As Nunavut’s biggest city, Iqaluit is a great place to start looking at payday loans. Payday loans are incredibly common in Iqaluit because the city is home to people from every place in life. Your furnace isn’t heating; your car broke down? A payday loan was probably your first thought. Getting approved for an Iqaluit payday loan doesn’t usually take much, as the loans tend to be for relatively small amounts. But payday loans aren’t as attractive a solution as they seem. Most payday loans in Iqaluit have an incredibly short term of payment, roughly two weeks—until the next paycheque. But the short payment period attached to a payday loan means that the provider must find a way to make a profit. Every payday loan in Iqaluit comes with a high interest rate, and uses ‘renewals’ to extend the loan if it cannot be paid back on time.
If these loans aren’t paid off quickly, a payday loan can quickly put you into a vicious debt cycle. As you can see, a payday loan isn’t as great a solution to short term money problems as it seems. As the financial market grows, there are better loan options becoming available in Nunavut. For example, online loans offer fast approval and access to funds in a matter of hours. An online loan is quickly becoming the most convenient and common solution to finding a great loan in Iqaluit. At Smarter Loans we know that you’re looking to find the right lender without searching through an endless list. We offer a comprehensive database of firms in Iqaluit, and what they are currently offering. Take a look at the table below and apply from their profile page, or fill out an application here on Smarter Loans and let us help you find the best lender for your situation.