Payday loans are often expensive and unaffordable, but Installment loans can help you out in the same situation. 

Unlike Payday loans, you can even use them to clear off other debts. They are available to people with excellent credit. 

Read on to discover how easy it is to apply for same-day loans in Canada. We have outlined the steps involved in a simple application process. To get started, just fill out the form below.

Payday loans are unaffordable

The first reason why payday loans are unaffordable in Canada is the astronomical interest rates. These loans, which can run as high as 650% APR, are generally short-term, and therefore the biggest burden is placed on consumers. 

However, this isn’t impossible, and in fact, the number of payday lenders in Canada has doubled since 2016.

Installment loans are cheaper

One of the biggest differences between same-day and installment loans is their interest rates. Installment loans have rates ranging from thirty to sixty percent and are meant to be repaid over a fixed period of time. 

Payday loans have interest rates as high as 548%. Installment loans are generally offered by alternative lenders to people with bad credit or a low income. Compared to payday loans, these are much cheaper.

They can be used to pay off other debts

The easy process of same-day loans in Canada can help you pay off other debts. The interest rate for payday loans can be 650%. Payday lenders are not regulated and can charge extremely high-interest rates. 

The loan amount varies from $300 to $1,500 depending on the risk to the lender. Some provinces do not allow rollovers. 

When you decide to take out a payday loan, you must consider the following aspects before deciding on a particular lender.

They are available to people with bad credit also

While same day loans in Canada are available to those with bad credit also, these types of loans are becoming more popular as a viable option. 

With a bad credit score and some flexible repayment terms, you can take advantage of them as quickly as the same day. 

Just remember to choose a lender that offers mutually beneficial terms, rather than those who may prey on your poor credit.

They require a credit check

Payday loans and personal loans are available to people with good to excellent credit scores. Many times, people need cash fast and do not have a significant amount of savings. 

It is not a good time to be in debt, especially in a time of high inflation. Consumer prices have gone up 9.1% in the past year alone, so expenses can pile up quickly. Applying for same-day loans in Canada with no credit check may be the best option for you.

Benefits of same-day Payday loans

Payday loans are a type of short-term borrowing where lenders offer small amounts of money to tide borrowers over until their next payday. Although payday loans can be helpful in some situations, they also come with a number of risks. 

One of the main benefits of same-day payday loans is that they can provide fast access to cash in an emergency. If you need money to cover an unexpected expense, such as a car repair or medical bill, a same-day loan can help you meet your financial obligations. 

Additionally, these loans can be used to cover expenses when you are between paychecks and need a bit of extra cash to make ends meet. 

However, it is important to remember that same-day loans typically come with high-interest rates and fees, so it is important to only borrow what you can afford to repay. 

Also, same-day loans are not intended for long-term use, so if you find yourself relying on them regularly, you may want to consider other options.

LEAVE A REPLY

Please enter your comment!
Please enter your name here