Payday loans Canada no credit check have only a very short window for repayment, and if you miss your deadline, you probably won’t be very happy with the extra charges you could face. To keep your loans as inexpensive as possible, it is vital that you always pay them back on time. If you follow these steps, you will never need to worry about that.
Step 1: Borrow With Purpose
Keeping yourself on track to repay your loans starts from the very first instant you even start thinking about borrowing. You should only ever take out a payday loan if you know exactly what you will be doing with the funds you receive. If you start borrowing with no real intentions in mind for the money, you’ll be taking far too casual an approach to the whole affair. You may start feeling like it’s a good idea to take out two or three payday loans at a time, and you may start to lose track of what you owe simply because it doesn’t seem like a very big deal to you. With a mindset like that, it’s easy to have your repayment date completely slip your mind, and that will cost you big time.
If, on the other hand, you only borrow when you have a specific need and know exactly what you are going to do with the money, you’ll have a much easier time keeping on top of your obligations and payments. It will be easy to keep your intentions in mind and to understand the urgency of satisfying your debt obligations this way.
Step 2: Be Clear On Your Repayment Date Right From the Start
Once you’ve made the decision to take out a payday loan, it’s time to start thinking more concretely about your plan of attack. Find out the exact date and time at which the lender is expecting you to have paid back your loan. Don’t assume that you know it already from your own calculations in your head, because you never know what may have slipped your mind.
When you know the date for certain, you now have a better idea of the timeline on which you are operating. Set up notifications on your phone counting down the number of days left that will show up every few days. You want the urgency of this matter to always be on your mind, because the sooner you start making headway on it, the better off you’ll be.
Step 3: Make a Plan
Now that you know the time frame in which you’ll be working, you can move on to planning the specifics of your repayment goals. The best way to do this is to break your total down into smaller chunks that you will strive to accumulate over time. How much money will you need to have at what point in your schedule in order to stay on track? Instead of just telling yourself that you need to have $500 in 2 weeks, for example, try thinking of it as $250 each week, or even $125 every few days.
If you know exactly what success should look like from the beginning to the end of this process, you’ll have a much easier time achieving it without waiting until the last minute. The more time you give yourself without checking in on your goals, the higher the chance that you will procrastinate and leave yourself stuck in a bad position in the end.
Step 4: Cut Down on Your Expenses
Now that you know where you want to be financially at every point in this process, it’s time to actually scrape up the money to meet those goals. The good news is that because this is such a short repayment period, simply rearranging your budget a little to produce some savings is an easy and cost-effective way to start getting those funds. There are a few things that you can do to live a little leaner during the two weeks in which you are saving up your loan repayment sum.
The first and best option is the most drastic: challenge yourself not to buy one single non-essential item for those two weeks. It may seem like you’re depriving yourself at first, but trying to see if you can actually do it can make the experience into a fun one, and most people should be able to get to the end without too much difficulty. It’s only two weeks, after all. If you don’t think that’s a realistic option for you, try treating it a bit like Lent and only giving up one or two particular types of items – say, for instance, your takeout lunches, or the meat component of some of your meals. You might be surprised at how quickly the savings from those decisions can add up, and the more you save, the better your chances of repaying on time will be.
Step 5: Gather Up All the Extra Income You Can Get
Because just shaving down your budget for a time is unlikely to provide enough money to fully fund your loan repayment sum, you should also look into building up some extra money by increasing your income temporarily. Again, because you won’t be doing this for very long, you can be a little more aggressive about it than you if you needed this income boost to be permanent, since there’s little risk of wearing yourself out.
If you can work extra shifts at your main job, be sure to take your boss up on that offer. If you have a side business that you usually use to produce money for you to play with, you can put that income toward your debt obligations instead. Even if you merely have the opportunity to earn a few extra dollars by doing something like babysitting your friend’s kids, this is the time to do it. Every dollar counts if you’re going to make sure you’re able to meet your goals on time.
Step 6: Store Your Repayment Money Outside of Your Main Checking Account
No matter how well you’ve been doing in coming up with the repayment money, all it takes to completely derail your plans is for you to impulsively or accidentally spend that money. It’s easier to do this than you think, too; imagine really wanting to go for a night out on the town and seeing that extra few hundred dollars just lying there in your account. Even if you know that you don’t really have that money at your disposal, it can be very hard to convince yourself to leave it alone when it’s right there. This is also assuming that you even remember that you’re not supposed to spend that money in the first place – if you’re feeling a little distracted one day, you could easily forget about your plans and assume that it’s just spare money that you can freely spend.
Even if you know that you usually have no trouble remembering or resisting temptation, there’s no reason to tempt fate this time. Consider keeping your repayment money in separate account altogether, or maybe even as cash if you know you can handle it responsibly that way. The idea is to set that sum apart from your usual funds and so that you don’t start thinking of it as just another bit of money that you can spend. It is absolutely critical that you keep every cent of it on hand until you can repay what you owe.
Step 7: Pay Your Loan Back As Soon As Possible
You never know what could happen on the day when you go to try and pay your loan back – what if the bank is closed by the time you’re ready to make the payment, or there is an unexpected problem when transferring the money? Online transactions smooth over a lot of these problems, but they aren’t foolproof. The only way to make absolutely sure that you don’t miss your repayment date is to treat it as if it was at least one day earlier than it really is. You may end up having to wait until the very last moment anyway due to financial constraints, but you should aim for early repayment if it is at all possible to do so.
Unlike with personal loans and other more substantial forms of borrowing, you won’t save money directly by paying back a payday loan immediately; interest rates on these loans are fixed from the moment you sign your contract. However, you could still save yourself a lot of grief and possibly end up saving indirectly because of it. After all, you can’t possibly incur late fees if you paid your loan in full before it ever actually came due.
Find All the Payday Loans Canada No Credit Check You Could Ask For
You now know how to handle repaying payday loans Canada no credit check appropriately, so if you like, you can take one out without worrying about that. It’s extremely easy to do it if you know where to go. Pull up our simple online portal and let Bonsai Finance bring the payday loan options to you; we’ll take care of all the hard parts so all you have to do is make your choice.