Are any of these bad spending habits familiar? Kick them in the bud early and your wallet will be happy. 1. Using your credit card for every day purchases Unless you have financial control of steel, avoid using your credit card for your every day purchases like gas and groceries. We say “unless”, because […]
Money
How You Can Use Your Payday Loan
A while back, we suggested that payday loans can be used to save you money in certain circumstances, like with incredible discounted deals that have a time limit, or huge sales on travel tickets. But, these are generally limited opportunities with a very specific time frame. While payday loans are the perfect answer to these […]
Bad Spending Habits You Need To Break – Part 1
Late last year, we published an infographic to help you identify “spending problems” that may have creeped (or full-on barged) their way into your financial life. They ranged from the small and insidious “urge to buy” to the completely debilitating fear of needing to “keep up with the Jones’”. Hopefully, if you identified your behaviours […]
What Is The Payday Loan Cooling-Off Period?
“Can I cancel my payday loan” is a question we get every-so-often, and the best general answer is “it depends”. Cancellations are certainly a right of a payday loan customer, but there are rules and regulations that apply to that right to cancel. ONTARIO The Ontario Payday Loan Act stipulates the following; 30. (1) A borrower […]
Am I Eligible For A Payday Loan?
The requirements for receiving a payday loan vary from company-to-company. Some don’t check your credit, others may do what is called a “soft inquiry” as part of their loan underwriting process. If your credit rating is a sensitive spot for you, rest assured that one soft hit will not do any negative damage. However, […]
Payday Loans And Late Payments
If your payday loan isn’t repaid on time, it can affect you negatively both in the short term and in the long term. Before you sign any loan agreement, consider whether or not you will be in the right financial position to repay the loan and fees on your next pay period. Some questions you should […]
Payday Loan Proposals Among Those Put Before Ontario Government
On June 15, 2015, Ontario’s Ministry of Government and Consumer Services issued a consultation paper, offering discussion of possible new approaches to help improve protection for alternative financial services consumers. Why is this happening? The government and major financial players are recognizing that more Canadians are requiring a variety of lending services beyond traditional […]
Why Did My Payday Loan Application Get Denied?
Each payday loan company in Ontario and British Columbia has different underwriting rules that determine whether or not a customer will be approved or denied. However, there are generally common denomenators for why your application might be denied. Since online payday loans and retail front payday loans have different lending criteria, we’ll identify online-specific reasons […]
Can I Pay Back My Payday Loan Early?
If you want to pay back your payday loan early, you’re first going to need to know your lender’s policy on early repayment. We can’t speak about the specifics within other Canadian companies, but the general rule is that there is no penalty for repaying your payday loan before your due date. Some lenders, GoDay.ca included, […]
The 7 Stages of Credit Card Debt
You’ve undoubtedly heard of the famous “7 stages of grief”, which helps those who’ve been through an ordeal or a loss identify where they are in recovery. Interestingly, these 7 stages can also be applied to debt management and the emotions and thoughts one might have while under it’s pressures. We’ve put together a handy […]
