Your finances are not a part of your life that you should be careless with, especially when it comes to loans. Being in debt is a fact of life for most Canadians. In fact, total consumer debt increased by 6.1 per cent in the second quarter of 2013.
As more and more Canadians need to borrow, more are turning to the payday loan industry to cover their cash shortage issues with less hesitation. Additionally, they’re becoming increasingly hesitant to approach the banks or major credit card lenders for their needs. There are a multitude of reasons for this, and we can’t speak to everyone’s particular circumstances. We simply understand the demand for access to quick cash and we also understand how many lives would have been negatively impacted in the past if it weren’t for the availability of this service. While expensive, it does have merit.
If you find yourself in a bit of a bind, don’t let unfounded hesitation or per-conceived notions stop you from, at the very least, shopping around for a short term loan. Ontario has very strict regulations regarding payday loans. If paying $21 per $100 borrowed for a short time will prevent you from bouncing cheque after cheque, causing a pile-up of NSF’s, then a payday loan might just be the most rational choice you could make.
We’ve discussed things you should know before shopping for a short term loan in the past (and if you’re new to the payday loan world, we highly recommend checking it out), but there are some situations we didn’t cover once you’ve actually been approved for and received your loan. While these conditions can vary greatly between each lender, there are general rules that apply for all.
Don’t ignore your contract
Borrowing money is always a big deal, regardless of the amount. Don’t treat your terms and conditions contract like the terms and conditions you get when signing up for a new software program online – ignore it and just sign away.
Read every single letter and if you have questions, or if something doesn’t seem right, ask your lender for simple clarification. They should not hesitate to clear things up for you. Understand your fees (maximum in Ontario is $21 per $100 borrowed) and what will happen to you if you don’t repay on time.
For the love of all that comes from Tim Horton’s, don’t avoid your lender. Treat your lender like your bank. If you are upfront and honest with your payday loan provider the moment you believe you might have issues repaying on time, CALL THEM. Trust us, we really appreciate the personal responsibility and honesty from our customers who let us know they’ve run into trouble.
While your lender might not be able to amend anything, they might be able to prevent a late fee, cut it in half, or make some other arrangement with you to thank you for your good will (despite the fact you signed a contract saying you’d repay on X date). At GoDay.ca, we understand really difficult situations can come up. We’ve got a business to run, but we’re also not heartless.
Just be honest with us & we’ll try to work with you within our means.