Are you faced with an emergency expense and considering a payday loan? Are you searching for a payday lender and trying to decide which lender best meets your needs? Or maybe you’re just looking for "how it works" information about payday loans in Canada. Cash Money has answers to your questions, and information about other considerations when choosing a lender and applying for a payday loan.
We have created an educational guide on payday loans so that you can make an informed decision if and when you decide to apply for a payday loan. To get started, select a topic.
What is the difference between payday loans, short-term loans, emergency loans and cash advances?
Payday loans can be offered online, in stores or by phone - depending upon the lender. Let us take you through the process of each type of loan.
Learn about the different types of payday lenders, and how to choose the best one for you.
What do you need to apply for a payday loan? Here is a list of the most common requirements among payday lenders.
Let’s say you take your car in for a regular oil change and the service technician tells you that you need new brake pads. That is an additional $300 that you were not expecting. You’ve already had to pay for an emergency medical expense this month, and don’t have the money to cover this expense until pay day. A payday loan could be an option, which would allow you to borrow money from your next paycheque. You get cash, and you don’t have to risk your brakes going out on you.
A payday loan is a type of cash loan that provides a small sum of money that is scheduled to be repaid when a borrower receives their following paycheque. It is a short-term loan that has also been known as a cash advance or payday advance.
Typically, payday loans:
If you are faced with an expected expense and need to borrow money you should consider all of your options. So what are your options? We’ve outlined several, so that you can determine what best fits your need and financial situation.
When to Consider a Payday Loan
Here are a few examples of when a payday loan may be a good solution:
When to Avoid a Payday Loan
Here are a few examples of when a payday loan may not be a good solution: