- Any credit accepted
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- Loans up to $50,000
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While it still costs significantly less than other places like Vancouver and Toronto, the cost of living in Victoria is on the rise. Many individuals in Victoria may make enough to be able to afford these high costs, but others will struggle to make ends meet every month. For these people in Victoria, one of the most readily available options for additional cash is payday loans.
Payday loans are small short term loans that can often be applied for approval incredibly quickly. Because they are so easy to get and quick to approve, they often come with high-interest rates fees.
For even more information about the payday loan cycle of debt, click here.
If you utilize payday loans, it’s a good idea to be aware of the payday loan cycle. The payday loan cycle is a cycle of debt that you can easily get trapped in by using payday loans and not being careful. The payday loan cycle follows a very clear path.
As you can see, getting stuck in this cycle for months and sometimes years is definitely possible and unfortunately quite common. This can make it incredibly hard to make any progress or reach any financial-related goals.
Need some debt relief for payday loans? Read this.
While the payday loan cycle should definitely be avoided, it is unfair to say that payday loans are always a bad idea. While we wouldn’t suggest that everyone in need of some extra cash take out a payday loan. If you can 100% guarantee that you’ll be able to repay the loan in full on your next payday, this type of loan could work for you and is often less expensive than using a credit card, but of course this is only if you repay you the loan on time.
You should never use a payday loan for the following reasons:
If you use a payday loan for these reasons, it simply doesn’t make financial sense and could do much more harm than good. If you are concerned about whether a payday loan makes sense in your situation or not, typically it’s better to steer clear of them.
Take a look at this infographic to learn all about the true cost of borrowing.
So as you can see, there are both good and bad times to use payday loans. If you feel that payday loans might not be for you, don’t worry. There are several other options that you can utilize to get the cash you need. These include:
Wondering how you can build home equity in Canada? Find out here.
Considering a payday loan to get yourself out of trouble? If so, be sure to weigh all your options before moving forward. Loans Canada can help match you with an alternative option to meet your needs.
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