\nMust read: <\/span>Top instant loans in Canada<\/a>\n<\/div>\n<\/article>
What to watch out for<\/h3>
There are a couple of disadvantages you should also keep in mind before you take out a loan with Mr. Payday:<\/p>
- Very high fees.<\/strong> You\u2019ll pay very high fees for payday loans in comparison to other forms of credit (such as personal loans and credit cards). With fees of $14 for every $100 borrowed, the annual percentage rate (APR) for payday loans is in the triple digits.<\/li>
- Fast repayment required.<\/strong> You\u2019ll usually only have until your next payday to pay your loan back. This can make it very difficult to budget for your loan repayment.<\/li>
- Not available everywhere.<\/strong> If you don\u2019t live in AB, BC, ON, you\u2019ll need to consider other lenders.<\/li>
- Only 1 store location.<\/strong> You can only visit a store in-person if you live in Vancouver.<\/li>
- Some types of income are not accepted.<\/strong> You won\u2019t qualify if you\u2019re on social assistance, government disability benefits or self-employment income.<\/li>
- Not eligible if you\u2019re currently in bankruptcy.<\/strong> You won\u2019t qualify if your bankruptcy was discharged less than one year ago.<\/li><\/ul>
\r\n\u26a0\ufe0f Warning: Be cautious with payday loans<\/h5>\nHigh-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society<\/a> for free financial counselling (Mon\u2013Fri, 8am\u20135pm at 1-888-527-8999). Also consider payday loan alternatives<\/a>.<\/span>\r\n<\/div>
Alternative: Cash advances<\/h3>\nCash advances can be much cheaper, with APRs as low as 0% and flexible repayment terms. Fees apply for instant funding.\n
<\/div>\n - Fast repayment required.<\/strong> You\u2019ll usually only have until your next payday to pay your loan back. This can make it very difficult to budget for your loan repayment.<\/li>