Skip to main content

Some Common Questions You May Have About Payday Loans


Before you apply for any type of loan it is important that you understand how exactly it works. The same is applicable for payday loans as well. Below you can find some of the common questions that you may have when applying for Payday Loans so that you can know if this loan is the right type of credit for you.


What Are Payday Loans?

This is a small short term loan against which a small amount of money between $100 and $2,000 can be obtained for a term of usually between 16 days and one year.

Can This Loan Be Really Obtained Within One Hour?

Yes, there are many lenders in Canada who will process your loan request within minutes and get back to you with a quick response. Though it may take time to receive the borrowed money in your bank account, it is still possible to know if your loan request is approved by a lender within an hour.

Why Is It Called A Payday Loan?

The amount of cash you receive is supposed to be paid back in full when you get paid next. This is why this loan is known as Payday Loans.

What Are The Interest And Fees?

In Canada, government has placed a fee cap on this short term loan. As of the 1st July 2013, lenders are restricted to charge not more than 20% establishment fee and not more than 4% monthly fee of the principal loan amount. They can also charge other applicable government fees and additional charges if you default on the loan.

Who Can Apply For This Loan?

Anyone who is employed and can demonstrate their ability to repay back the loan can apply for this loan. You will also need to confirm that you are an Canada citizen, be above 18 years and have a valid checking account to qualify for this loan. Even bad credit holders can apply for this loan as well.

If you still have any other queries about Payday Loans, you should ask your lender and get them cleared before you go ahead with the application formalities.

Payday Loans are small loans that are perfect for unplanned expenses. In this article you can read about some of the common queries that you may have in your mind before applying for this loan.

Labels

Labels:
Location: Canada

Popular posts from this blog

Installment Loans Canada - Perfect Yet High-Priced Loan Scheme During Pressure!

Installment loans CANADA are a quick way to generate additional cash when you need it most for emergencies. These loans can be obtained for a month. The online application is the most convenient way to get the money directly into your bank account and find the best deal based on your needs and your repayment ability. Good for the moment! But it is important to know in advance that this is a costly loan plan because it comes with a higher interest rate. This is because of the short-term financial nature of the loan. GET MONEY FAST! Depending on your needs and your ability to repay, you are allowed to raise up to $3,000. The repayment term of the loan is 1 month to 6 months . RESPOND TO SHORT-TERM EMERGENCIES! Lenders will not impose any restrictions on the use of borrowed money. Once you have earned this money, you can freely meet short-term financial goals such as utility payments, bank overdraft, rent for a pending home, purchase of supplies, payment of fees childcare, ...
Read more

Balances all Sorts of Financial Crunches via Installment Loans Canada

It normally happens with almost each of us that at someplace we require money urgently. No matter how much strong is our financial budget, we looks for cash help desperately. Cash emergency can attack anybody regardless of knowing him who he is and to which cast he belongs to.  Even business man today suffers financial crisis prior to any notice or warning. It is only because of negligence that people suffer through bad debt, bankruptcy, defaults, arrears and CCJs. For sustaining good financial position, it is must to pays off certain bills like electricity bills, hospital bills, water bills, phone bills at regular interval of time.  Installment loans are such loan that enables each culprit of bad credits, borrows money with easy repayment. Defaulters of credits can easily returned cash in small installments. It is somehow beneficial for people whose monthly salary is not as better to make loaned payment at single step. Top Reasons behind Popularity and Deman...
Read more

Installment Loans Ontario Canada - A Popular Choice For Everyone!

There is an unexpected situation that puts one in the financial dilemma and wants to organize a quick payment to cover some urgent expenses. At that point, the small loans seems to be the right choice to need several hundred dollars up to a day of future payment. But it is important that paying a lump sum is never an easy task. So, before choosing any business, it's wise to check your pocket and, if you do not allow yourself to get short-term loans , it's good to go for Canadian Credit. This monetary product not only helps somebody quickly get the necessary amount, but also provides a prolonged time to reimburse through the friendly reimbursement procedure of your pocket. There are so many advantageous features attached to services that make it a popular option among money seekers. Some of the highlights that make it a wise choice to choose in need are as follows: 1. The online environment helps you get the necessary financial support within hours of making your...
Read more