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Free Debt Consolidation
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A payday loan gives you instant access to the money you want to pay back on your next regular payday. Like many Canadians in your situation, you may be able to acquire money quickly with an emergency loan. This is an option not available with traditional banking institutions.
Making a budget might be challenging at times. When your money changes and your bills fluctuate, it doesn’t matter how hard you try to budget and prepare, sometimes the two just don’t add up. It can be tense when situations like these arise. You must come up with a remedy if you don’t have a sizable reserve in your bank accounts to fill up the gaps.
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An extremely expensive way to acquire money is through a payday loan, which is a short-term loan with a significant cost. The maximum loan amount is $1,500 and your subsequent paycheck must be used to repay the loan.
You have 62 days in the following provinces to pay it back:
You will incur higher fees and interest if you can’t repay it on time.
The purpose of payday loans is to fill a temporary or short-term liquidity gap up to your next paycheck. Do not use them for recurring expenses like housing, food, or utilities. Your financial situation could worsen if you use them in this manner.
The following documentation such as your permanent address, evidence of income, and information about your bank account is required when applying for a payday loan.
For the payday loan company to be able to take money immediately out of your bank account, you must set up a pre-authorized withdrawal or provide them with a pre-authorized cheque for the whole loan amount plus costs.
A lender has to give you a document outlining the terms of your payday loan before you sign it. These terms include the total cost of the loan, the interest rate, the fees, and the due date. Your lender will either offer you cash, direct deposit the funds into your account, or demand you to utilize a prepaid card.
You are required to return the borrowed funds to the physical location or online lending service, depending on which you use, together with any associated charges. Use of online payday lenders outside of Canada is not advised due to the high risk involved.
The maximum fees that a payday lender may charge are regulated by law in the majority of Canadian provinces. Compared to other forms of obtaining money, payday loans are quite pricey. This is due to the high fees you pay, which can be as high as 500 to 600 percent in interest rates, and the possibility of additional fees if your cheque or pre-authorized debit transaction is unsuccessful. Due to these large fees, your loan may be more difficult to repay, adding to your financial strain.
You should be aware that payday lenders are only permitted to charge up to 17% of the amount you borrow if you feel the need to borrow money from one. It might cost you $34 if you took out a $200 loan for two weeks. The annual rate is substantially higher than what a bank or credit union would charge.
Be quite certain that you can repay the loan on time before taking out one. Your financial condition can deteriorate if you don’t and your debt could continue to increase, costing you a lot of money in the long run.
Payday loans are expensive, so there are inevitable repercussions to be aware of if you are unable to make your loan repayments on time. Depending on your province of residency, these consequences could include:
Make sure you can pay back the loan on time and cover your usual costs before taking a payday loan. Before choosing to obtain a payday loan, you ought to your options. The top Canadian alternatives to payday loans are listed below:
Any bank, including federal unions, and any recognized foreign bank must allow you to cash your Government of Canada check for free (banks).
Your Government of Canada cheque can be cashed at any branch of a bank in Canada that has tellers and provides dispersed cash services. Even if you are not a client of that bank, you may still do.
Think carefully about the long-term effects of taking out a payday loan if you are already struggling to make ends meet due to your inability to pay off debts. It might be simple to fall into a debt trap if you are unable to make your payday loan installments on time. It is essential to seek debt relief as soon as you believe you might need it because of this.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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