These days payday loans Canada have gained so much popularity
. Every lending company has introduced this scheme in their list. The main reason behind the increasing popularity is its quick approval and easy application process. To make request for these loans you will not have to take a leave from your work. Just log in to lender's website from your home or work and get your request submitted. Just 10-15 minutes and you will be done with application process. Lender wants his borrowers to fill application form with genuine details. You do not have to fake around with lender as loan amount will be approved only after verifying all your details.
Payday loans Canada are only for those borrowers who are adult and having nationality of Canada. Every applicant must have valid social security number. Along with this it is must for every applicant to hold an active and valid checking bank account. This is also required for the electronic transaction. These loans are entirely free from credit checking formalities i.e. lender is not interested in your past credit record, he just wants you to be employed presently and receive a paycheck of above 1000 dollars. This helps you to gain swift cash even if you have suffered multiple errors like CCJs, IVA, default, bankruptcy, arrears etc.
Unlike traditional loans, these loans are fax less i.e. not even a single document is to be faxed. All the processing is to done online. Online procedure not only helps you to save your time but also money. As lenders are not demanding any kind of collateral for borrowed amount that is why these loans are associated with high interest rate. Generally interest rate varies from lender to lender so you can take advantage of this competition and avail cash at lower rate.
Generally payday loans are short term in nature and required to be repaid till next payday. For repayment on next payday you have to provide some post dated signed cheque to lender. On due date, lender will automatically withdraws loan amount plus interest rate from your checking bank account. If you are not having enough balance in your account on due date then penalty fee will be charged.
