In Ottawa, payday loans are incredibly common as a short term solution to financial issues. Payday loans are just what they sound like, a loan to help you through until your next payday. The loans are generally set to be paid off by your next paycheque, and work well as a short term financial boost. These loans are common because of their convenience, but the high interest rates that come with these short term loans can create a very unstable financial situation. Whether the car needs fixing or the furnace has broken down, a payday loan’s short term help can seem like the perfect solution. However, if a payday loan in Ottawa isn’t paid off quickly, the lender’s ‘renewals’ and interest rates can seriously hurt your wallet.
Though these loans are common and may seem like the best solution, there are many alternative options worth looking at. Whether the loan is necessary for a short term or to be paid off over time, there are great alternative options out there. If you’re considering a payday loan, our list of alternative lenders will likely have the perfect solution for you, even if your credit score isn’t the best. If you’re looking to get approved quickly, Smarter Loans’ in depth list of reputable online lenders is perfect for finding fast loans that you can apply for online in Ottawa. Find a lender on the list that works best for you, or apply directly from the site!