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How to Avoid Them (Expert Tip): Look for key signs:

Vague Business Name: The website may have a generic name that sounds like a loan service but lacks a clear company identity.

No Licensing Information: They rarely display a provincial lender license number because they are brokers, not lenders.

The Disclaimer: They often have a small print disclaimer at the bottom stating they are a "marketing lead generator" or "loan matching service."

Actionable Advice: To avoid them, apply directly to the website of a well-known, licensed financial institution (a major Canadian bank, a credit union, or a nationally recognized non-bank lender like Fairstone). Direct applications protect your personal data and ensure you are dealing with a verifiable, regulated entity.
https://www.creditprets.ca/

The Rationale: A typical $500 payday loan will cost you $70 in fees every two weeks (365% APR equivalent). A licensed installment loan, even from a bad credit specialist, will be capped at a much lower APR (federally, 35%). By consolidating, you stop the cycle of high fees and transfer the debt to a product with a fixed, lower monthly payment and a definite end date.

The Process: You would apply for a small installment loan (likely starting at the lender's minimum of $1,000 to cover the $500 plus any fees/interest). Once approved, you use the funds to pay off the payday loan immediately.