Last year, everything bad that could possibly happen to a person happened to me in one week. My car brakes gave out, a tire exploded while I was driving on the freeway, and two of my teeth cracked. Now, I have a job that pays well and I've saved a few bucks here and there. However, there's just no way I can get new brakes, new tires, and new teeth all in a week! What I needed was to spread out the payments for the three major catastrophes over time, so I won't go bust paying them off. But neither the mechanic nor the dentist would give me a break.
What's the cash-strapped to do?
I turned to payday loans!
Desperate for Dollars
In the beginning, I didn't want to take out a Canadian payday loan because I'd heard it was the quickest way to get into financial trouble. However, I found out soon enough that when used correctly, pay day loans can be the ultimate solution to financial emergencies. True, the interest rate was much higher than that of my credit card's, but I didn't - and still don't - have a credit card with that high of a limit. In other words, the payday loans Toronto lenders provide was the only way out of my predicament!
Finding the Best Lenders
So, how do you go about finding the best pay day loan lenders in the business? It's easy - use the Community Financial Services Association as your starting point. The CFSA is a group that represents the industry. It has established industry practices that all its members must comply with. What this means is that it exercises control and some form of regulation over its members. The CFSA is a good starting point in your search for the best pay day loans because it compiles a list of companies and rates that are the most competitive in the industry.
State Regulations Work to Your Advantage
Now, you may ask, "If pay day loans are so helpful, why are they getting so much flak for burying people in debt?"
Online cash advances earned a bad reputation a few years back because of the sharks who took advantage of borrowers in dire need. They offered borrowing arrangements to people who couldn't realistically pay them back. Once these people defaulted on their payments, the sharks then hit them with huge interest rates and fees, making it almost completely impossible for them to ever repay the loan.
Fortunately, things have changed. States now regulate the industry in different ways, forcing companies to operate in a safe and ethical manner. There's the disclosure requirement, for example, which requires lenders to disclose their fees and interest rates. In Ohio, recent legislation set the maximum limit of charges at 28% APR.
The next time you find yourself needing money for an emergency, try taking out pay day loans. Look for the most competitive rates so you don't end up getting hit with onerous fees.