In a perfect world, people should always have spare cash to use when emergencies arise. But that is not always the case. According to a study, one-third of the general Canadian population has no savings. The same population also lived from paycheck to paycheck. This only means that when an emergency occurs, they most likely don’t have extra cash available.
No matter what financial advisers say, some things in life could go beyond one’s control. No matter how one wishes to have saved more for rainy days, life will have its share of surprises. It can present you with events that could knock you off financially. In times like these, it’s comforting to know that you can call on online installment loan providers.
What are installment loan providers?
These loan providers offer quick cash loans, ideal for your immediate needs. Unfortunately, not all loan providers are the same. Some lenders understand the needs of their customers. Others seem to only be in business to profit from these needs. This is where reputable online lenders come in.
How can you tell trustworthy lenders from rip-offs?
The stakes are high with payday and other quick cash loans for both the lender and borrower. There’s a high chance that the buyer couldn’t repay the loan on time. But, the borrowers might end up paying ludicrous interest rates. So, to avoid these, here are some helpful tips to help you make wise choices.
They impose just and fair interest rates.
Section 347 of the Criminal Code of Canada is clear on what they consider usurious. Interest rates on loans that go beyond 60% are illegal, excessive, and usurious. Unfortunately, payday loans are exempt from this law. When you choose an online loan provider, consider how much their interest rates are.
Almost everyone expects that payday loans yield high-interest rates. This is true because they’re high-risk loans. But, it will defeat its purpose if the borrower pays more than a 20% interest rate. You applied for a loan to relieve you of your financial burden. Paying a skyrocketing interest will only push you deeper into debts.
So, choose an online loan provider that charges a humane interest rate. You won’t have a hard time paying the principal and interest in this case.
They are transparent with their fees.
Surprises are for birthdays and merry-making, not on your loans. Imagine hoping to get the total amount of your approved loan, only to find out that there’s very little money left. The problem with other online lenders is that they are not upfront with their fees. They advertise one thing. And once you take the bait, that’s the time you’ll find out how much their service costs.
Be picky with the online loan providers you choose. Check their page for the interest rates and other fees. Also, check what other borrowers are saying about them. You can also call and ask about these fees upfront.
They have fast and easy approval processes.
Time is essential when it comes to emergencies. As such, it’s more favourable if your loan provider has a fast and easy approval process. In most cases, fast disbursement means getting the money within a few hours to a day after approval.
Takeaway
When they need fast money, people think they should give in to whatever terms the lender imposes. This should not be the case. The relationship should be symbiotic — with both parties benefiting from each other. You see, by subscribing to their services, you’re helping their business flourish. So, if you need some cash, check out installment loans from GoDay. They can be your source for fair, fast, and transparent financing.
