Instant payday loans Alberta have become preferred choice of Canadians to handle any cash shortfall : Payday Rooster
Why go for in instant payday loans Alberta?
Payday loans provide you with a great option to take care of any immediate financial needs which you are not prepared to handle. This loan type is quite popular with the Canadians, which is easily demonstrated by the fact that every year nearly two million of these loans are approved all across Canada. Stated below are a few reasons why instant payday loans Alberta have become the preferred choice of Canadians to handle any cash shortfall:
Instant payday loans Alberta choice of Canadians to get rid of unwanted expenses
• Easy application – the application process for instant payday loans Alberta is extremely simple. You are supposed to fill the application form online and provide your lender with some basic details about yourself, your bank account and your current employment. Such forms take less than ten minutes to complete. The best part about online application is that you no longer have to go to multiple offices in order to complete the application process.
• Simple eligibility criteria – the eligibility criteria for instant payday loans Alberta does not require much. You have to be a permanent citizen of Canada with a residence in Alberta. You should be older than 18 years with a steady income source and you should not have any pending loans. If you satisfy these requirements then you qualify for instant payday loans Alberta.
• Quick processing – after completing the online application, you can get the approved amount deposited in your bank account in one business day. This is the greatest advantage of payday loans considering you are in urgent need of money to meet an unforeseen expense.
• Restricted rate of interest – the local authorities have limited the interest rates so the financial institutions cannot charge any interest rate higher than what has been decided. Higher interest rates imply that you would be repaying a considerably larger amount than what you took. The additional rate of interest can add extra burden to your monthly budget.
• Use the loan amount anywhere – whenever you apply for a loan with a bank, you are supposed to state the purpose for which you would be using the money. Such a situation does not arise with instant payday loans Alberta and you are free to use the money as per your own requirements. This also means that you have complete freedom to use the loan amount for solving multiple monetary issues.
• Short term – instant payday loans Alberta are short term loans and have to be repaid completely along with the interest amount on your next payday, hence their name. An average payday loan in Canada is repaid within 10 days. Since the time period for such loans is very small you have to pay low interest amount. For instance if you are taking a loan for $100 for one year at 24% interest rate, then you would end up paying $124 after 1 year. However with instant payday loans Alberta if you are taking the loan for 1 month then you would be repaying $102 on your payday.
• Extension of repayment time – Often you might come across situations where you would be unable to repay the loan on the coming payday. In such a situation you can contact your lender in order to ask for an extension in the loan repayment date. All this would take just a phone call and filling up of another application form. Upon approval of extension you would have to pay some additional interest amount along with some charges but getting an extension is quite easy in comparison to other types of loans.
• No guarantee needed – since banks conventionally provide loans of larger amounts you have to provide the bank with a guarantee for your loan amount to be disbursed. This guarantee can be given in the form of your house or any other immovable or movable asset. Since payday loans are for smaller amounts you are not supposed to provide any sort of collateral. The only requirement for you is to have a steady income source which will enable you to repay your loan. The other requirement is having an active bank account.
