Is A Short Term Loan Right For You?
A short term loan (also known as a micro loan) is an unsecured loan to meet unexpected cash needs. When used for short term cash needs, a micro loan is convenient and economical, but it is inappropriate to use for long term or continuing cash needs.
A micro loan should be used responsibly and for the purpose for which it is intended, namely to solve temporary cash-flow problems by bridging the gap between paydays.
Micro loans are for occasional use only and should not be used to cover continual shortfalls in your budget. If you have ongoing problems meeting your financial needs or debt obligations, you have a couple of options. Take a learning path to budgeting, saving and other important financial education tools.
Visit the Canadian Consumer Finance Association website to learn more about the industry, how to find a trusted lender, and learn about consumer protection in your specific province.
As well, you can obtain credit counselling services from Credit Counselling Canada, the Ontario Association of Credit Counselling Services, and the Credit Counselling Society for our customers in Alberta, British Columbia, and Ontario.