It’s that time of the year again. Your scheduled routine car checkup has come. The service attendant informs you that your car needs repair and it will cost $500. This wouldn’t normally be such a big deal except that this month you just took care of your kids’ tuition fees for the whole year. Like adding insult to injury, you need to be on a road trip the following week so you need to have the repair taken care of immediately. You suddenly remember a sign downtown that reads “Quick Cash Now”, that you have passed by countless times before but never really took notice. You decide to drop by and inquire. You wonder, “That’s it? That easy?” You’re in and out in 15 minutes and as you walk out you have peace of mind already that the cash will be wired in to your bank account the following day. You have peace of mind that your road trip the following week will push through. Sure, you may have been charged $50 in fees, but the peace of mind you got in the process is priceless.
This is the convenience that this $40-billion industry in Canada can bring you. This is the industry of Payday Loans and it serves satisfied clients in thousands of locations nationwide.
Payday loans have been created to serve people that are in quick need of cash before payday arrives. Emergencies are not called emergencies for no reason and they come mostly when we least expect them. Payday loans help us take care of these emergencies when we are in need of quick and easy money to get by.
Payday loans are generally intended as short term loans and they have slightly higher interest rates than other typical types of loans. This is because of the inherent risks that accompany it on the part of the lenders. The amount of the loan usually varies anywhere from $50 up to $500. This type of loan is obtained from a payday lender or through bad credit lending specialists. They normally offer other convenient types of financial services.