Unfortunately, most Canadians at one point or another have been in a situation when making it through to that next paycheck was going to be 'tight'.

The good news is that with new regulation in Canada, a Payday loan is a real, practical solution to these types of shortages. Follow our S.M.A.R.T guide to Payday Loan Borrowing and you can be sure to avoid the most common Pitfalls of these short term loans:

SEARCH for a reputable company will a solid track record. Companies listed in the Better Business Bureau, for example, are always a good place to start.

MAKE detailed notes of the terms of your lending agreement such as interest rates, fees, and maturity date. Also, be certain that when your loan is due you will have adequate cash on hand to repay it.

AVOID extending the term of your loan unless absolutely neccesary. Interest rates for Payday Loans are based on the SHORT TERM. Extending the terms of your loan can get you trapped in a downward spiral of interest and fees.

REPEATED Payday style loans could be an indication of other financial problems. If you find yourself frequently obtaining Payday Loans, it may be time to thoroughly re-asses your budget and/or seek Financial Counseling.

TAKE control of your finances and plan for emergency expenses. Though Payday loans have becomes a much more reasonable solution in recent years, an ounce of prevention is your best bet.

By following this simple, SMART guide to obtaining a payday loan, you can be sure that your experience will be hassle free!