Warning: Be cautious about borrowing from Short-Term Loans

You are in a financial emergency all of a sudden. You are a welfare beneficiary. You require some extra cash as opposed to only relying on your welfare cheques You are looking for where to get a cash advance in Canada. You settle on getting an Auto loan which is a form of cash advance that is short-term. But keep in mind that this kind of advance has an infamous reputation for having high-interest rates which can make your financial situation worse. 

Also, all the 10 provinces in Canada regulate this form of a short-term cash advance. The rules and regulations vary according to province. This makes it harder for lenders of this kind of advance to trust your application if they get wind of your reliance on welfare cheques as your income source. 

Beware that it is also expensive borrowing little amounts of monies and they may not bring a solution to your financial situation. Before you seek a payday cash advance, take note of the following options: 

  • Consult and make payment plans with gas, electricity, phone or water service providers to see a way out in paying your bills 
  • Talk with your creditors about extension dates in making your due payments. 
  • You can think of seeking a credit facility from a credit union or bank. Omne can gain an advance that has interest rates which are low compared to a payday loan. 
  • In case of an emergency or making a payment, consider using a credit card. Although not a long term fix, it is better than taking up a short term high-interest rate cash advance. 
  • You can log in the websites of Consumer Agencies in the country that give a picture on the workings of small loans and provide you with other alternatives. This could help you out. 

When making a comparison between the short-term cash advances in the market, Consider rates, fees you are going to be charged with. Before registering for a payday loan, you can consider the following alternatives: 

  • Use of resources online provided by the Government of Canada. Consumer agencies, for example, can give you a demonstration of the inner workings of small loans. They can also help you with options alternative to a short-term one.  
  • If you are falling behind on payments, you can talk to your utility service providers. You can structure together with a payment plan that includes an extension on dates that you are supposed to honour your payments.  
  • Talk to your Creditors about extensions to when you are supposed to make your payments due. Draw up a payment plan with them that both of you can agree on. You can also think of taking personal advance credit unions or banks offer. These cash advances can have interest rates that are lower than those offered by payday loan providers. 
  • Consider making your payments or settling your emergency bills through your credit card.  

When choosing between payday loan providers, look up their websites that are of interest to you in your local area. They can be help of deciding on where to get a cash advance in Canada