Many of you might not be aware of the term payday loans. In general, a payday loan as the name suggests is a loan given on the basis of the applicant’s salary and paydays. These loans have been introduced to help citizens meet their unforeseen expenses like urgent medical treatments. These cash loan Canada do not require any history about applicant’s financial condition. Additionally, the processing time is also very quick. Such fast payday loans are provided at various local banks as well as online.
Payday loans are a relatively new concept in the banking industry and their true potential are yet to be revealed. Payday loans are also referred to as short term loans because they are lent for a very brief period of time and their repayment has to be done within that time.
How to Get a Cash Loan in Canada – Fast?
In order to avail a cash loan a person must be a Canadian citizen of legal age. He must suffice all other requirements like a regular monthly income higher than the minimum wage, valid employer and bank account.
Applying online is much better and fast as no paperwork is involved. The online application demands basic details like name, date of birth, address, contact information, bank account number, income sources etc. After applying the lender has to verify, approve and transfer the money.
Generally the process of cash loan approval and verification process is very quick. The money is transferred online to borrower’s bank accounts within one to two hours. The delay might be due to the bank’s transfer process. The loan limit is about $100 to $1000 depending on borrower’s income. The complete amount along with some interest should be repaid to the lender. The repayment period is generally about 2 weeks, but this can be extended on borrower’s request. Extending the repayment period is not recommended as the interest keeps on mounting and a huge sum has to be ultimately paid.
New ways to get approved for a cash loan
Some lenders have introduced a new system of lending loans. Applicants should apply through work email ids to avail the loans. Lenders then ask the applicants of their employer details like employer name, date of payment by employer, and some correct contact details.
More than anywhere else, payday loans Canada have taken a huge step forward to increase its popularity among masses. There is one very surprising change observed in modern Canada citizens, instead of owning a car many of them are just renting a car for a period of three years or so. The home loan repayment rates have come down by almost half of what it was five years ago. Studies reveal that today the mortgage payments are just about 26% of take home pay compared to the astounding 48% five years back. The current market stats have revealed a 2% raise in CPI (consumer price index). In the Canada, all major banks and money lenders have started offering cash loans. At this time of increasing inflation payday loans in Canada seem to be a huge relief to the general populous.
The final word would be that these fast cash loans are of great help during hardships. These should be taken only to meet immediate and unexpected expenses and should be repaid as soon as possible.