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Are short term loans right for you

Current events have led to an increase in Canadians applying for short-term loans, especially in late 2021 and early 2022.¬† Which also happens to be the biggest shopping season of the year due to Christmas and other respected holidays. The numbers are higher than expected. Just close to 20% of these individuals have taken out a payday loan up to 10 times.¬† The increase in the number of loans withdrawn by a person is substantially high as it used to be 3-5 per person annually. A good percentage of this group’s bank loan applications were not approved.¬† Once again, the biggest reason to get a payday loan was to take care of your regular bills such as groceries, fix-ups, monthly fees, etc.

Should You Apply

When your borrowing options are limited, naturally, people will turn to other avenues. Payday lenders seem to offer an immediate solution to such demands. These small loans are approved almost immediately and don’t require a deep look at a person’s credit, so they are rising in popularity.¬† Individuals between the ages of 19 to 44 seem to be the majority of borrowers‚Äîa primary demographic of the¬†retail industry, which is well versed in technology. Although everyone who borrows has their reasons, the main one for getting a payday loan is to take care of emergencies (Late rent payments, sudden medical bills, and home or car-related repairs). So if these are yours too, you may want to learn more about short-term loans and if you qualify for them.

Qualification

To qualify for such a loan, you must have an income source (job, etc.) and agree to the lender’s terms and conditions. Interest rates may vary depending on the province, and other policies may apply.¬† Do comprehensive research first. Today you may be able to find reviews of the lender in question online, which can help you make the appropriate decision. Call the company first before applying for a loan online so you can learn more.¬†

Application

Each individual has a unique situation, so no loans are guaranteed. However, if you provide the proper documentation, such as IDs, previous pay stubs, etc., your chances of getting approved may improve.¬† Again each lender has its process, so it’s best to contact them first. For example, a¬†payday loan in Surrey¬†may come with different terms and conditions versus one in Regina.¬† Whether short-term or long-term, thorough research will pay off no matter what loan you get. If you’d like to see if a short-term online loan is a proper solution for you at this point, contact¬†My Canada Payday. They may help you figure out the best fast loan options for you.¬†

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