Mogo.ca is the only company in Canada that offers a line of credit that is 94% cheaper than a typical payday loan and gives you the flexibility to pay it back when you want. As an example with our mini money product you can pay as little as $3.86 to borrow $200 for 2 weeks (47.88% APR) compared to up to $46 from competitors, not to mention the flexibility of paying back when you want. We are also the only company to offer a free prepaid visa with no monthly fees, along with a free credit score from Equifax. We proudly back up all our products with a 30 day money back guarantee, as well as offer funding in as little as 1 hour. Simply go to mogo.ca now to get your money today. DETAIL INFORMATION >>
1.They lend the most money – up to 70% of net pay.
Compare Payday Loans
Payday loans can provide loans for people with bad credit scored but make sure you know the risks before you apply.
What are Payday Loans?
A payday loan is a short term cash loan which can be borrowed by most people even if they have a lower than average credit rating. The idea is that you borrow money for approximately one month in order to tide you over until the next month. Most payday loans can only provide you with up to $1500 but this amount can vary as can the length of time that you borrow for. Payday Loans don’t have a great reputation because the interest on these loans is usually very high when compared to other types of loans. However, the reason for these high levels of interest is that these are unsecured loans. This means that you do not have to give up an asset as security for the loan. This can be advantageous to you as you won’t have to provide any sort of deposit meaning it won’t get seized if you fail to repay what you owe. However, it also means that the lender is taking more
risk by lending to people with bad credit so the interest on the loan will be high.
Seek Alternatives to Payday Loans
Payday loans should ideally be used only as a last resort. These loans are expensive and it is not uncommon for people to get themselves into debt by borrowing too much with a payday loan. If you have cash emergency then look around for financial alternatives or see if friends or relatives can help you out. Payday loans van be useful in an emergency but should be avoided otherwise.
What is the difference between a Payday Loan Broker and a Payday Loan Lender?
If you are getting a payday loan online there are usually both payday lenders and payday brokers advertising their services. A payday loan broker can be useful if you can’t find a lender who will lend to you. A payday loan broker usually works with a panel of lenders and will send your details to all of them in order to find you a suitable loan. If you chose a payday lender the amount you borrow will come directly from them and you will pay them back directly as well. Make sure you know the pros and cons of taking out a loan with both a lender or a broker before you apply.
Keep Payday loan costs Down
If you are getting a payday loan then there are a few things you should consider in order to keep payments down. First of all, consider exactly how much you need to borrow and keep it to a minimum. The more you borrow the more you will have to pay back. Compare different companies and look at how much your loan will cost over the allotted period of time. Make sure there are no extra fees to take into consideration. It is also really important to make sure that you pay the loan back on time as there are often penalty charges for late payment. Defaulting on a payday loan can also affect your credit rating negatively. Make sure that you read the terms and conditions for your payday loan thoroughly in order to make sure that you do not receive any surprises. Payday loans are a financial product and it is important to take them seriously. They should be taken out as a last resort and treated with caution because they are a very expensive form of borrowing.
Category: Payday loans