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Tag: Payday Loans

Know What You Are Getting Into When Applying For Payday Loans Canada

Know What You Are Getting Into When Applying For Payday Loans CanadaFor those who are not very familiar with payday loans Canada, it may seem that these loans offer the benefits of convenience. They seem to be the best option when no other option is available. The trouble is that if you are not aware of your rights, the convenience of these payday loans Canada can turn into a nightmare.

Specific short-term loans

Payday loans Canada are specific loans that are given to people who have a regular job. The amount lent is generally low and won’t in most cases, exceed 1500 dollars. These loans are also given for a short period and in most cases, you have until your next payday to repay the loan. This is why they are known as payday loans.

An expensive option

When the time comes to use cash money payday loans, you will notice that the lenders that are willing to offer you a loan are normally working out of retail stores or via the Internet. Payday loans Canada are also a very expensive option perhaps because they are unsecured loans. As long as you can prove a source of income, you won’t have much difficulty in getting a payday loan Canada.

Eligibility criteria

Also, in order to get your payday loan Canada, you will need to provide the lender with a post-dated check or you will need to authorize a debit transaction to ensure the lender gets his or her money straight from your account. The nice thing about applying for payday loans Canada is they are easy to get. This is one of the reasons why so many people opt for this kind of loan.

Documents required

The lender will ask you to prove you have a regular source of income for at least 3 months. You also need to provide proof of address which usually means providing the lender with your latest utility bill. Finally, to get your payday loans Canada, you also need to provide your checking account into which the lender will deposit the loan once it is approved.

Check out all options before applying for payday loans Canada

Since payday loans Canada are very expensive, you should first make sure that there is no other option available to you. The good news is the State of Ontario has passed regulations to prevent lenders from charging exorbitant interest rates and fees. Even so, payday loans Canada are predatory but you are protected because the lender cannot charge you more interest than is permitted by Ontario laws.

Typically, payday loans Canada of 300 dollars for 2 weeks costs about 63 dollars by way of interest. Credit card loans for a similar amount cost only 2.65 dollars. When the time comes to get cash money payday loans in Canada, you can rest assured that this form of loan offers a quick and easy way to obtain much-needed money when you are most in need of it. The money lent to you is secured against your next payday check. You can borrow as much money as you need and then when your next payday arrives, you can pay back the loan at a flat rate. Typically, you may have to pay 20 dollars to borrow 300 dollars. There are many lenders who will give you this kind of loan in ten minutes or less.


Payday Loans To Make Ends Meet Until Your Next Payday Cheque

Payday Loans To Make Ends Meet Until Your Next Payday ChequeCash shortage is a general problem that can happen anytime in your life, you’ll definitely think about the fastest way to cover your sudden financial crises; payday loan is one of the possible solution of an employed or person with some sort of regular income when there is no option left.

It is easy to tackle with financial emergencies when you have enough money with you even at the end of the month. But, this seems impossible as most of us usually end up spending most of our pay on shopping and satisfying other personal purposes in the very beginning of the month that results in only a handful of money left for the rest of the month.

You can meet a financial urgency if it happens in the beginning of the month as you have the monthly pay as a backup. However, what will you do if you need cash urgently at the middle or end of the month? Why to ask a friend or family member for money and face the embarrassment or become a burden on them, when you can access payday loans tailored specially to meet instant cash needs.

Payday loans are unsecured short-term loans designed specifically for the Canadian residents helping them meet financial urgencies with ease. Payday loans are also known as cash advance loans, cheque advance loan, instant cash loans or post-dated cheque loan.

People usually use payday loans to make ends meet until their next paycheque. Urgent expenses such as medical bills, phone bills or an unexpected expenditure can be easily dealt with a payday loan. Various kinds of payday loans are available in the market with different characteristics to meet diverse needs of the Canadian residents, some of them namely same day payday loans, military payday loan, no fax payday loans and many more.

Payday loan can work as an important financial source to bridge the cash flow gap between paydays. These loans are usually approved faster as are meant to meet instant cash needs. A payday loan is offered for a short-term that usually ranges from 7 to 14 days that can be extended up to 18 days. With a payday loan you can borrow any amount ranging from $100 to $1500. You need to submit a signed post-dated cheque in preference of the lender that will pose as a security against the loan.

