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Loans for 2 - 12 months.
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There are a number of sources of short-term credit for those needing to cover unforeseen expenses. While payday loans are a popular choice, we recommend exploring the following options to meet your needs.
Believe it or not, credit cards can be a great source of short-term credit. In addition to being able to defer paying the balance by just making the minimum payment, many credit cards actually offer great rates on balance transfers and cash advances. For those who have access to credit through this method, this is actually a great alternative to payday loans!
Credit Unions generally offer very competitive interest rates as they are non-profit institutions that lend out to members with the pool of deposits. Given the absence of a profit incentive, many Credit Unions offer interest rates which are far below payday lenders for comparable loans and are more flexible on repayment dates. Fees are capped and interest cannot exceed 42.6% , which is far less than the maximum for payday lenders. Credit Unions are often more lenient with regards to negotiating the repayment structure or rolling the loan over without excessive fees.
Another great alternative to Payday loans are loans obtained through your bank. These funds can be obtained through unsecured line of credit for those with better credit, instalment loans or even overdrafts. Check if your bank has an authorized overdraft program as the rates and fees paid on these negative balances are often very competitive. Make sure, however, you avoid going above the authorized amount as this can lead to some harsh fees. A line of credit is also an attractive product for those with stronger credit as there is usually no minimum payment and you only pay interest on what is outstanding.
If you don’t qualify for any of the above options we recommend ordering your credit report to check if there are any irregularities. If the cause of your poor credit score is related to an error or something that should no longer be appearing on the report make sure you resolve it with the credit bureau!