Payday Loan Debt Relief in Scarborough, ON
Payday loans can often seem like a tempting offer.
They draw you in with the promise of fast funding, short payment terms, and affordable rates, and many people fall into the trap of using this sort of loan when they don’t need to.
Here at Bankruptcy Canada, we’ve had the opportunity to work with a wide range of clients over the last few years, and many of them have been struggling with debt from payday loans.
Let’s take a look at the support we can provide when you find yourself in this position.
First, though, what’s the problem with payday loans?
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What Is The Problem With Payday Loans?
It’s entirely possible to take out a payday loan, use the money for what you need, and make a few payments before you’re free again, though this is rarely the case when people use loans like this.
Payday loans will almost always come with extremely high-interest rates that aren’t always clear before you sign up, and this will mean that you end up paying back far more than you initially borrowed.
Their short payment terms make loans like this even harder to afford, as you won’t have very long to pay them back.
In reality, just about the only real benefit of a payday loan is the speed that it is given to you.
Some companies are able to provide the money you borrow within a few short hours, while traditional loans will usually take much longer to hit your account.
Alternative Options To Secure Fast Finances
While traditional loans tend to be slower than payday options, this doesn’t mean that you don’t have alternatives that can offer the same benefit.
Here at Bankruptcy Canada, we can work with you to determine which fast finance options will be best for you.
Each of these financial products will apply best to different situations, making it well worth assessing your own finances before you take the plunge.
- Debt Consolidation Loans: Loans like this are designed to be able to cover a lot of debt, giving you far longer to pay back the money you owe than through payday loans. In most cases, the interest rates that come with loans like this will be much lower than those that come with payday loans.
- Debt Management Programs: Debt management programs enable you to come to an agreement with your creditors, making it much easier to pay back the money you owe without having to take out additional loans.
- Taking It Further: People often find themselves stuck unable to pay their debts while also being unable to get another loan. Submitting a consumer proposal or filing for bankruptcy can give you the chance to take the time to assess your finances and get back on your feet without being pressured by lawsuits or harassing phone calls.
Each of the options above is ideal for those who are already struggling with debt.
If you are borrowing for the first time, it often doesn’t make sense to choose payday loans.
You will still struggle to pay them back and may find yourself in need of financial support before too long.
Recovering From Payday Loan Debt
Recovering from payday loan debt can be a long and difficult road, and many people struggle to achieve their dreams of financial freedom when they are trapped by debt like this.
Here at Bankruptcy Canada, we can help you to fix your finances, giving you the best options to make your finances stress-free.
A big part of this will involve working with you to create a solid budget and saving plan.
You will need to limit your day to day spending, while also making sure that you’re saving as much as you can each month.
Our dedicated team has a lot of experience when it comes to making budgets that work, and we know how to balance the challenges that come with a job like this.
Getting Help From Bankruptcy Canada
We encourage anyone who is struggling with payday loan debt to get in touch with our friendly team of financial experts.
Lines are open 24/7, and you can call 1-877-879-4770 today to get confidential and obligation-free advice.
We work tirelessly to give our clients the best possible experience and are confident that we’ll be able to solve your financial problems in no time at all.
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?