Sometimes life happens and your carefully crafted financial plan gets derailed by unexpected expenses. If you’re in a temporary tough spot, you may need some cash in a hurry. A quick internet search can show you a huge array of options – like an online loan. Online loans vs payday loans, same difference, right?
Myth: Online loans vs payday loans – they’re all the same.
Truth: In Ontario, in order to be a loan retailer, a company has to be licensed with the Government of Ontario and abide by the Payday Loans Act. Payday loan retailers, such as Pay2Day, follow those rules. Online loan offers often promise fast service but oftentimes work outside the law. They are usually scams.
So how can you know for sure which loan retailers are real and which are scams? There are a few ways to determine whether you are getting scammed or actually going to get a loan.
Final takeaway: it’s important to trust your instincts. If the offer sounds too good to be true, it probably is. A small, personal loan through a legitimate payday loan retailer is great option when you’re temporarily short on cash. If you’re looking for a location in the Greater Toronto area, contact us.