As the capital of Prince Edward Island, Charlottetown is a center of commerce and business. As a city filled with individuals in every part of life, it isn’t a shock that there are several payday loan institutions around the area. If your car broke down or your washing machine is on the fritz, these loans probably seem like the perfect solution. In fact, payday loans are one of the most commonly applied for in Charlottetown. A payday loan is likely the first solution to come to mind. As payday loans in Charlottetown are usually for a relatively small amount of money, the approval process is relatively simple. But these loans aren’t as safe as you might assume. Payday loans usually come with a payment period of about two weeks. However, the short term nature of payday loans means that providers in Charlottetown have to use the rates to make profit on the loan.
The payday loan’s ‘renewals’ system and inflated interest rates allow the institution to make a fair profit out of the deal. Because of the system payday lenders use, the borrower can quickly find themselves in deep debt. Unfortunately, a payday loan in Charlottetown isn’t as perfect a solution as it seems. But the expanding financial market means that there are new and better options available online. If you’re looking for a small loan in Charlottetown, an online loan with a simple application and easy approval is a perfect option. Unlike traditional loans, online loans offer approval and access to funds in a matter of hours, making them far more convenient. Smarter Loans offers a comprehensive list of great loan providers in Charlottetown that are better than payday loans. Take a look at the available options below, and see what’s currently on offer. You can apply for a loan from the lender’s profile page, or fill out an application to find the best lender right here on Smarter Loans.