You must be familiar with the advertisements that are constantly flashed in front of you through various media like televisions channels, radio, internet, email, newspapers, billboards etc. on a regular basis. As you are familiar with the saying €œ”if something sounds too good to be true, it probably is€” you may be keeping away from these emergency loans that are typically given out until your very next payday. In most cases, the duration of these loans can be from two weeks to two months. The lenders of these loans do charge you up to 23% in BC or Saskatchewan, and 21% in Ontario or as charges and interest for each of these loans for every two week period of time. On a yearly basis, this can add up to around 600% APR and can be too much for your liking.

But, these payday loans are a big help for people who are in dire financial straits until they can get rid of the emergency situation that is causing them the ongoing financial problem. Of late, you can easily access these loans from the comfort of your home over the internet. Most firms that provide these loans have their online stores that operate around the clock. If you go to these websites and fill up the necessary application and agree to the terms and conditions, you can get the loan approved in hardly a few minutes of time. In most cases, your credit card or debit card will have the loan amount credited in a few minutes of time.

In addition to the online stores, these payday lenders do have a variety of brick and mortar stores that operate around the country as well. You may go to these locations and get the necessary amount of money. Most of them provide this loan against a postdated check or an authorization to debit the amount plus charges in an electronic manner off your bank account.

Some payday lenders do not provide the loan amount as cash. They provide you cash cards and charge you an extra amount for their usage. As this charge is illegal in the country, you must never get loans from these lenders. If any lender is trying to provide you payday loans in to their own cash cards and charge you extra for it, you should avoid the lender and look for someone else who does not follow this unethical practice. If you are dealing with a storefront, make sure you get your money in cash, and if you are doing it online make sure that your payday loan comes by EFT. Some other online payment methods can end up costing you money, and that’s hardly why you’re applying for a loan in the first place.

You can never prepare yourself for all the potential emergencies that are likely to happen in your life. Some of these unexpected situations can arrive all of a sudden and wreak havoc in your life. On such occasions, you will have to look for financial help from any possible sources. On these occasions, while payday loan lenders aren’t your best friends, they’ll do in a pinch. At the same time, these loans are not appropriate for your routine expenses like paying your utility bills, purchasing grocery, your routine medical expenses etc. As the charges and interest associated with payday loans are much higher than regular loans, credit card debts, bank overdrafts etc., they need to be used sparingly and only for the rarest of rare emergencies.