Of the payday loan Ottawa providers, MoneyMart operates a total of 23 stores within 20 km of the city, while Cash Money has 8 storefronts in the same area.
typical payday advance customer uses these short-term, small-amount
loans for unexpected expenses and emergencies, to make the money last
until next payday from regular employment.
Before you decide whether a payday cash advance is the right type of short-term loan for you, you should also do research on the alternatives, which often have lower APR borrowing costs.
In Canada, these alternatives range from small consumer loans from credit unions to cash advances on a credit card, and to negotiating a salary advance from your employer.
You should also read through the regulations Ontario has on payday lending industry, and how they apply to your loan application. A good resource in this regard is the "Payday Loans Bill of Rights", available from Ontario Ministry of Consumer Services.
A great way to find reliable payday lenders
in Ottawa is to consult the membership list for the paydey lenders'
national association, the Canadian Payday Loan Association (CPLA).
Their member companies have committed to follow the industry's best practices, with the aim of providing responsible lending and excellent customer service.
One of their member companies, a founding member in fact, is Money Mart, which was founded back in 1982, and today, it is the largest payday lender in Canada (in terms of number of outlets).
The company, which is owned by U.S. based and publicly traded Dollar Financial Group, has around 454 total storefronts in Canada, of which 23 are located within 20 km of downtown Ottawa.
Another major payday advance lender, as well as a CPLA member, is Cash Money, which operates with 8 outlets in Ottawa.
All in all, Cash Money operates more than 120 locations in 6 different provinces, with the stores providing extended operating hours. In fact, many of their outlets have late-night service, and some locations are open 24/7.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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