As a busy city filled with individuals from every walk of life, payday loans are common in Yellowknife. If you need quick cash to fix up your car or take care of an unexpected bill, a payday loan is likely the best solution. Getting approved for a payday loan is actually a simple process, as the loans only cover a small amount of money and requires no credit check. But a payday loan is usually not be the perfect solution it seems to be. Most payday loans in Yellowknife have fairly short payment periods—usually about two weeks. A payday loan in Yellowknife usually comes with an extremely high interest rate and because the term is so short, the borrower typically extends the loan beyond the initial payment deadline. This piles up the interest even higher. If these loans aren’t paid off quickly, a payday loan can quickly put the borrower in a vicious cycle of debt.
Unfortunately, it’s evident that payday loans aren’t as perfect as they seem. However, the growing online financial market means that there are other options available to you. Online personal loans in Yellowknife are actually becoming one of the most common alternatives to a traditional loan, and are far easier to apply for. Online loans offer fast approval and access to funds in a few hours. In addition, the interest rates and terms are much better compared to a Yellowknife payday loan. At Smarter Loans we have a comprehensive list of great personal loan providers in Yellowknife, where you can apply online in a matter of minutes. Take a look at the table of lenders below, and see what’s available. You can apply for a loan from their profile pages, or fill out a form here on Smarter Loans, and we’ll help connect you with the best loan provider in Yellowknife.