By reviewing the chart below, you can ensure that you’re always getting the best loan rate possible.
Maintain Good Credit Habits
Responsible borrowing involves maintaining good credit practices. Make timely payments on your payday loans and other debts to build a positive credit history in Canada. Good credit habits can improve your chances of qualifying for better financial products in the future.
Avoid Rollovers and Extensions
Many payday loans offer the option to roll over or extend your loan if you can’t pay on time. While tempting, rollovers often come with additional fees and interest, increasing the total amount owed. If you find yourself unable to repay the loan on time, contact your lender to discuss possible solutions or extend the repayment plan without unnecessary costs.
Seek Financial Counseling if Needed
If you find yourself repeatedly relying on payday loans, consider consulting a financial advisor or credit counseling service. Many non-profit organizations in Canada offer free or low-cost assistance to help you manage debt and develop a sustainable financial plan.