How to Get St. Paul Payday Loan Debt Relief
According to the Canadian Payday Loan Association, nearly 2 million Canadians rely on payday loans each year.
After all, they paint themselves as the perfect path out of debt.
They’re certainly a fast and convenient financial solution.
The trouble is that, while laws cap annual interest rates here at 60%, a loan of this nature at just $300 for fourteen days can lead to borrower costs as high as $63.
This, compared with the $5.81 available from other lending outlets.
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Sadly, this is a fact 57% of borrowers are unaware of, leading to escalating debts, and even further loans to cover the burden.
This is terrible news for anyone’s finances, and it’s why we offer St. Paul payday loans help that can finally break the cycle.
Whether you need advice or action taken on your behalf, our team is on hand to make it happen today.
Uncovering why payday loans are such bad news
As touched on above, high-interest rates are the most pressing reasons payday loans spell trouble.
While it’s convenient to borrow small sums of money with fast turnovers, clients most often find that investing here means letting themselves in for debt they don’t expect.
What’s more, one payday loan is rarely enough to cover costs.
To prove this point, we need only return to that same Canadian Payday Loan Association survey.
Here, 45% of respondents claimed that they turned to payday loans to cover essential, unexpected expenses.
70% then used their next paycheck to clear that debt.
Further unexpected expenses then lead to more need for payday relief.
And, so on.
What’s more, only 8% of those seeking payday relief of this nature reported taking any financial advice on the matter, a fact that can easily lead to –
- Low credit ratings;
- Higher than average interest agreements;
- The accumulation of multiple debts;
- Escalating payments that can easily feel overwhelming.
Why St. Paul residents should seek help breaking the cycle
This is a worrying cycle, and it’s one that our trusted team has been helping St. Paul residents to break for over 20 years.
In reality, turning away from payday loans for good is fantastic financial news for many reasons, the most notable of which are –
- The ability to get debt under control;
- An understanding of what payday loans were costing you;
- A chance to finally budget finances;
- An immediate + for your credit rating;
- Payments in one place;
- The option to wipe your financial slate clean.
Trust that you have options
We work with the best bankruptcy and insolvency trustees in the St. Paul area and beyond, any of which can help you see that payday loans are far from your only option for payment relief.
Whether your finances are on the brink of bankruptcy or not, our team has helped over 200,000 Canadians find the best path through debt.
And, they could do the same for you without a payday loan insight.
Rather, our experts will lead you towards manageable payment options that don’t escalate or bring such stringent interest rates, including –
Even better, you can enjoy these benefits and others with a free, no-obligation phone call with our trustees in St. Paul and beyond.
Without putting any pressure on you (unlike those pesky payday lenders), they’ll talk you through each of these options, and ensure that they guide you to a more sustainable financial path moving forward.
St. Paul residents shouldn’t hesitate to contact Bankruptcy Canada
Since 1999, we’ve proudly flown the flag for debt management and more throughout Canada.
In the twenty-plus years that have passed since then, we’ve opened 430 trustee offices across the country, St. Paul included, and have helped 200,000 Canadians break bad debt habits.
By contacting us today or browsing our online resources to find a St. Paul trustee that suits, you can finally join them and push payday loans to the side at last.
Forget falling foul each month; our solutions focus on the long-term so that you don’t have to.
One thing’s for sure; after working with our team, you’ll finally be able to consider your financial future rather than worrying about excessive repayments for now.
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?