Payday loans are fairly simple to understand—they are essentially what they sound like, a loan to cover extra costs until your payday. These loans are incredibly short term, usually to be paid in less than two weeks or when you receive your next paycheque. If your car breaks down or your furnace is on the fritz, a payday loan is a great way to get your hands on a little extra cash to get you through to the next paycheque. Though these loans are incredibly common, it’s important to be cautious when looking into a payday loan in Mississauga. Interest rates are very high and they can add up quickly if you aren’t careful.
Payday loans in Mississauga have the highest interest rate because of their short term nature, and often offer ‘renewals’ that will allow you to take some more time to pay off the loan, but the high interest rates that can force the borrower into a vicious circle that will drain your finances. If you’re looking for a payday loan in Mississauga, an alternative lender is most likely the best route for you. Even if your credit score isn’t the best, there are institutions online that can help. If you’re looking to apply, you can do so right here on Smarter Loans or browse our database of top loan providers in Mississauga in the chart below.