Reasons To Avoid Payday Loans
A payday loan is a short-term cash loan based on your future salary. When borrowing money through a payday loan, the borrower has to issue a post-dated check for the amount borrowed, plus interest and fees. This gives the lending company the write to access money in your account as payment for your loan.
Despite being a cash solution, payday loans pose problems you can hardly deal as a consequence. Below is the list of reasons why you have to avoid payday loans as much as possible:
- The interest rate is very high. Payday loans are very expensive. For every $100 borrowed, you may be charged almost $30. This makes them impractical cash solutions for your financial problems.
- Payday loans can trap you in a cycle of debt. Payday loan borrowers usually cannot pay the loan during the due date. They are forced to rollover or renew the loan and thereby suffer interest over the original interest. By the time you will have the means to pay the loan, it won’t be enough anymore.
- Lenders won’t take regard on your other basic necessities. Payday loans are easily approved as the lender would just look at how much your expected wage is. They don’t take regard on your other financial obligations like food and rent. Hence, when you have your paycheck, the company will just instantly access your money leaving you no cash left for other needs.
Collingwood Bad Credit Personal Loans: Alternative To Payday Loans
To avoid these problems, use bad credit personal loans in Collingwood such as car title loans instead of payday loans. These cash solutions have more affordable interest rates and considerate lenders. These loans are based on the unused equity of your paid up vehicle. Thus, you can easily apply for such loan regardless of your credit or employment history.
Get Collingwood Bad Credit Personal Loans From Car Title Loans Canada
Car Title Loans Canada is the leading car title loan provider in Canada. We offer bad credit personal loans to anyone and everyone, regardless of your current credit score. Unlike other title loan companies, we will not fool you with small print. We ensure transparency in every step of the application process giving you all the details you would need. Thus, you can enjoy no hidden fees and prepayment penalties. Lastly, we can offer you an interest rate that perfectly fits your budget.
What are you waiting for? Get pre-approved online or over the phone within 10-15 minutes and have the check in your hands in less than 30 minutes. Our accommodating representatives will help you make the application process as expeditious and hassle free as possible. Just call 1-855-653-5451 for your inquiries and for the pre-assessment.