Myth Busting Payday Loans: The Never-Ending Cycle of Debt

side gig ideas
Side Gig Ideas to Make Extra Money Quick
September 20, 2017
Personal Finance Blogs for Millennials
Top 4 Personal Finance Blogs for Millennials
October 19, 2017
Show all

Myth Busting Payday Loans: The Never-Ending Cycle of Debt

myth busting payday loans

Just when you think you have your budget under control and even have a little money left over, life throws you a curve ball. Your car just got a flat and your spare tire is balder than Dwayne Johnson. You’ve looked at your options and you think a payday loan may be a good choice, but you’re worried that once you get one loan you will embark on a never-ending cycle of debt.

Is it true?

Myth

The payday loan industry business models are set up to ensnarl new customers into a long-term cycle where they are returning time and time again to borrow money and continuously pay on high interest loans.

Truth

The truth is, we’re here to help you get back on your feet. A payday loan is a small, one-time loan that is repayable on your next payday. The structure of a payday loan actually helps keep your budget on track. Payday loans offer a timely and manageable solution to your unexpected expenses.

Truth

While we love our customers and enjoy seeing repeat clients, we don’t want you to be in a position where you are repeatedly coming in because you are paying off other loans. The truth is, that’s not a good situation for you and it’s a bad business model for us. If you are struggling with debt and can’t pay back your payday loan, not only do we lose our fee, but we lose the money we lent you as well.

To ensure that a payday loan is the best option for both the customer and us we do not lend to anyone who is on any kind of social service. Additionally, you must be employed and be prepared to repay your loan on your next payday.

Payday loans are a great option to help pay for unexpected expenses. We strongly suggest that you only borrow what you need and do not rely on loans to get you by from week to week. If you find that you are having financial difficulty and need some help, we urge you to contact a non-profit counselling service.

When life throws you a curve ball, Pay2day is here to help. Contact us to get started today.

find a pay2day payday location in the Greater Toronto area

  • Bayfield
  • Bradford
  • Cambridge
  • Dundas
  • Dundas Street
  • Dunlop Street
  • Ellesmere Road
  • Hamilton
  • Hastings
  • Hurontario
  • Jane & Wilson
  • Keele & Wilson
  • King George Blvd
  • Kitchener
  • Main Street
  • Niagara Falls
  • North York
  • Oshawa
  • Ottawa
  • Pickering
  • Queen & Chrysler Drive
  • Queen & Hwy 410
  • St. Catharines
  • Vaughan
  • Victoria Commons
  • Windsor
  • World Drive
  • Yonge street