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The concept of a payday loan is simple: borrow some money for a short period, usually less than two weeks, and pay it off when you pay it. The lender charges a fee related to the amount borrowed, often up to $ 20 per $ 100 loaned. Since the credit check is superficial or non-existent, payday loans are very appealing to individuals with low income or bad credit history. Easy credit replaces credit offered by recognized institutions, which are more rigorous. This credit looks like a cheap loan, but this delusion amplifies the danger.

Regarding the car that is in the garage, the loan of $ 75 is well and truly paid off at the end of the week, but, it will run out even more money the following week, the costs related to the loan have eaten up the budget, and we must therefore borrow more because the financial hole is now bigger. A few weeks later, there is no more money. The hole has become an ostrich nest, and you are trapped by the lender so you can shop for groceries.

Unfortunately, situations like these are all too common. Some people don't know a better solution and get lured in by promises of quick approval, small instalments, and quick disbursement of borrowed funds. Some lenders, less scrupulous, are well aware of their financial product's effect and are very happy to reap profits at the expense of financially vulnerable people.

Watch out for quick micro-loans

In some jurisdictions, offering payday loans is prohibited. Some companies prohibit this by offering short-term loans, which must be paid off in less than six months. These loans often contain hidden fees. The costs, which cannot be paid directly, will be financed from the amount borrowed.

Without being tinted as negatively as a payday loan, small, short term loans have the same effect on a person's budget and come with the same illusions of speed and ease.

Not even as a last resort

So my suggestion is obvious: Avoid payday loans or other small, short-term loans. The bordering on illegal interest rates, the numerous and high fees offer the perfect cocktail of financial distress. By giving the illusion of a solution, these loans are designed to tie up an individual's future income and make him completely dependent on the lender. Several appeals to the consumer protection office have been taken, and unscrupulous lenders' denunciations are increasing across the country.

Some regulations have been strengthened: mandatory disclosures cost limits. The rules vary from province to province, but the fees do not go down. The number of people who have used payday loans or small loans has to resort to consumer proposal or bankruptcy.

One option for payday loans is the consolidation loan from a credit union or bank. The rates and monthly payments will be reasonable and sustainable, and allow you to reduce your debt while living with dignity. A carefully managed budget and a savings plan are essential tools to avoid financial difficulties and deal with the unexpected.