The city of Calgary licenses payday lenders, so borrowers have easy access to fast cash. However, high interest rates and a system of automatic renewals can trap borrowers in a cycle of debt. Thankfully, there are better options to consider. Read on to learn about some of the most convenient payday loan alternatives in the Stampede City!
No Credit Checks
Having bad credit can be frustrating, but you should know that there are still some financial options available. You can find lenders who specialize in working with borrowers who have low scores and offer loans that do not require a credit check.
This can be a great option for people in Calgary who do not have the best credit and are not able to get approved for a traditional personal loan with a bank or credit union. However, it is important to note that you should always research the lenders you are considering thoroughly to ensure they are reputable and offer competitive terms.
While payday loans may seem convenient, they are usually not the best solution for those who need cash in a hurry. Instead, consider finding a lender who offers better alternatives like installment loans. This will allow you to borrow money without the high interest rates that often come with payday loans and prevent you from getting stuck in a cycle of debt.
Convenient
Payday lenders use technology like e-transfers to make applying for a payday loan convenient. This means that you can do it from the comfort of your own home, without having to visit a storefront or wait in line. They also offer a variety of payment options, including the ability to deposit funds directly into your bank account.
Some payday lenders in Alberta also offer cheque cashing services. This can be a convenient way to get the cash you need quickly, but it’s important to understand the costs associated with these loans before you take one out. Payday lenders often charge high fees and penalties, which can increase the amount you owe over time. You can discover here for more information about payday loans Alberta.
If you’re looking for a payday lender in Calgary or Alberta, consider the alternatives before applying. Personal installment loans and credit cards may have better terms, and you can find many of them online. If you’re unsure of what to look for, ask your lender to provide a copy of the terms and conditions before you agree to them.
Accessible
Payday loans are easy to access for borrowers in Calgary and Alberta. They don’t have the archaic rules of faxing income statements and bank statements that would have locked out some people in the past, and they are quick to process. Borrowers can get their money directly deposited into their bank account. This makes it easy to access cash for unexpected expenses or bridge the gap between paydays. Whether it’s vet bills, back to school supplies or other emergencies, it can be hard to keep up without enough cash on hand.
Payday lending in Canada is regulated at the provincial level. The maximum cost of borrowing is $15 for every $100 borrowed, and borrowers have two business days to cancel their loan without penalty. According to Momentum, these changes have been effective at lowering fees for borrowers and reducing the number of payday lenders in the province. However, it is important for borrowers to understand that payday loans are not the only source of short-term credit available.
Better Alternatives
Payday lenders can charge astronomical interest rates and they often require the loan to be paid back within 14 days. This can be tough for Calgarians who are short on funds. The provincial government is cracking down on payday lending. They introduced a new maximum cost of borrowing rate and are looking at ways to restructure payday loans to make them more sustainable for Albertans.
While a payday loan can help you get through a short term financial bind, there are better alternatives that can give you access to the cash you need without the high interest rates. These alternative include personal installment loans and credit cards.
Many online lenders have streamlined their processes to make it easy for borrowers to qualify for a loan. This means that if you have poor credit, you may still be able to secure a loan with a lender like GoDay or iCASH. They also offer fast funding via Interac e-Transfer or direct deposit.