Canadians like to take payday loans to cover their unexpected expenses but still call it bad. It is because they did not invest their money properly or the rates of these finances are so high. It is a matter of discussion and analysis who are the people who consider payday loans to be bad but still go for it.
Are Payday Loans Seriously Bad?
You must have read reviews of people who say how payday loans have ruined their financial life due to their high rates and other charges.
But this is only one side of the story as there are many people who took payday loans and returned them easily without facing any problems. Payday lenders always give a clear amount of repayment to the applicants so that they can take the loan only if they can afford it.
But there are many people who take money in excess of their capacity and fall into the trap of payday loan cycles.
The above statement does not mean that people do not call payday loans correct. They often describe it as bad or ugly:
High interest and other fees
The main reason people call it bad is the high-interest charges associated with it. Lenders tell high APR borrowers because it is risky (which is understandable) for lenders to offer these unsecured funds. The other charges of these loans like late payment charges etc. are also quite high which makes these loans unattractive to the borrowers.
Payday Loans Are Addictive
Most of the people who fall prey to the vicious cycle are those who become addicted to payday loans. Its easy availability attracts people to these funds to meet their every need, good or bad. Taking these loans without thinking of repayment is the major reason why people have to face dire consequences and blame payday loans badly.
Why are payday loans still the first choice of loan seekers?
Despite all these drawbacks, e-transfer payday loans with instant approval are still preferable by countless people as their first choice in times of emergency. This statement can be proved by its increasing popularity and the fact that millions of people are using it. Some of the main reasons that make payday loans the first choice are as follows:
Ease
These are simple to grab finances that can be availed by the borrowers without any restrictions. Guaranteed payday loans with no credit check in Canada, no collateral, and no faxing are some of the main features that make these funds easy to grab. Loan seekers can access these funds only after showing proof of their good repayment capacity to the lender. This simplicity of these finances makes it a popular and first choice among loan seekers.
Convenient and quick
They are the most convenient & instant e-transfer payday loan 247 option available in the market in Canada. You can reach them round the clock, seven days a week, as per your need. Filling out a short form online or with a physical lender can help you get these finances as quickly as possible, in just a few hours. These are the fastest options to get instant money to meet any unforeseen requirement regardless of anything.
Conclusion
Payday loans in Canada are said to be bad because of their high rates but they will never be bad for responsible borrowers. If you can afford the money as per your capacity, then these are the best short-term loan options available.