subject: Canada Payday Loans: A Momentary Relief From Emergency Financial Crisis [print this page] After studying for almost a decade, the Canadian government has started the payday loan concept. These loans are taken by people who are in need of some urgent cash. The reasons could be anything from paying off utility, store or credit bills to taking a family trip or even buying gift for spouse. Canada payday loans are also taken by people to pay off debt.
Payday loan - What it means
Payday loans are short term cash advances, which are generally given to a person against his next month's salary. He can take out this loan to pay off debt toward any bill and does not need to specify the reason for taking the loan. Sometimes, this loan is also taken to make the minimum payment towards mortgage.
The borrower has to give a post-dated check to the lender, which includes the loan amount, the transaction costs and the interest. The lender gets back his money by processing the check on the borrower's next payday. For every $100 taken, the borrower has to pay an extra fee that can be up to $31. Recently, the Nova Scotia Utility and Review Board has been examining whether or not certain lending companies are charging exorbitant fees for giving out the payday loan.
Eligibility criteria for getting the loan
Whether or not a person is eligible to obtain Canada payday loans, is taken into consideration by the lender on the basis of the factors as follows-
* Bank account: The borrower should have a valid account and needs to provide the lender with the bank statement for last 3 to 6 months.
* Fixed income: The borrower should have a permanent job and a regular income. As a proof of income, he has to furnish his salary stubs for the last 3 months.
* Age and residence: In order to get the loan, the borrower should not be less than 18 years. He also has to be a Canadian citizen.
If you are in short on cash visit www.serveucash.ca to get some emergency money. They are one of the leading lenders in "Canada payday loans". Their hassle free process will make borrowing easier for you. They can give you the loan at the speed of rocket! You don't have to fax any documents also. You can get the loan even if your credit score is low. Fill out the online application form and visit your bank after a few hours to get the money.
