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Tag: British Columbia

5 Tips To Use Payday Loans

Don’t you think it’s a surprising question; how to stop using payday loans? We know it brings an instant solution in case of emergency when we need cash in hurry and we know it can’t be compare with the other loans in relation to its unique nature of being a quick cash loan. Above question clearly indicates that borrower has been taken payday loan for more than one time and may also have tried it to extend the same for the next paycheck and didn’t follow the right way to utilize the loan and service that resulted in to a bad experience, although payday loan brings an excellent solution and good experience to all those people who understand it and don’t forget; why borrowers use payday loans? As payday Loans are short term loans to cover your unexpected day to day life’s need and just for emergencies that you should pay on time on your next payday at once without taking further extensions. The right question that consumers should be put forward as; how to use payday loans? That helps them in going through their sudden financial need without making payday loans a big financial mess for them. It require you to follow other happy customers great tips on how to utilize and use payday loans to your advantage!

Majority of the salaried class literally living from one paycheck to another; these are the people that payday lenders consider their clients that can borrow cash against the guarantee of their next payday. Unexpected problems that require quick cash is a part of life, there are many of people who generally experience such a cash shortage once, twice and, or again and again some times, credit payments being late, medical bills being overdue, utilities being over used or car being turned down. Immediate need of funds is a big problem, payday loans often helpful in providing cash to such kind of serious problems that require a quick solution.

Why borrowers use payday loans? Many of the people now have become well aware of the payday loans and these people know how to use it in their favor but there are so many more people, either they don’t know about it or have used it in a wrong way and need advice to stay out of payday loans pitfalls.

Below are some of important tips on how to use payday loans to your advantage? These 5 tips to use payday loans will definitely reduce number of unsatisfied borrowers from asking such kind of indirect complaining questions as; how to stop using payday loans? You should carefully consider brand name and reputation of the payday loan company or payday lenders before initiating the loan process:

  1. Payday loans are just for emergencies, you should always consider applying your payday loan when there is no other option to obtain the cash you need. Don’t take it for unnecessary things or incidentals like vacations or expensive jewelry or clothes. Always take it for your necessities like medicine, groceries, utilities, car repairs, etc.
  2. Payday lenders must be licensed by Ministry of Consumer Services in your residing province and territory (Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Northwest Territory, Nova Scotia, Ontario, Nunavut, Prince Edward Island, Saskatchewan and Yukon Territory). The license certificate number must be printed on the website offering payday loans Canada and if you are visiting physically to apply your payday loan then it should be displayed in the store. Never borrow from unlicensed payday lenders.
  3. Payday loans is an expensive loan, you should always consider the amount that you can easily payoff at your next paycheck. Remember your payment includes; your borrowed money plus payday loan charges, although payday loans are already set at maximum cost of borrowing amount by the government of Canada under Criminal Code Of Canada at Provinces and Territories level, like in Ontario maximum cost of borrowing is controlled at $21 for every $100 borrowed. It means person applying for payday loans Ontario Canada will have to pay maximum charges of $63 per $300 borrowed. You are strongly advised to check and calculate your net payable amount according to your province and territory in which you are applying your loan.
  4. Repay your loan in full during your next payday. Don’t try to take another loan or think to take an option of payday loans refinancing, generally it’s not possible with the payday loans and if any lender accepts your request then you have to pay extra in form of penalties, additional fees and interest. Just remember payday lenders can’t give you another loan until the initiated payday loan has been fully paid off.
  5. Before signing your payday loan application, you should first read and understand the entire contract; loan agreement. Don’t forget to read the fine print and ask questions if there is anything you want to clear or find out before signing the contract. Beside also ask the lender about the loan cancellation process, it will help you in giving time to rethink your decision.

These are generally accepted and used great tips that not even in Canada but works anywhere in the world where payday loan industry is extending its credit facility, either you are taking payday loans in the United Kingdom, payday loans in the United States or Australia, you will definitely utilize it in getting benefits for you without any bad experience. We hope these 5 tips to use payday loans will work for all those people who pay too much weight and excitement on taking payday loans and take it lightly on an issue of paying it back, either these consumers spend their expensive money on the useless things and, or don’t calculate their savings to understand their affordable payments from their next paychecks. Think twice on an important but very simply question before applying one for you; why borrowers use payday loans?


Ontario Payday Loans Act, 2008 Enforcement Action

The Criminal Code of Canada was amended in 2006 that allow provinces to regulate the payday loan industry, since then three provinces; Ontario, British Columbia and Saskatchewan have legislations to deal with payday loan restrictions. Cost of payday loans capped, and any rate of interest charged above 60% per annum considered criminal. After more than two years of provincial effort Ontario payday loans Act was passed in 2008 to provide better consumer protection for users of payday loan services.

Enforcement Action Scenario

Consumer protection concerns about payday loans have been in the CBC News of Feb 5, 2013 in which Ontario government is attempting to revoke the license of one of the country’s biggest Edmonton-based cash advance stores, The Cash Store to operate in the province due to violations of the Act.

Ontario Canada enacted the Payday Loans Act, 2008 to limit the fees charged on loans in the province. Ontario Payday Loans Act, 2008 provides additional protection for users of payday loan services, as a borrower you have number of rights and protections under a payday loan agreement.

