What is very uncommon in these days is unable to meet unexpected expenses. This situation is very common with middle class consumers even when they are working hard to get enough money to fulfill their monetary needs. But sometimes in life, there occur such situations in which are otherwise unexpected; moreover they do not even wait for money and do not understand consumer’s problem of not having immediate money. The truth is that no one can make excuses to get rid of such situation. It is compulsory to arrange cash quickly. Generally people apply for bank loans when they need to borrow from any outer resource. But for that one must have strong credit history. Moreover, one is made to wait for days with lot of paper work just to lend small amount. But there is one another alternative that is best suited for such short term cash requirements that is, Payday Loans.
Payday Loans are small term cash loans that are available online. They are very popular in Canada as they offer instant cash up to $1000 followed by a simple application process. The borrower is not supposed to fax any document. All basic information about the borrower and banking details are asked in application form. If lender requires anything further then he asks applicant on phone or via email. These loans are named as short term as they offer financial support for small and short term period expenses. People who try to use these loans to meet long term expenses they often end up into financial disaster.
Providing instant cash is brilliant feature of these loans. They promise to transfer cash into borrower’s bank account within one business day. Obviously, an applicant is supposed to meet certain eligibility criteria before getting loan approval. Those eligibility terms are as follows:-
- An applicant must be above 18 years old Canadian citizen.
- He must be working under same employer since last three months.
- The borrower’s monthly income must be at least $1000 to meet repayment ability.
- Also, he must be having working bank account number to carry out all loan transactions.
Whenever lender receives application form submitted by borrower, first of all he determines his eligibility. If applicant fulfills all the above mentioned points, then it is definite that he will get loan sanctioned. However, there are some affiliate fastest e transfer payday loan online 24/7 no documents lender in Canada that consider credit history of borrower. Whether it is compulsory or not it is always good to have sound credit score.
Must Repay in Time – One and Only Condition in Payday Lending
Online short term loan incur very high interest rate from borrowers that is approximately 400 percent. It is very difficult to pay back this much amount for some borrowers. Their action ruins their credit career entirely. Repayment is the only thing that is demanded by payday lenders in return of their instant cash favour. Generally, repayment is set to 14 days, but it can be extended in certain circumstances if borrower inform his lender on prior basis that he will not be able to pay back on due date. For this, he may require to pay some extra fee.
Promise to pay back in time and fulfill eligibility criteria, then you will see that how online payday loans are going to change your financial career.