According to common and widespread belief, the demand for short-term and small-sum credit led to the advent of the payday loan industry in Canada somewhere in the 1990s. In 2004, it was estimated that the number of payday loan stores in Canada was nearly 1200. Since then, the industry has seen rapid growth and annual revenues of the industry have reached the staggering sum of $1 billion. In simple terms, a payday loan can be defined as a cash advance loan. As it is a small amount, it is usually taken out for covering emergencies. Most of the time, individuals decide to take out a payday loan because they wish to avoid bad reports on their credit history or late fee.
When individuals decide to obtain payday loans across Canada, they wish to ensure that they are able to secure the best possible option for their needs. There are several tips that can be used for finding the right payday loan company for your emergency and they are mentioned here:
1- In order to find the best deal, people should get in touch with several lenders and request them for an interest quote. There is considerable variation in the interest rate charged by different lenders and you want to get the lowest possible interest. The quotes can be compared for making the right choice for your payday loan.
2- It is essential for individuals to keep in mind that interest cost isn’t the only important factor they need to consider. Apart from interest, the payday loans also involve fee that’s charged by the lender. Don’t forget to ask the lender about the fee that will be charged and make comparisons accordingly for eliminating some options.
3- Information about re-payment terms also has to be obtained. You need to find out when the loan will be due. A penalty fee should never be charged if you decide to pay off your payday loan in advance. If there are any pre-payment penalties, it is best to go to another lender for obtaining your loan.
4- Comparison of customer service is also of the utmost importance. While interest rate and fee are the most crucial factors, customer service also holds a lot of significance for individuals. No one wants to do business with a company that doesn’t give its customers any priority as this can lead to problems in the future.
5– Before you sign on the line for obtaining a payday loan anywhere in Canada, it is best to check the reputation of the company or service with the Better Business Bureau. You can contact BBB to ask if there have been any customer complaints about the firm and this can also help you in rooting out dangerous and risky options.
There are numerous sources you can use for locating the popular and highly recommended payday loans services in Canada. The internet is the best source available and can also be used for finding information about the background of the service, along with their popularity.