Before choosing to borrow

Consider going without the loan or financial service

Borrowing money is risky if you don’t have the means to repay it. Be sure you can afford the extra costs of interest or fees.

Applying for credit cards usually involves a formal review (or 'hard check') of your credit report. Multiple reviews of your credit report within a short period can negatively impact your credit rating.

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Find an alternative

You may be able to:

• Borrow what you need from family or friends
• Request a pay advance or vacation payout from your employer
• Get a personal loan or line of credit from a bank or credit union, which are usually lower-cost ways to borrow money

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Understand your budget

Using credit to balance your budget can be risky. You may end up entering a cycle of debt that only gets worse and harder to escape.

There are free services available to help you manage your debt and balance your budget.