British Columbia is one of the best places to raise your family or start over a new leaf as it boasts of low crime rates and a thriving healthcare system. It also offers good wages and excellent career opportunities, making the city ideal for people looking to further their careers.
However, to live comfortably in British Columbia by yourself, you need to earn at least $1,841 per month. If you’re a family of four, your monthly income should be $4,275 per month or more. These figures correspond to the current average cost of living in the city.
If you’re currently earning at least $15.65 per hour in your full-time job, this totals at least $2,504 per month. This sounds good if you’re living alone. However, it’s not enough if you have a bigger family. This is precisely why saving for the rainy days still seems challenging for British Columbians.
Payday Loans Can Save the Day
If you run short of money, you can’t always borrow from friends or family. Even if those close to you can lend you cash, it might not be available right away. So your best bet is to secure payday loans in BC if you live anywhere in British Columbia, like Vancouver or Surrey.
As its name suggests, quick cash from payday loans can be available within the day of your application. With this type of loan, you can get as low as $100 or as high as $1,500. If you need a higher amount than that, installment loans allow you to borrow as much as $15,000.
One of the main reasons people find quick loans convenient is their easy application process. Unlike loans from banks and other financial institutions, they won’t require you to submit voluminous proof of capacity to pay.
They will sign off your application as long as you can confirm that you have a steady income to pay what you owe. Since lenders offering payday loans rely on an automated system, they provide loan approvals quickly. They will only contact you through email or phone if they need additional information to support your requirements.
What turns people off about more prominent lending institutions are hidden charges that shock them upon loan disbursement or repayment. Some impose a hefty amount for administration or processing fees, which results in borrowers getting lower net loan proceeds.
To add insult to injury, you may have to pay a larger amount in interest when the loan is due. Many borrowers often find this unconscionable. While they might have signed an agreement, it can be a contract of adhesion. Because you need the money, you have no choice but to agree to the provisions, most of which are usually in the fine print.
On the other hand, payday loans may be exempt from the Canadian usury law, but most reputable companies don’t charge as high as 60% interest. Instead, they impose charges as low as $15 to $19 for every $100 a person borrows. They are clear about their fees and interest rates, making them helpful to people needing fast cash for emergencies.
Choose Payday Loans When You Need Emergency Cash
Payday loans can be the answer if you run out of cash and seek the quickest and easiest way to get your hands on some money. Lenders can approve your loan within 24 hours, and you can access the funds as soon as an hour after. Indeed, they can help you in times of need without furthering your agony and burdening you with complex requirements.