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Remember to fully research all the options available to you before committing to one. It's important that you commit to a lender that makes you feel comfortable and at ease. Do not hesitate to verify the company's solidity when requesting for a loan, so you feel entirely secure.
Be realistic – can you pay back what you are about to borrow? Does it fit in your budget? Be careful not to borrow more than what you can repay. We suggest that you borrow exactly what you need to put your finances back on track, not fall further into debt. So make sure to choose the right loan amount that suits your needs.
Be sure to understand all the fees involved when getting a payday loan in Canada. To get a better understanding, it is important to read carefully your loan agreement before signing it. Some websites offer loans that come with additional fees, such as arrangement or early repayment fees. Be on the lookout for those!
What are your repayment options? Can you repay in more than one** payment? Can you do early repayments? It is important to consider all of these options before choosing where to borrow. It is always better to go where there are flexible solutions!
Clarity is important when borrowing from a lender. The best lenders are transparent about their interest fees, loan limits and terms. Bad credit lenders should display this information on their websites. They also have to be easy to contact if you have questions.
There are several online lenders who are dishonest and want to scam potential borrowers. It can be easy to fall into their trap. Here are some tips that can help you make sure you're dealing with a legitimate online payday loan company:
- Don't pay any upfront fees. If a lender is asking you to pay an amount of money to evaluate your credit or financial information, consider this a red flag!
- Be sure to deal with a direct lender that has the required licence to do online lending in your province. Lenders who have their licences are governed by the consumer protection of their respective provinces and have to follow all the regulations in place.
- Be careful about the websites that refer you to other lenders. These lenders are not always licensed and can also be fraudulent. Always deal with a direct lender.
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The two most common kinds of loan products are unsecured (not tied) loans and secured (tied) loans.
Before going through a loan process, here are some questions you should ask yourself in order to take the right decision.
It is your responsibility to make sure that you have understood all the terms of a loan before committing to it. Finding the best financial solution depends on individual circumstances and requirements, so it's impossible to give a one-size-fits-all advice on how to choose the right loan. iCASH's services are intended to help you out in the short-term, but should not be used as long-term financial solutions. This means that if you know some money is coming your way, a cash advance or Flexpay loan* could be the right fit, but we don't recommend using these types of loans as a permanent credit solution.
Credit history contains the details of your financial behaviour, and also takes into account your current debt amount, among other factors. Since it can be easier to harm a credit score than improving it, we recommend keeping a close eye on your credit score.
Your credit history can have a big impact on your borrowing options because many institutions base their loan criteria on this data. If you need any help with your credit, you can visit a credit bureau to find out more about how to improve it. In Canada, the two top agencies you can reach out to are: TransUnion and Equifax.
Budgeting might not be the most exciting concept, but it can definitely help to make life a lot smoother. If you start to feel like your finances are getting hard to control, you can start by creating a simple monthly budget that displays your total income (like salary and benefits you might receive) against bills like utilities, entertainment and housing costs. If you have extra money at the end of the month, this amount can help you decide how much you can afford to put towards your debt, as well as save for new things.
Trying to increase that number of disposable income? You can cut out non-essential expenses like a daily coffee, or ordering in food. Then you can move on to creating a timeline to comfortably afford to buying something that you always wanted to have.
Depending on the lender and the type of credit, you may be able to reduce your payments, extend the loan period, suspend repayments for a short period, or even repay the loan early (if you have a small amount owing and want to reduce the number of your monthly commitments).
Don't bottle up stress and anxiety about financial problems. There are helpful websites that can providing free advice, guidance and support:
