Payday Loans
Payday Loans

Payday Loans

Several Canadian companies provide short term pay day loans and cash advances online, but because of the higher fees involved, a pay day loan is meant to be a small short-term loan, not intended as a solution for longer term financial needs.
You can borrow as much money as you can afford to repay, but if you need to borrow money and you know it will take longer to repay, you should search for other lending options, for example asking your employer, obtaining an overdraft at the bank, requesting a line of credit or some cash advance on your credit card, or consolidating your debt at your bank.

Once you decide to ask for a pay day loan, you need to know that exists some eligibility requirements to obtain it:
- you must be at least 18 years of age (some lenders require up to 23);
- you must have a regular income (usually the lenders don't accept self-employed, temporarily or seasonally employed, paid on social assistance);
- usually you must be a resident of the province where you ask for obtain the loan; - you need to be employed for more than three months or more;
- you must have a regular bank account;
- you must have active phone and email account.

The eligibility requirements can be really different and various depending of the lender but, however things are, the final approval decision remains at the sole discretion of the lenders.
Usually you don't have to leave home work to get money.
Everything can be done online and once approved money is deposited directly to your bank account.

The online application is normally simpler than other type of loan and, obviously, if you are already client, borrowing again is even easier.
As the law limits the maximum advance amount to between $100 and $1500, within that range you qualify for a amount based on your current income and your history with the specific lender.
Once you take loan and pay out it on time, your credit built.
Applying for a pay day is simple: you need to complete the online application and in few instants you'll receive a pre-approval (or a refusal).
Then you must provide proof of employment, pay stubs and bank statements, by uploading all the required documents.

Once the loan officers review the whole documentation and approve the loan, you'll have your money.
You can decide to get cash immediately, as they can arrange meeting, or receive money electronically.
There are 2 options: receive email and get money within some hours or get money directly into your checking account and usually have access to your funds the very next day.

In relation to the cost of the pay day loan, you can take a look at the several Loan Calculator you can find online.
The main thing to know is that information and interactive calculators are available as self-help tools and are not intended to extend an offer of credit.
Also we recommend to read all loan documentation thoroughly before applying, as Pay Day loans show a much higher cost of borrowing than other forms of credit.


Loan.Vc contains a series of general and useful information for those seeking advice and help with loan and financing matters. Please note that, although our information are accurate and coherent, due to the complexity and information volume of the loan sectors, we cannot completely avoid inaccuracies, unintentional errors, omissions or outdated information. The information contained on these web pages are meant for personal use only and may not be reproduced without the expressed written consent of the authors. Also they are provided for the sole purpose of informing users and cannot replace the advice of experts and professionals. The authors of the website are no way responsible for any prejudice or damage that may result from the consultation of the information contained in this website.


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