Everything You Need To Know About Payday Loans In Canada

You have just realized you will not be able to pay the rent this month unless you get a bit of help. There were some unexpected expenses that surprised you and used up the rent money. You know that by next month, you will have the money but right now, you do not have it. You are trying to figure out how to get payday loans in Canada now.

Payday is the key word. This type of loan means that on your payday, the day you receive a salary, you must reimburse the loan. That period of the loan generally runs for 2 weeks, as that is usually the pay period. Even if you have bad credit, you can still get this type of loan.

Canadian payday companies generally have limits to the amounts they can lend a borrower. For first time clients, some of the companies have a maximum limit to the amount they can borrow. As a repeat client, you could be eligible for as much as $1,500. To evaluate the amount they loan you, the companies consider your income. There are fees for each loan you get.

There are conditions you will have to meet. A minimum age requirement exists, but the minimum depends on the company. Another condition is that you are employed and receive a regular salary. An added condition for eligibility is to be a Canadian citizen or have Permanent Canadian residency. No one who has declared bankruptcy or credit counseling is eligible to apply for a loan. The majority of the applications are approved.

The process to apply is very easy since you apply online. Completion of the application is a first step to getting a payday loan. Once the request is approved, you receive a confirmation by e-mail. Following this, the amount is deposited electronically into your bank account. You may receive your loan within the hour or overnight.

When you have to repay the cash loan, the amount is electronically withdrawn from your account. There are no extensions to the loan. However should you need another amount rapidly, as a client, you get approval rapidly.

Although all the transactions are completed electronically, the companies guarantee that your personal information is private and will not be shared. On some occasions, you may be required to forward documents by fax or e-mail. You do not have to provide the company with any form of collateral. The collateral is actually your job.

For more information on bad credit loans and payday loans visit:
http://www.canadabanks.net/default.aspx?article=Bad+Credit+Loans
http://www.canadabanks.net/default.aspx?article=How+does+a+payday+loan+work