What is Payday Loans Canada
Payday loans Canada is considered the easiest way through which one can benefit from acquiring a certain amount of cash when needed the most and the fastest. It is called in such because it is advanced for a short term, actually until your payday comes and you can give back the money.
Like many Canadians, our main source of income is our pay cheque. If any unforeseen events happen to our life that requires immediate money to cover associated expenses, we may not have enough saving to withdraw. Through payday loans, you are given the chance to overcome urgent circumstance such as a car repair check that has just arrived, an urgent trip, some penalties/fines that have unexpectedly incurred, and many other mishaps.
In Canada payday loans come under various names - check advance loan, cash advance, pay cheque loan, or post-dated cheque loan. Fortunately and unfortunately, these loans are easy to apply for; one can easily qualify for getting them and they can be provided very fast. Along with these advantages there are also other services offered that make the loan even easier to apply, such as online payday loans. It has been stated that the majority of the consumers avail the payday loan around 8 to 10 times during a single year.
Typically, a loan application requires the completion of an application form, some references, and current banking conditions. (from time to time you can be asked for the last months bank statements).
You must also prove that for the last three month you have worked in the current position and plan to be stable. Besides, you should present a valid checking account that has operated for at least 3 months. Banking statements can show your financial credibility and solvency to your payday loan lender.
There is this Tele-track system that is used by these lenders to check on your banking background - including the financial information on your previous debts, the number of NSF (non sufficient funds) and the way you have dealt with outstanding payday loans. So, do not plan to trick your potential payday loan lender as you can get easily caught for submitting the wrong information in your application form.
Regardless, there are now many ways of loans applications such as abovementioned online payday loans, faxless payday loans, bad credit payday loans, payday loans no credit check and etc. Weight your options, understand pros and cons of each type of loans, and as always, seek for alternatives to payday loan option.
How Much Loans You Can Get?
After all your data is thoroughly checked by the lender then they will decide on the amount approved for the loan. This amount usually ranges from $500 to $1,500. The interest rate is in fact the only trouble with these loans, as it can be 10 times higher than the APR applied for typical short term personal loans.
This is the reason why payday loans is not recommended as an option in the long run. You just try to keep track of the money that you pay back in one year of periodically borrowing this payday loan.You will see that you could have reached other solutions that can save you more money in the long run.
Are you looking for payday loans in your city? Here I will show you which payday loans you can safely use in these Canadian Cities!
Payday Loans Vancouver
Payday Loans Edmonton
Payday Loans Toronto