subject: Bad Credit Loans Loan In Canada Explanation Of Bad Credit Payday Loans Part Forty Six [print this page] There are a few bad credit payday loans lenders that insist that their borrowers authorise a compulsory settlement, between the lender and the borrower, in case future payment disputes occur between them. Many borrowers who actually sign such an agreement do not know what they are agreeing to as they have not researched this aspect of a bad credit payday loan contract before they applied for their loan. Borrowers are also ignorant of the fact that their pay cheques can actually be garnished if they do not make their expected and contracted payments on time. The reason why borrowers think their pay cheques cannot be garnished is because, as with most people, they think that garnishment only applies to child support cases. They are obviously misinformed and are wrong. Borrowers must make sure that they research all aspects of bad credit payday loans, prior to applying for them, in order to educate themselves on the way that these loans should be legally applied for, granted and administered.
During a current survey it was found that many bad credit payday loans agencies were dishonest and manipulative as they often indulged in unfair and illegal collection processes and methods when retrieving unpaid loan monies from their respective borrowers. These illegal methods are not used on borrowers of other types of loans. Many borrowers have reported that their dishonest lenders bullied them, their employers, friends and family with threats of violence against them if they did not receive the agreed payment and or payments from their related borrowers. These types of lenders have been known to also threaten their defaulting borrowers with criminal prosecution. All these methods of intimidating borrowers and people who are linked to the borrowers are all illegal and are definitely not allowed under any circumstances.
Due to the reality of certain dishonest lenders illegally bullying their bad credit payday loans borrowers into paying their outstanding loan payments, the payday loans industry has created a code of Best Practices. One of these codes states that lenders have to legally collect debts and outstanding loan payments from borrowers in a fair and lawfully accepted manner. However, borrowers must know that it is still unfair and illegal for lenders to collect treble the damages from defaulting borrowers, which is allowed in some of the states in America. As a result of the fact that lenders do not investigate the financial capability of each of their borrowers to pay back the bad credit payday loans that they have lent to their borrowers, these payday loan lenders cannot assume that they are therefore entitled to collect treble the damages from their respective borrowers.
To read about the various types of Canada loans available at BHM Financial or to apply directly online for a Canada loan in any one of the Canadian provinces namely, Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan, visit the loans in Canada website at bhmfinancial.com. You can also text chat with a BHM Financial loans consultant now, online, about your Canada loan, by accessing this link Canada bad credit loans text chat.
