How To Avail Payday Loans In Canada

How To Avail Payday Loans In Canada

How To Avail Payday Loans In Canada - Payday loans Canada | Tips on - Find TipsAll payday loans in Canada is the cash advances provided by the lenders from one payday to the other. According to the Canadian Payday Loan Association, there are in total 21 companies and 519 financial service retailers connected with them for providing payday loans.

In Canada, payday loans are instantly approved after you submit the application form. Some claim that the process takes about five minutes only and there is no obligation to send any documents through fax.

The cash advance can be availed by visiting them personally or though the internet. The online application forms are secured and protected. But as the lender do not see you personally while applying online, they might ask for identification such as the social security number, driver’s license, bank account number or employment verification.

How Much Money Is Involved?

The maximum amount of all payday loans in Canada is $1500 and the minimum is $100 for a period of two weeks or up to 50% of your total salary after all the essential deductions.

Their fee is $15 for every $100 borrowed. The period of interest begins with the day the loan is approved and ends at the time the amount is fully paid back. As per the guidelines of Criminal Code Of Canada, a lender cannot charge more than 60% as fee or else it is a punishable offence.

Many lenders also debit the fees from your account beforehand. Then you are required to give them a post dated check or authorization to withdraw the amount from bank account on the last date.

In case there are no sufficient funds to cover the loan, the loan amount will roll over or extended for another 2 weeks and this will entail additional fees.

What Is The Eligibility?

Above 18 years of age.

Employment proof of working for more than 3 months in the same company

Pay stubs (optional)

Eligible even with bad credit history or bankruptcy

No pending payday loan debts.

Payday loans in Canada are easy to get and hassle free.

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