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Vancouver Payday Loans

Updated on May 17, 2010

Payday Loans in Vancouver

A payday loan can be an absolute life saver or it can be the worst thing that ever happens to you. If you are short of cash and need money quickly Vancouver payday loan companies can really help you out. The problem is that most people who take out payday loans get caught in a cycle of needing to continuously take out loans. If you are in financial difficulty there are plenty of places to get a payday loan in Vancouver, but you need to be careful.

A payday loan is fairly straightforward you will go in and they will normally ask to see your last pay stub and a current bank statement. In most cases you will then be approved for a loan of up to have of your take home pay. You will then be required to leave cheque that is dated for your next payday, you can either repay the loan before your next payday or they will cash the check. Some Vancouver payday loan companies have other requirements to qualify such as that you need to have worked for your current employer for at least three months, or that you have a home phone. Some will even call your employer to verify your employment, if you are uncomfortable with this there are plenty of other places to get a payday loan in Vancouver.

The problem with payday loans is that they come with very high interest rates and even worse they get you with a high check cashing fee. The government limits the amount of interest that Vancouver payday loan companies can charge, and they all charge the maximum that they can. However they get around this be charging a fee to cash your check when the loan comes due. They can do this by claiming that you have the right to pay off the loan before the due date and avoid having to pay the check cashing fee. In theory this is true, in practice, if you could pay off the loan before your next payday you would have no reason to take a payday loan in the first place. Since few people pay off their loan before the due date the payday loan companies make a lot more money.

The other problem with payday loans is that they tend to get people stuck in a cycle of constantly needing them. Once you pay off your loan with all of the interest and fees involved it will likely take well over half of your paycheck. This means you will likely run short of money again before your next payday. This of course means you will likely need to take another loan. Once you get caught in this cycle it is difficult to get out of it, so you need to be very careful before you take out a payday loan.

If you are stuck for cash payday day loans can really help you out, they are convenient and easy to find, there seems to be a Vancouver payday loan company on every corner. If you are considering a payday loan it is important to understand what you are getting into and the risks involved.

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