As the economy comes to a stand still due to the recent economic recessions, the need for a quick financial solution when problems crop up is of paramount importance to each one of us. Canadian employees have not been left out when it comes to financial hurdles that occurs unexpectedly. Many of them live from paycheck to paycheck thus they find it tough when monthly expenses exceed their normal range. This is normally in the case of a sudden unexpected financial hurdle occurring in the course of the month. The Canadians financial market came up with a quick solution to these problems by introducing payday loans that suit every Canadian employee’s pocket.
Payday loans are quite different form the traditional loans in that, these loans are short term and unsecured. All traditional loans are mostly secured in nature and if a borrower does not have a viable pledge they are denied. In case of payday loans, the borrower’s employment records acts as the collateral. No body is denied their loan request as long as they can proof their ability to repay. This is by sending in their current employment records to the lender.
Payday loans enable a borrower to get the required amounts of money at a very short time. This is usually within 24 hours after your request is received. The verification, approval and availing of the money is instant especially if you applied for the money online. And considering the loan amounts are in smaller amounts, the credit check requirement is waived. The amount of money that a Canadian can get is in the range of $100 to $1000 while the repayment duration is within 14 to 31 days or in simple term until the next payday.
The people who qualify for Canadian payday loans must be over 18 years of age and are permanent citizens of Canada. The borrowers must also have a permanent job on which they are not earning less than $1000 per month. The other requirement is the need to have a valid and active checking account on which the loan amounts will be deposited. Once you have fulfilled these requirements the loan amount is deposited into your account in a few hours after your application is received.
Once the money has been deposited into your account it is good to repay the due amount once it falls due. This avoids you being double charged by the lenders on your loan premiums. The cost of payday advance keeps on increasing the more times you postponed a due installment payment, thus it is a good practice if you pay your loan dues as soon as they fall due. This helps your credit rating score for a next time borrowing.
Payday loans Canada are shot term loans which are termed as high risk by the lenders thus when borrowing ensure you borrow as little amounts as your needs calls for. Just borrow what you can comfortably pay back in order to avoid falling into financial quagmires later.