According to statistics, millions of people have credit cards. The fact is that most people do not have credit cards for any number of reasons. Financial shortfalls can cause panic for those who do not know that payday loans in Toronto offer some definite advantages over credit cards. Too many credit card carriers are saddled with large amounts of debt that drain the household budget each month. A single unexpected need should not be carried for months into the future. Toronto payday loans provide a better solution for those who want to pay the bill, repay the loan and be free once again.
• Short-term solution – Payday loans offer any amount up to $1,500 for a term that lasts less than one month. The entire loan amount is repaid when the lender draws the funds out of the checking account on the next payday. Interest and principal are repaid within 30 days, and the debt is eliminated.
• Fast approval – Credit card companies require extensive credit checks to determine the borrower’s ability to repay thousands of dollars. Payday loans in Toronto require proof of employment and a valid checking account. A credit check is never performed for a payday loan. Most lenders will approve a payday loan within one business day. For those with an immediate need, the payday loan can provide the best solution.
• Reduced temptation – Revolving credit card debt is too easy to justify in the minds of many people. Partial payments of an outstanding credit card balance hide the overspending that occurs each month. Toronto loans must be repaid according to the terms from the lender. The money is used for the designated purpose and repaid within 30 days. Careful planning is required to repay the entire balance in that short time frame.
• Closed process – A lender will accept the online application for Toronto payday loans based on certain criteria. Upon approval, the loan amount is transferred to the borrower’s checking account. On the next payday, the same lender will draw the funds out of the borrower’s checking account. Once the loan is repaid, the entire loan process is complete. The borrower does not have an outstanding debt.
Payday loans in Toronto are for those people with a rare need that cannot be met through any other avenue. Financial discipline is required to manage Toronto loans without undue strain on the household budget. Periodic use of payday loans for unexpected needs is easier to manage than having outstanding credit card balances that require monthly payments.