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.

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