Payday loans are a source of quick cash that many Canadians use to get through the month. They can be convenient when you need money, but they also come with high interest rates and fees which make it hard to pay off your debt if you take one out. If you’re considering getting involved in a payday loan, here are some things you should know before making that decision:

Make Payment Arrangements With Your Creditors

When you’re faced with a problem, the first thing to do is look at your options. If you don’t have cash to pay your bills, consider working out a payment plan with your creditors.

Get on their good side by paying any interest that is due (but not yet late), and any fees, late fees or collection fees that are due but not yet charged. This could help them see you as reliable enough to extend more lenient terms when it comes time for another loan in the future (or who knows—maybe they’ll forget about this one altogether).

If you still can’t afford a loan payment after all of that, it may be time to contact a payday lender as an absolute last resort.

Use Your Tax Return To Pay Down Your Debt

  • Use your tax return to pay down your debt

The first thing you should do is use your tax return to pay down your debt. As a general rule, we recommend that you do this on the highest interest rate loan first (i.e., the one with the most expensive interest rate). This way, you’re able to save money in interest charges and payments and are able to get out of debt faster!

  • Get a loan from a friend or family member

If using your tax return doesn’t work for some reason, consider getting a loan from friends or family members at an interest rate that isn’t as high as payday loans but still gives them some income for helping you out. We recommend checking with them first before going anywhere else because they may be willing to lend money without charging any fees at all! You can also try asking around through social media if anyone has any extra cash lying around instead of taking out an expensive loan just yet.

  • Use A Credit Card To Pay Down Your Debt

If you can’t get a loan from friends or family members, try using your credit card to pay down your debt. This may be the only option left for some people who don’t want to take out an expensive loan just yet because they don’t have any other way of paying it back before their next payday comes around.

There are a lot of things you can do to keep from getting involved in a payday loan.

If you’re thinking about getting a payday loan, then there are some things you should know about them. First of all, if your friend asks for money and tells you that they will pay it back next week with their paycheck, don’t lend them any cash. This is what most people do by mistake when using payday loans because they think they’ll be able to pay it back after receiving their next paycheck. The problem is that these loans usually have very high interest rates attached to them which means that the amount due will keep growing every month until it becomes unbearable and/or impossible to pay off without taking out another loan or selling something valuable (like your car).

Instead of borrowing money from friends or family members who may not be able to afford giving out cash right now (and who would rather see other people succeed), ask for help from a professional financial advisor at www.ccdr.ca who specializes in helping people with debt problems like yours!