For those of you not in Canada, it is a Holiday today (the first long weekend in Ontario since Easter), the financial markets are closed and all banking from the weekend will be post dated to tomorrow.
“Pay Day Loans”. Let’s just natter about that for a second. My understanding of these places is they will “loan” you money until pay day, and you give them a post dated cheque with interest on it for your pay day. In Canada, these places are charging over 20% interest for this “right” (along with set up fees and such), I think LOAN SHARKS are going out of business because of these “legitimate” businesses. Here are some ideas how not to use these companies:
- Plan so you don’t run out of money before your next pay cheque! Fail to plan, plan to fail!
- If an emergency arises, have a secured line of credit or some Legitimate bank resource that you can use. Try not to take advances on your credit cards, as well!
- Borrow from family? Yes, it’s embarrassing, but would you rather pay through your nose?
- Sit tight and ride it out (if you are single, it’s much easier). I remember as a student living on Peanut Butter for a couple of days, it’s not fun, but it can work. Obviously if you are a family of 3, a lot less likely this will work.
Using these places can start a spiral where you need them every pay cheque and then you are in REAL trouble.
Conclusion: I implore you, please do not use these services.
Victoria Days over the years
- For 2016 Happy Victoria Day Enjoy Victoria Day or Journee Des Patriotes the official start of the summer in Canada! Drive carefully!
- In 2014 Happy Victoria Day Looking for a way to celebrate Victoria Day? Explore the benefits of living in Ottawa & enjoy the Rideau Center.
- Happy Victoria Day (and Monday’s Best) for 2012 A fine long weekend here in Canada, so I am treating this Monday like a Sunday and doing a quick recap of the week along with a list of some of my best tweets, enjoy!
- For 2011 Happy Victoria Day For most of Canada today is a holiday, which is called Victoria Day.
- In 2010 Happy Victoria Day was another wonderful day off.
- Happy Victoria Day! When is the best time to discuss pay day loans? The Victoria Day weekend? Maybe, but just don’t use these services; they are bad.
Other Pay-Day Loan Articles
- The Pros and Cons of Using a Payday Loan for Emergencies an article by Hoyes-Michalos. They have seen the impact of these loans.
- Pay Day Loan Mortgages Revisited I think I was kidding here, I hope.
- In Defense of Pay Day Loans? That title is a bit of misdirection as well.
- Pay Day Loans are Crack Cocaine of Personal Finances that title sounds more like it.
- New Pay Day Loan Rules In Place in Ontario in 2007 they didn’t help much.
- When to Use a Payday Loan? Never! title explains it all.
- Payday Loans: No, no, no! You get the point right?
