subject: What You Should Know About Canada Payday Loans [print this page] Citizens of Canada can make a research to find the best payday loan in Canada with the most appealing conditions. Sometimes all of us can appear in a difficult financial situation, when cash is needed instantly. In such situations payday loans serve a perfect rescue.
The loan amounts are generally not high, and the lenders do not perform credit checks. It is the reason why the approval process takes only a couple of hours. This type of loan is absolutely free of hassle!
The loan duration is the borrowers next payday. If you are unable to repay your loan on the due date, you may ask the lender to renew it until the following payday. However the renewals of this type charge fees. When it is time to repay your loan, the lending company will wire into your account the outstanding sum.
In fact, anyone can acquire Canada payday loans as the mission of the service is to help as many clients as possible. Thus, the conditions of eligibility for a cash advance are basic and really simple. Being at least 18 year old Canadian citizen and having an active account in a bank is enough to qualify for a cash advance. Actually, there are several other requirements to loan eligibility - you need to have a permanent job with regular income not less than $1200.
You should be aware that the cost of payday loans in Canada is high. Many lenders charge interest rates that are several times higher compared to those on the usual fees of your credit card. However many people get payday loans to repay the outstanding bills on their credit cards. It is considered that taking a cash advance is much better than receiving negative credit reports.
In fact, there are several alternatives to take into consideration before starting an application process. Sometimes, credit card companies agree to accept smaller fees for extending the payments on your bill. It is a good idea to talk with them in terms of not sending a report of bad credit. If the above mentioned methods fail, you may ask your relatives or friends to lend you a needed sum. And as the very last option you can address the service of Canada payday loans but remember about the fees and interest rates to avoid unpleasant surprises on the repayment date.
