Payday loan

We know how difficult it can be to make payments when you have trouble making ends meet between two pay periods. You’re not sure what strategy to take to overcome this ordeal, and you may choose a cash advance from a payday loan provider until you get out of this bad patch. However, do you realize that this loan could cost you more than what you originally borrowed? Indeed, this is the most expensive type of loan.

We know that payday loan repayment can be a stressful experience. You can read the following topics to better understand the payday loan process, the risks it can create and how to pay off your loan without breaking the bank.

What should I know about the costs of the payday loan?

What should I know about the costs of the payday loan?

Although the costs of the payday loan vary according to each company, the following costs are normally always present:
  • Interest charges
  • File opening fees
  • Renewal fees
  • File processing fees
  • Penalty for refund in advance or late
  • Service fees
  • Verification fee
  • Commissions and fees

The estimated interest charges on payday loans are just under 600% each year! Adding all the fees mentioned above, the amount you will have to repay will be much higher than the one you originally borrowed.

In addition, if your payday loan is a considerable amount, the issuing company could extend your loan for a fee. It could also give you a new loan to pay off the old, so-called renewal, which will plunge you into a repayment cycle that will never seem to end.

How can I put an end to the loan repayment cycle?

If you are caught in a payday loan renewal or depend on this loan to survive between two pay periods, you may consider the following options to regain control of your finances:

Keep in mind that neither the Debt Management Program (DMP) nor the Debt Settlement Plan can release you from your payday loan obligations, since these are not debt solutions authorized by the tribunal. Moreover, payday loan companies do not recognize them very rarely.

You can also use the expertise of our financial adjustment advisors, who will evaluate your financial situation free of charge, without obligation. They will help you select the best option that will allow you to pay off your payday loan. You can request to receive a call from us by completing the application form. No matter the nature of your financial problems, we are here to help you.

In addition to the options you can do yourself, our licensed insolvency trustee will offer you other formal debt solutions, such as a debt consolidation loan, a debt management program, a debt management plan debt settlement as well as a consumer proposal. Before even considering bankruptcy, all options will be explored to find the one that best suits your situation.

Alternative Loan for New Business What Benefits?

The Benefits of Alternative Business Loan

The Benefits of Alternative Business Loan

What are the benefits of alternative loan for new business? Every entrepreneur who starts a new business or homeowners who try to keep their businesses for a long time operating, probably at some time or another will need a small business loan.

Despite being called small businesses, these businesses and trades offline and by the way many online businesses require large amounts of money and financial resources to keep their operations running so they can give some financial return and profit to their owners and partners.

The disadvantage of traditional lenders

The disadvantage of traditional lenders

While the usual practice is to go to your local bank to apply for credit or loans, these traditional lenders have some drawbacks that should make small business owners rethink their plans. These institutions typically require potential borrowers to clear several hurdles before they finally make the decision to approve a loan application for new business.

This long-term relationship allied to the process involving evaluating the applicant’s credit history, financial statements, tax returns and financial reports, really are a hindrance. Having to undergo these rigorous processes consumes precious resources of the company like time and money.

Alternative loan for new business

Alternative loan for new business

In today’s business world, the pace is accelerated not only by owners, but also by managers, and every production line simply does not have the time to complete simple tasks that are bureaucratized. Another detail is that many companies operate on worn profit margins, and taking any productive time off of the day can cause lead conversion or the completion of a sale to be compromised.

Time is money, and this means that the company can not lose crucial revenues just to have to face paperwork and paperwork fills that some traditional lenders require to release a loan for new business. To make things even worse, going through this lengthy process does not even guarantee an approval. That is why alternative loan for new business with online lenders are imperative.

Usually online credit platforms approve 38% of the loans requested by small and medium-sized companies, compared to the lower 29% approval rate of large national and private federal banks. This makes alternative access to the necessary financial funds, and much more readily available in this format for small businesses.

What makes alternative lenders different

With an alternative lender, the process of applying for alternative loan for new business done by small and medium businesses, is remarkably simplified and fast, most are done by online registrations or applications, so the approval usually stays around 24 hours . This means that minimal documentation is required with complete, efficient and fast processes. All created to save time and resources to business owners.

Traditional lenders often require business owners to specify exactly what they will do with the loan, and ultimately, these lenders make their final decision not only on the health of the business and the ability to repay the loan but also on the loan. feasibility of the purpose of the resources.

Is Alternative Loan Approval Easy?

Fortunately, alternative online credit companies and platforms allow entrepreneurs the freedom to borrow money for any business purpose, be it to upgrade office technology, increase the visibility of the company or the media, or even pay outstanding taxes.

These differences make it increasingly easier for small businesses with shortages of money to qualify for alternative loan approval.

Despite all the benefits, some homeowners are hesitant to learn about alternative credit modalities because they mistakenly believe interest rates and loan charges will be high or equivalent to the banks they own.

Interest rates on loans

However, several alternative lenders who carry out the loan between people for business, offer single-digit interest rates, not unlike traditional lenders. However, it should be noted that borrowers who are considered more risky by banks may have slightly higher interest rates.

For commercial loans and quick working capital, it is more convenient and trouble-free for small businesses to consider hiring an alternative loan.

How much can you get in alternative loans

The financing of working capital and business loan depends on the lender, small business owners can get loans of up to $ 100,000, $ 200,000 and $ 500,000 without collateral.

The application process for taking the alternative loan for new business is simple by simply accessing the websites or downloading the loan applications and following the steps to apply for the loan as all security and trust.