The Ontario Payday Loans Act, 2008:

  • Requires payday lenders and payday loan brokers to be licensed by the Ministry of Consumer Services and comply with the provisions of the Ontario Payday Loans Act, 2008.
  • Prohibits certain industry practices, including “rollover” loans
  • Gives payday loan brokers a two-day “cooling off” period to cancel a loan with no reason without incurring a penalty.
  • Maximum total cost of borrowing cap for payday loan agreements in Ontario is set on $21 per $100 borrowed.

Ontario Ministry of Consumer Services clearly indicates all the points that protect consumers taking payday loans in Ontario, before taking out a payday loan; you should know your consumer rights:

  • As a borrower, you cannot be charged more than $21 for each $100 you borrow. This is called the maximum cost of borrowing.
  • All fees charged when obtaining a payday loan are included in the maximum cost of borrowing. Fees cannot increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You are entitled to receive the full amount of your loan without deductions for any fees or other charges.
  • You are entitled to access the payday loan in cash immediately upon entering into a payday loan agreement. The payday loan lender may offer to provide your loan to you by cheque or debit card. However, they cannot charge you additional fees to do this if the fees increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You have two business days to change your mind and cancel the payday agreement without a penalty.
  • You cannot get a second payday loan from the same payday lender until you pay off the first loan in full.
  • The lender cannot offer you other goods or services (on their own behalf or on behalf of another person), such as insurance, in connection with your payday loan agreement.

Demand of payday loan in Ontario Canada is higher in accordance with the other Canadian provinces and territories so do there are number of stores operating in Ontario are also high. Thats the reason enforcement of payday lending rules can make a big difference with such kind of news action. According to the Government officials it’s a “major consumer protection enforcement action” on what they will release more information. These kinds of news will not even bring good result in achieving best practice while controlling Ontario payday loan rates but it will help in other provinces and territories to discourage such predatory payday lending companies that are charging exorbitant interest rates or hidden fees when lending money to the moderate, limited and low income class of working individuals.


Best Time For Home Buyers and Mortgage Loan Seekers For The Life Time Investment Opportunity in Canada

Home ownership is a mother of all dreams which leads other wishes to line up in a row to follow behind, it give your life more success and enjoyable if it holds a criteria according to your need and affordability. Yes, most of the people think its really hard to get the home first because its a big investment, then why they forget about the rental payments which those people are paying off without any advantage but creating their life time investment into a life time liability. You can become a homeowner, if you exchange your payment head from rental to installment in a same payment amount or adding up some dollars to afford, according to your home requirement by taking home mortgage loan.

Home prices are low and still falling down in Canada!
Is it a myth to believe? Yes, this is right at the moment but it doesn’t mean that it will continue drop, reason being it didn’t increase according to the prediction pattern of the Canadian Real Estate Association (CREA) whose record shown resale prices rose by an average of 11% in the year 2006 and 2007 which was just increased to overall third part of a one percent in the year 2008. The average resale price of residential properties sold through out year 2008, were seen considerable drop in Canadian provinces like Ontario, Alberta, British Columbia and Quebec. Ontario recorded the biggest drop of 10% in relation to the Quebec, which only dropped to 0.1%. While newly built home prices according to the new housing price index (NHPI) still at the lower prediction level because of the elastic behavior of real estate market. Beside interest rates set by the Bank of Canada for the mortgage loans is still at moderate level in today’s global economic difficult environment. This means that investment in property is equally suitable for buyers either on cash or credit.

According to the OECD, the second half of 2009 expects Canadian economic recovery. This projection lets you take an opportunity to take some decision that brings short-term returns while discounting your long-term investment. Benefits could be spread to lot of people with different group as bellow:

  • Real Estate Resellers – Having a stock in hand in relation to frozen money is favorable specially when we know prices will be expected to go up at its reasonable level from its under valued position. Why not purchase a property to resell it and you know what happens usually when ice melts, anyhow decision is yours either you go to purchase an old or newly build house.
  • Mortgage Companies and Banks – I know every time when some rates and policy changes you have to do plenty of home work, like numerical formula setting, calculation and training with the variety of publishing, advertising, designing and printing efforts, this is normally we do with every change you know. But at the moment you could be benefited your self by getting more people to serve in relatively less capital for less installment payments to make more future sales and reviews by getting more people to pursue.
  • Home Mortgage Loan Seekers – Don’t wait for the snow to melt, because that time every one will be out there looking for the stuff they want. This is an ideal time to meet lot of people without taking difficult and less time appointment and if you find a home of your choice at reduced rate, you will save plenty of dollars at the end of the deal in reduced installments you could be better afford to pay.

Prices are low this means we don’t have any buyer in Canada? In light of principles of economics this myth seems to be right, but Canada doesn’t restrict any non-Canadian to get a property in Canada too. Even last year when US sub prime mortgage industry collapse there is a considerable shift in the real estate investment seen from USA into the Canadian real estate market, but that time nobody said that the prices gone high. This doesn’t mean that above myth went wrong but if prices stay at moderate level only because of our stronger housing and financial market fundamentals in Canada, in which best role goes towards our financial and banking system, and Bank of Canada that uses its resources and reserves to adjust it. Moreover, having strong economic policy and reserves for any country doesn’t stop us to perceive from the outer world, physical and psychological changes beside fiscal do affect our environment and decision. We wish our largest trading partner USA come up from its economic turmoil because its not that our mutual benefits depend on each other but US financial meltdown spread caused global economy at stake, you do know most of the world depend on it.


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