A payday loan is a short term unsecured loan which is borrowed typically for a time period of 2 to 4 weeks or till your next paycheck arrives. The amount that can be borrowed ranges from $100 to $1000. The amount you can borrow also depends on your monthly income.
The Procedure For Obtaining A Cash Advance Loan In Canada
The procedure for a cash advance loan in Canada is to either visit a payday loan store or visit a website on the net and fill up their online form. You will be asked to furnish some details like your last salary slip. In case of a fast payday loan in Canada, you may not be asked for any documentation. The lending company will validate your bank account statements and income information from your employer. This hardly takes any time and the loan is completely paperless. In 24 hours’ time you will have the money in your bank account. That is the speed with which payday loans are disbursed these days.
The Benefits Of Repaying Your Loan In Time
Faxless payday loan in Canada is very convenient, so the lender, knowing this, charges sky rocketing interest rates. Therefore you of course should not take these loans on a long term basis or you may get debt ridden. On the other hand, taking the loans on a short term basis and making sure that you pay up on time has some great benefits. For one, your credit rating will improve and for another good will with the lender will also increase making it possible to take a payday loan the next time as well. If however you are unable to pay up on time then there is the facility of extending the cash advance loan in Canada to the next month with an increased fee attached. But if you continue to do this month after month you are sure to land yourself in a situation of debt, so be wary.
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