Payday Loan Debt in Regina, SK
Are you a resident in Regina, Saskatchewan?
Do you think that a payday loan is the solution to receive cash quickly and cover your ever-growing debt?
Regardless of how attractive a payday loan might look at first, there are so many negative future implications that come with taking one out.
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Leading you into a seemingly never ending debt cycle, you might feel as though a significant weight has been added to your shoulders that you can’t escape.
Even if you think that you’ll pay off the loan within the agreed time, certain things may happen preventing you from doing so – meaning that you find yourself in a dangerous financial situation.
To ensure that you avoid this borrow to spend cycle, it’s vital that you seek the right advice and support.
Helping you to find the best solution to deal with your debt more efficiently, you’ll be able to regain your financial stability in no time at all.
Payday loan help in Regina
If you’re already struggling to deal with debt, you might think that taking out a payday loan is your only solution.
However, as the debts start to grow they might become unbearable.
This leads you to becoming more reliant on the loans, taking out more and more to cover it.
To address this issue effectively, you need to stop relying on the payday loans.
Helping you to recover from loan debt (as well as cash advance debt), credit counsellors should be your first port of call.
Ideal whether you’re looking to take a payday loan out or you already have bad credit, it can prove to be invaluable in the long term.
Showing you how you can successfully budget your money so that you can get out of debt more quickly (as well as how to save money in the future), it could be the answer that you’ve been searching for.
Ready to help 24/7, our Regina credit counsellors and Licensed Insolvency Trustees have the experience to give you personalized advice.
The main problems with payday loans in Regina
So what exactly is wrong with payday loans apart from the fact that they can send you in a debt cycle?
Well, they also come with the following:
High interest rates
Firstly, the majority of payday loans come with high interest rates.
Often in small font at the bottom of the contract/advert (a clever trick they use to try and reel people in), many don’t realize this initially.
Despite many payday lenders having to lower these a few years ago, it’s still an issue that results in your payments being a lot higher than advertised.
Typically higher than other loans – such as personal loans or credit cards, this results in the debt growing increasingly higher.
For example, from recent legislation it’s clear that for every $100 you borrow, you’ll be charged an extra $23 on average top of that.
From this alone you can see how quickly the debt could start to ramp up and the extra costs make the situation you’re in 10x worse.
What it can do to your credit record
Although this technically doesn’t make your debt worse, it does have a direct affect on your ability to borrow in the future.
When you have a payday loan that you don’t repay, it could result in the lender reporting it to the credit agency.
This puts a negative note on your credit report, advertising to lenders in the future that you’ve struggled to repay what you owe.
Additional fees on top of the interest
As well as the amount that you borrow and the interest added to the loan, some lenders also put additional fees on it.
These are usually applied if you need to extend it for any reason. Something that you should pay attention to from the get-go, this unfavorable renewal fee might make you think twice about taking it out.
Takeaway – avoid instant payday cash loans
It’s important to recognize that there are other options to fast cash now loans.
So whether you’ve maxed out your credit cards, have a poor credit rating or can’t cover your monthly expenses, let us point you in the right direction – away from instant payday loans.
Alternatives available in Regina
To effectively deal with the bad financial situation that you’re in, you could look at other debt solutions.
These might include:
- Filling out a Consumer Proposal: ideal if your debts are below $250,000, with the help of a Licensed Insolvency Trustee you’ll be able to find a repayment plan that works for your budget.
- File for bankruptcy: in the worse case scenario you could file for bankruptcy. Make sure that you’re fully aware of the implications of this beforehand, however, and how it will affect your credit in the future.
- Taking out a debt consolidation loan: similarly to a consumer proposal this allows you to consolidate all of your loans into one monthly payment, spreading them out over a certain period of time.
- Creating a debt management plan: with the help of a credit counsellor or Licensed Insolvency Trustee you can create a debt management plan that will help you to budget more effectively, cut overspending and regain your financial freedom.
Contact Bankruptcy Canada today
Are you interested in receiving payday loan help in Regina?
Then look no further than Bankruptcy Canada.
Guiding Regina residents since 1999, we’re your first port of call when it comes to debt relief services and expert advice surrounding money problems.
When you’re struggling with payday loans in Regina, there are so many benefits that come with seeking guidance from us.
So what are you waiting for?
Trusted by millions of Canadians, see for yourself why so many love our advice.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?