Payday loan are unsecured in nature. Also, the rate of interest is higher than the normal loan and the lender grants this loan in less than 24 hours. We can apply for it online, give our details and within hours our loan application would be accepted. This financial tool is really helpful at the times of unforeseen event, when we need cash instantly. All we have to do is finding right lender and get best deal available online.
As the name suggests, it has to be repaid on the next paycheck date. However, if we are not able to pay at that time then we can ask lender to extend the duration. It can be done easily and we may have to pay higher charges and interest. One of interesting thing about this loan is that even if we have bad credit history or were bankrupted once, then too lender will approve payday loan!
What you should know about Payday Loans Canada
Some of the benefits of payday loans are
• Accessible for everyone
• Easy process
• Online application form
• Speedy procedure
• Lender doesn’t check credit history
• Instant cash in bank account
• No paperwork, no submission of documents
• All transactions are safe and confident
• Pay off within a month
No Doubt, these loans have several benefits and you get cash instantly but the interest they charge is quite high as compared to other credit alternatives and if in case we want to extend the duration of the loan, we will have to pay higher interest and penalties. And not to forget payday loans are unsecured!
We as a borrower should always keep certain points before applying for loan:
1. Basic qualification: Minimum age for applying payday loan is 18, should have a permanent job and should be a part of your organization for at least 6 months.
2. The lender should be reputed: If you want to apply for loan online, you will find hundreds of companies available to provide you loan. We as borrower should check all the alternatives and get best deal from reputed companies only as these companies if they can put cash in your bank, they can easily take it out as well.
3. Application form: We should try to fill the form very carefully and provide them details with utmost care.
4. Terms and Condition: In haste, we should not forget to read all terms and conditions attached with the loan. Many firms have hidden cost as well which we may have to pay at the time of repayments.
5. Take wise decision: We should try to rely on other credit alternatives like taking help from friends or using credit card, asking for advance salary from office are some ways by which we can get cash for emergencies. If these are not available, then rely on payday loans.
We should try and make sure that we don’t end up in paying more than what we thought of. It’s advisable that while applying for loan, it would be wise if we ask them all interests, charges and hidden costs that we have to pay at the time of paycheck. It is not a bad idea to rely on loans but there are people who get addicted to such loans as it is easily accessible. Also, the money that we get should be used only for emergencies like paying medical bill, education fee, unexpected repair or household work and not for daily expenses as then you may have to face serious consequences.
All thanks to internet, the process of applying loan is really easy. We have to provide our basic details and we get financial support in a day’s time. Entry of online lenders had putted an end to traditional lenders and with time the process has become so simple. It saves our time and is convenient for everyone as they can access it at any point of time, even midnight!
Financial Emergency can come up at any time with anyone, and payday loans can be a life saver to us in such situation. Make sure that we do proper research while applying.
