Payday loans can be a lifesaver when you have a sudden emergency and need a cash advance fast, but there can be a serious downside to this type of borrowing if you are not careful about who you borrow money from. The danger comes from excessive penalties that are charged on late payments by some of the less scrupulous payday lenders.Payday loans are quite different to any other type of borrowing. They are a way of accessing extra cash extremely quickly and usually without any kind of credit check. The reason credit checks are not necessary is that payday loans are always for very short periods of time and for relatively small amounts of money. Provided you can demonstrate that you have a job and a bank account, the lender can be pretty sure of getting their money back.The cost of a payday loan is usually a fixed amount, which will vary with the size of the loan. This charge in itself is perhaps not unreasonable for the service provided, but it is only appropriate as a one-off fee over that short time period. If you were to work out what that charge represented as an annual percentage rate (APR), you would see that it then became astronomical, perhaps a hundred times higher than a typical personal loan. This is because that charge is not meant to be applied over a period of time like the interest on a personal loan would be.If you don’t pay a payday loan back on the due date, you are leaving it open for the lender to apply extra interest or penalty charges. It has to be said that this is what happens all too frequently, and this is where many payday lenders really make their money, and is what they hope for and depend on. Once this process starts, the extra charges can very quickly amount to more than the original amount you borrowed. This leads to a cycle that is impossible to break out of, because the debt is for more that you are ever going to have spare in any month.It must be said that there are still plenty of responsible lenders that have fair and reasonable systems, so if you don’t pay a payday loan back when you are meant to, you can extend the period of borrowing without ridiculous charges. The important thing is to check this kind of information before entering into a loan agreement with a company. Many people focus too much on who can give the money the fastest at the expense of who is the fairest lender who will be reasonable if you are unable to stick to your original agreement.If you don’t pay a payday loan back and you do find yourself in a situation where you have mounting debts from extra charges, there are some important things to bear in mind with regard to how you get out of that situation. First and foremost, do not take out any more payday loans. They are strictly for covering exceptional expenditure, which can be paid back the following month. They are never, ever a suitable way to deal with a debt problem or ongoing shortage of cash.As debts mount up extremely quickly with payday loans, you need to seek help quickly. Once you know you have a problem that you cannot see a way out of, do not delay in taking action. A debt management company will be a good place to start and you can apply quickly and easily online. What happens next is that they will contact you to go through your finances and advise you on your best course of action.You can avoid the nightmare of a payday loan debt cycle by choosing your lender carefully in the first place. You should avoid any bad situations if you stick to well established and reputable companies that have a long record of successful business, and lots of satisfied customers who have already used them. It is perfectly possible to find lenders who are both responsible and trustworthy as well as having fast and simple application processes.The best approach is to use payday loan companies that are recommended following research and reviews, to come up with a list of a few that you know to be reputable and well established. You then have a few safe ones to apply to in case any reject your application
What Happens If You Don’t Pay a Payday Loan Back on Time – Help and Advice
Kaplan University Online Health Sciences Degree
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Business Loans In Canada: Financing Solutions Via Alternative Finance & Traditional Funding
Business loans and finance for a business just may have gotten good again? The pursuit of credit and funding of cash flow solutions for your business often seems like an eternal challenge, even in the best of times, let alone any industry or economic crisis. Let’s dig in.
Since the 2008 financial crisis there’s been a lot of change in finance options from lenders for corporate loans. Canadian business owners and financial managers have excess from everything from peer-to-peer company loans, varied alternative finance solutions, as well of course as the traditional financing offered by Canadian chartered banks.
Those online business loans referenced above are popular and arose out of the merchant cash advance programs in the United States. Loans are based on a percentage of your annual sales, typically in the 15-20% range. The loans are certainly expensive but are viewed as easy to obtain by many small businesses, including retailers who sell on a cash or credit card basis.
Depending on your firm’s circumstances and your ability to truly understand the different choices available to firms searching for SME COMMERCIAL FINANCE options. Those small to medium sized companies ( the definition of ‘ small business ‘ certainly varies as to what is small – often defined as businesses with less than 500 employees! )
How then do we create our road map for external financing techniques and solutions? A simpler way to look at it is to categorize these different financing options under:
Debt / Loans
Asset Based Financing
Alternative Hybrid type solutions
Many top experts maintain that the alternative financing solutions currently available to your firm, in fact are on par with Canadian chartered bank financing when it comes to a full spectrum of funding. The alternative lender is typically a private commercial finance company with a niche in one of the various asset finance areas
If there is one significant trend that’s ‘ sticking ‘it’s Asset Based Finance. The ability of firms to obtain funding via assets such as accounts receivable, inventory and fixed assets with no major emphasis on balance sheet structure and profits and cash flow ( those three elements drive bank financing approval in no small measure ) is the key to success in ABL ( Asset Based Lending ).
Factoring, aka ‘ Receivable Finance ‘ is the other huge driver in trade finance in Canada. In some cases, it’s the only way for firms to be able to sell and finance clients in other geographies/countries.
The rise of ‘ online finance ‘ also can’t be diminished. Whether it’s accessing ‘ crowdfunding’ or sourcing working capital term loans, the technological pace continues at what seems a feverish pace. One only has to read a business daily such as the Globe & Mail or Financial Post to understand the challenge of small business accessing business capital.
Business owners/financial mgrs often find their company at a ‘ turning point ‘ in their history – that time when financing is needed or opportunities and risks can’t be taken. While putting or getting new equity in the business is often impossible, the reality is that the majority of businesses with SME commercial finance needs aren’t, shall we say, ‘ suited’ to this type of funding and capital raising. Business loan interest rates vary with non-traditional financing but offer more flexibility and ease of access to capital.
We’re also the first to remind clients that they should not forget govt solutions in business capital. Two of the best programs are the GovernmentSmall Business Loan Canada (maximum availability = $ 1,000,000.00) as well as the SR&ED program which allows business owners to recapture R&D capital costs. Sred credits can also be financed once they are filed.
Those latter two finance alternatives are often very well suited to business start up loans. We should not forget that asset finance, often called ‘ ABL ‘ by those Bay Street guys, can even be used as a loan to buy a business.
If you’re looking to get the right balance of liquidity and risk coupled with the flexibility to grow your business seek out and speak to a trusted, credible and experienced Canadian business financing advisor with a track record of business finance success who can assist you with your funding needs.