Payday loans in Montreal are an excellent way to get money quickly without the hassle normally imposed on you by traditional financial institutions, such as banks.

Applying for a payday loan is fast and easy, and at Better Than The Bank, you can do it online and have your funds in your account within 24 hours. There is minimal red tape and hoops to jump through to get your funds.

One of the biggest benefits is that we don’t have to check your credit history to approve the loan, as long as you meet some of the minimum basic requirements, such as stable employment.

Repaying any loan can be challenging, so we thought it a good idea to share some tips for repaying your payday loan quickly and efficiently so that you don’t end up with more debt than you intended. Failing to pay off your payday loan on time could result in penalties you want to avoid.

Create A Budget

Before you borrow money for anything, it is always a good idea to set up a comprehensive budget that outlines what you have, what money you need and how much you can afford to sink into repaying loans. Do you have other debts that need repaying? Are there other obligations that might undermine your ability to repay your payday loan? If so, note these in your budget so you can find ways to overcome or plan for them.

Various budgeting apps offer you convenience and ease of planning that you can access with your cell phone. It is highly advisable that you do this before applying for a loan to know what you’re getting into and how you will get out of it.

Direct DebitĀ 

When the time comes to make a loan repayment, it is very tempting to refrain from doing so in favour of spending your money on something more exciting. It always feels like you’re throwing money into a dark hole when you pay off your debts. However, it’s important to remember that paying off your debts provides freedom, so it is less akin to throwing your money into a dark hole and more like building a ladder out of a dark hole.

To help you be consistent with your loan repayments so that you don’t forget or become tempted to renege on your commitments, it is advised that you set up a direct debit on your account. This means that your monthly instalments can be automatically deducted from your bank account on a set date, ensuring timely repayments. Some lenders might even offer discounts for customers who choose this option.

Monitor Your Account

For direct debit to work, you will need to make sure that there is sufficient money in your account when the debit goes off, or you could become liable for other penalties if that is the case.

Therefore, it is important to monitor your bank account status. Many customers fail to repay their loans or get penalized because there were insufficient funds in their accounts at the time of the direct debit order.

Keep track of your account balance and make a note if the account balance falls below a specific limit, particularly at that time of the month when bills need to be paid.

In the end, if there are any problems, you must communicate timeously with your lender to work out a plan. It is better to communicate and keep your lender in the loop rather than to say nothing and force the lender to impose sanctions on you.

For quick and easy payday loans in Montreal, contact Better Than The Bank today and get a loan without needing a credit history check.