Strong Loonie Still Calls for Payday Loans for Unplanned Expenses

The near parity the Canadian dollar has with the American dollar is good in many respects (less haggling with merchants and currency exchanges if you cross the border, for example). But it has cut into the Canadian economy in terms of exports, which is already hurting from the weakened American economy. Fewer Americans are buying, meaning Canadian goods made here have to be cut back – leading to Canadian economic woes and layoffs.

If your household is shorter on funds than before, take heart. You’re hardly alone. So if from one month to the next you find yourself short on loonies, do what millions of other Canadians do if they still have jobs: they borrow a short-term loan in the form of a payday loan.

Payday loans – for people who said they’d never get one
The increase in use of paycheck cash advances is not due to simply the economy. Technology, particularly Internet innovations, has a lot do to with it.

Consider some of the reasons people are using payday cash advances more than ever:

• Payday loans applications on the Web – Forget standing in line at a store to get a paycheck cash advance. Now you can borrow up to $1,500 through an online lender.^† The application takes about 5 minutes to complete.
• Speedy payday loans solve money problems faster – You can get the money wired into your account at no extra charge on the same day you apply if that application is made at or before 1 PM ET.^‡
• Payday loans available where other credit may not be – The key requirement in a payday loan is that you have a job. Your past credit rating is not as important; in fact, many who have been rejected for credit cards can get a paycheck loan. Payday loans are available only in Alberta, British Columbia and Ontario.

This may not be the economic solution for all time. But it’s a good make-do in the short run, helping you avoid suffering from bank overdrafts and unpaid bills.

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