The Advantage Of Short Term Loans
Payday loans help you in the short term. If you continually struggle to pay your bills and don't have money set aside for an emergency, you may want to consider credit counseling or financial planning to help you manage your finances better.
The annualized interest rate on a fast cash loan can be high. These loans have a short life span, therefore, the loan's actual cost might be worth it as a short term financial solution. If it saves you an NSF fee and/or allows you to make a payment on time it can save both money and your reputation with another lender.
This type of loan is usually smaller and is paid off on your next payday. The majority of payday loans span two weeks to coincide with your pay schedule. You can pay it off earlier or faster if you wish. Regulations are in place to allow you to cancel the loan without penalty or interest charges if you change your mind within two days of taking the loan.
How To Qualify
If a majority of your income is from self employment, it may be difficult getting the loan. Most short term lenders do not view self employment as reliable and might not approve you. If you work on your own, search online for companies that can give you a loan. Having a steady job is a good indication you will be accepted.
Before taking out a loan, give yourself ten minutes to think about it. Payday loans can come in handy when an unexpected expense arises that can not be put off. Be sure you are considering the situation rationally rather than reacting to the shock of the unexpected event.
You should only borrow from lenders willing to disclose their interest rates and fees. Beware of companies that won't disclose their fees and interest rates, because you can get burned! Only deal with lenders who are licenced in your area. Be sure to get copies of any agreement and never sign a document that has blank spaces.
Payday Loan Alternatives
A great alternative to payday loans is to ask your employer for a cash advance. If your employer will let you have an advance on your pay, you could save a bundle compared to the interest lenders charge. Know your alternatives before considering this type of loan. Ask whether or not your lender will report this to the major credit agencies.
Taking a payday loan is not going to improve your credit score, but failing to make your payments could have a negative influence on your credit score; always be sure you can comfortably meet the repayment deadline. If you understand what the terms are and are sure that you can comply with them, a payday loan can be very helpful.
Call Us About A Short Term Payday Loan
Loan amounts are subject to minimum net pay and other qualification requirements. Maximum charges permitted in British Columbia for a payday loan: $23 per $100 lent (23% of the principal); We charge $20.00 (20%). For a $300 loan for 14 days: Total cost of borrowing $60.00.
Blue Copper Capital
Phone: (778) 874-9564
300 A 1055 West Hastings Street
Vancouver, BC V6E 2E9
Alberta Licence Number: 330628 - Consumer Protection BC Licence Number: 58891