Payday loans Alberta has become a go to solution for handling immediate cash shortfall : Payday Rooster
Payday loans Alberta has become a go to solution for handling immediate cash shortfall
Here are a few reasons why Payday loans Alberta popularity rising
1. Easy application:
The application procedure for Payday Loans Canada is very simple. You are required to fill in an online application form and provide the institution with some basic personal details, bank account details and details about your current source of income. An application form takes less than five minutes to fill up. The best part is that everything is online, so you do not have to run from one office to another in order to apply for a loan.
2. Easy qualification:
The qualification process for getting payday loans Alberta is very simple. You have to be a Canadian citizen with a permanent residence in Alberta, you should be above 18 years of age, you should have a steady source of income that would allow you to pay the loan amount back and you should not have an outstanding payday loan against your name. If you meet these basic requirements, you may easily qualify for getting a payday loan.
3. Fast processing:
After you fill an application online, you may get your loan deposited in your account within a business day. This is one of the biggest advantages considering the fact that you need the money urgently for some financial need that you did not expect.
4. Restricted interest rates:
Interest rates are limited by the authorities and financial institutions cannot charge an interest rate that is higher than the regulated rate. Higher interest rate means that you would have to pay a larger amount back. The additional interest rate adds extra burden as you.
5. Apply and use anywhere:
When you apply for a conventional loan with a bank, you would have to state the purpose that you are going to use the money for. This is not the case with Payday loans Alberta; you can apply for the loan and use it according to your requirements. This also means that you can use the money for handling multiple needs.
6. Short term:
Payday loans are short term and are supposed to be paid back in full along with the associated interest rate on the next payday, hence the name Payday loans Alberta. At an average, a payday loan in Canada lasts for 10 days. Since the period of the loan is very small, the effective interest that you pay on the loan amount is also very less. For example, if you take a $100 dollar loan for a year at 12% interest rate, you would have to pay $112 after a year. With payday loans however, if you take the loan for a full period that is one month, you would be paying back $101 on your next payday.
7. Extension process:
You may face situations in which you may find yourself unable to pay the loan back on the next pay day. In such a case, you can contact your lender for an extension. All this takes a phone call and another application form. There would be additional interest and some charges but getting the extension is fairly easy as compared to traditional loans.
8. No guarantee required:
Since conventional bank loans are of a large amount, you generally have to keep a bank guarantee for the loan to be disbursed. This guarantee may be your house or any other movable or immovable asset. Since payday loans Alberta are of a small amount, you do not have to furnish a bank guarantee. The only requirement is to have a steady source of income that would make enable you to return the loan back. The other requirement is an active bank account.
If you are planning to take a payday loan, you should walk with caution. Make sure that you understand the interest rate and all other associated charges that you would have to pay by the due date. Also read all the terms and conditions carefully to avoid any hassles in future.
