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Payday Loan

Regularly advertised on the radio, ‘no credit check’ loans can offer you small loans of $750 to $1500 but at a very high interest rate.

How it works

These are often ‘emergency’ loans of $750 to $1500 that you can get in less than 24 hours over the internet. They need to be repaid in 4 to 6 months with interest rates that can be higher than 100% when their various ‘fees’ are included. Typically, these loans do not solve your problems but rather only buys you time, at a very high cost.

This type of loan is now much less popular due to recent changes in the Consumer Protection Act that penalizes companies that grant loans without conducting a proper credit check and assessing the client’s financial capacity. These measures were put into place to protect consumers against this kind of practice, which gets consumers who are already stretched to their limit into even more debt.

Possible solutions

If you’re having financial issues, this kind of debt can be included in a consumer proposal or a bankruptcy, and you will not have to pay the creditor’s excessively high fees. Unfortunately, because of the way this loan is structured, if you opt for a consolidation loan, you will have to pay the full amount of the microcredit, including exorbitant fees.

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