Imagine this scenario: your child’s birthday is coming up, and their only major request is to have magicians for birthday party celebrations. Of course, you’re very happy about this, until you learn that you may not have the funds necessary to hire anybody.
Or another, worse scenario: you injure your back while doing some work around the house and find yourself getting emergency medical treatment that costs you several hundred dollars out-of-pocket.
Everyone’s found themselves in emergency situations where they need cash and don’t have it. Many would like to say that they have a savings account to rely on in times like these, but many (if not most these days) do not. In situations such as these, online payday loans are an excellent alternative.
You’re not alone
These days, most middle class families have minimal savings to cover unexpected costs. In fact, over the past decade, the ratio of indebtedness to income has increased significantly, indicating that many Canadians carry a lot of debt.
As a matter of reference, the latest research states that it costs between $150-$300 a week to feed a family of four a healthy diet. Just this everyday expense alone keeps most Canadian middle income families watchful of their purchases.
If you have good credit, there’s always your credit card, or you can go to your local credit union and borrow some funds. But what if your credit is weak and you have limited income? You can borrow money from family and friends, but that isn’t ideal under any circumstances.
Online payday loans can assist by lending an average of $500 to $1000 to individuals who meet their qualifications. For most services, you can apply online or by phone: applicants must earn at least $1200 a month and be paid by direct deposit. You must have been employed by your current job for at least three months, you must be a Canadian citizen, and you must be at least 18 years old.
Anyone who is self-employed or whose income is derived from any public assistance program, pension, disability, etc. does not qualify. The application process is streamlined, requiring only basic data such as contact information, income source, and references.
As with any financial transaction, you should understand the terms and conditions of the loan when you execute the final forms. Once you are approved for an agreed upon amount, the funds will be deposited directly into your bank account, usually the next business day.
When the loan becomes due, the principle and interest will be deducted from your account as you pay the loan back in full. Or you have the option of paying just the interest and renewing the loan for another period of time. You will also be given the option to pay down the loan before extending it.
Getting back on track
No one likes the idea of borrowing money, because borrowing money costs money. But there are circumstances that necessitate doing so. If you have to make a short-term loan for an immediate, short-term need, then consider payday loans.
Times of financial emergency can be overwhelming and terrifying, and there seem to be no good options. An emergency that has a big impact on a family — such as a broken down car, or no money due to missed work, or unforeseen medical bills — is a daunting challenge for many families to face.
The online payday loan process is one way to alleviate the emergency and help put your family back on track.