usually come when the person’s personal circumstances change.
Personal loans and credit cards can be enormously useful tools. There will always be times when you need cash fast and you can’t wait until your end of year bonus hits your bank account. Used wisely, credit is a lifesaver (look at this website for the types of personal loans available to you), but if you borrow more than you can afford to repay, it won’t be long before you are struggling to keep your head above water. If this sounds like your current situation, here are five signs your debts are out of control. [click to read…]
In the rough economic times of today, many people are having trouble making ends meet and in most cases they need help just to pay their bills. For many people, obtaining a traditional loan through a bank is nearly impossible due to their bad credit history. The only way for people like this to get the money that they want is by using car title installment loans. This type of loan is perfect for people who have bad credit because all you need to get approved is the title to your car. Even though this is a great way to get money, there are some predatory lenders out there that can take advantage of you. The following are a few of the warning signs of a predatory title loan company.
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How knowledgeable are you when it comes to no-credit needed financing? There are many misconceptions when it comes to this type of financing. Some people make the assumption that just because a company states no-credit needed that there are higher interest rates or high monthly payments. These are just two of the common misconceptions associated with this financing type.
Interest rates aren’t always higher
Are there some companies out there that charge a high interest rate? Yes! But, there are many more that don’t, and many even offer 90 days same as cash. Imagine receiving financing with a low down payment (or, no down payment) and never paying interest.
What this means, in simple terms, is that basically no credit financing is a program that gives you the product while you make payments. Some even offer cash loans. If during the first 90 days you’re able to pay the loan off, it will remove part or all of the interest.
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Getting into debt isn’t a very nice feeling. Whether you took out loans that you couldn’t afford to repay, or you’ve been living beyond your means, you need to get your debt under control. Getting your debt under control as soon as possible is so important, or you might find that it spirals out of control. Here’s everything you need to do to get your debt under control:
See a Financial Advisor
A financial advisor can take a look at your finances, ingoings, outgoings, and give you some valuable advice. If you feel stuck with nowhere else to turn, this is the first step to getting your life back on track. Don’t be afraid to book an appointment and see what can be done. You should feel much better afterwards and you’ll see that there’s a light at the end of the tunnel.
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