In the past, there were only few traditional lenders who used to charge high fees and interest rate. Borrowers had no other option but to avail loans at the terms and conditions offered by lenders just to meet financial contingencies. The loan process was time taking and high priced.

Entry of online lenders in the loan market has marked an end to the monopoly practiced by traditional lenders. Now, it has become simple and easy to borrow payday loans. You just need to submit a loan application form online and the lenders will get back to you with the instant loan decision. The internet loan process helps in saving your valuable time and money.

Payday loans to make ends meet until your next payday cheque is a plr article specially selected for the readers of the blog; best of luck – enjoy 🙂

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How Fast You Can Get Payday Loans Canada?

How Fast You Can Get Payday Loans Canada?  Don’t believe on the instant payday loan hype!Don’t believe on the instant payday loan hype! It has been realized that some time desperate money need make people overexcited towards instant solutions consisting superlative claims that may be made by lenders, affiliates and respective sites through their websites, ad space, social media and variety of other online resources that helps them promote their offers; e.g., “payday loans online no credit check instant approval” is such kind of searching phrase that receive thousands of monthly searches made by related and desperate borrowers on one of the best search engine online, it clearly indicates that a person in need is looking to get an instant cash relief, where listings that appeared in top search engine results are those websites or links that has been optimized especially for the said keyword phrase or alike, don’t you think it look like an ATM machine to the desperate people who are looking for an instant payday loans online. That’s not the way payday loan works.

Although unfair, deceptive, and or misleading advertisement doesn’t make the legit lending business look like a scam but it’s not a fair practice and in the light of upcoming changes to the payday loan rules and regulation there is a great need to control and reconsider all the sugar coated promotional language into responsible and factual language that should start using now at TV, newspapers, magazines, classifieds, store display boards, online portals and all the other sources that are used for advertisements.

Payday loan industry has grown rapidly because of fast and high returns to payday lending business, due to its easy accessibility to cover up emergency expenses to the consumers has made it to over grow, larger and larger in due course. As it holds an expensive nature that to be repaid over a short term, or until “payday” has made negative impact on several households and communities that take it lightly and didn’t care to understand; how they can manage it from their next payday in case they don’t get savings accordingly?

Rapid growth in payday loans and other forms of subprime lending has created a great competition among lenders, lead generating companies and affiliates, to get more and more business, these companies are using different form of strategies and sugar coating to their offers to stay up and close to the consumers. To protect consumers, tougher regulation has been implemented in UK, USA, Canada and other countries. The payday lenders have been warned that tougher regulation is on its way, to safeguard consumers.

The Financial Conduct Authority (FCA) shows great interest in “affordability” and proposed that all borrowers should have an “affordability check” before being given a loan. Moreover, among other new rules, the FCA wants to put risk warnings on adverts and marketing material. That’s the reason most of the payday loan lenders and affiliate networks has been sending instructions to their affiliates and members respectively, to ensure that their websites, advertisements and other promotional activities should comply with all applicable federal and provincial laws, rules, and regulations to avoid violations.

Although if you don’t have credit cards then quickest short time financial fix may only be a payday loans Canada that you can use to lift down your financial burden but it should not be considered as an alternative to instant cash where claiming to offer an instant payday loans is not right. As this post is specifically written on the time framework that is an important triggering strategy that strongly make an impact our decision to to apply; here are some of the special instructions that how fair practices should reflects in your content and adverts:

  • Advertisements must be clear, accurate and practical that should not include sugar coating and superlatives phrases; substitute “quick” or “fast” for “instant”; quick or fast payday loans Canada is fine but don’t say, “instant payday loans”.
  • Approved loan funds are available “as early as” or “as soon as” the next business day; do not use “same day”, “next day”, “in 1 hour”, or similar terms.
  • As credit reports requirements may take time and effects approval that’s why correctly state whether participating lenders will perform credit checks or not with credit reporting bureaus or obtain consumer reports through alternative providers and being an affiliate if you don’t know then don’t say, “no credit check” or “no credit check loans”.
  • Moreover, with all these delaying factors, there is also a possibility that consumer may not get payday loan that’s why you should avoid using “100%”, “guaranteed”, or else.

These above are few advertising practices that should be adopted by all the lenders, advertisers, affiliates and members of lead generating networks. Please note, this should not be intended to serve as a substitute for legal compliance, because there are other laws and regulations applicable to affiliates, lenders and advertisers activities that are not covered herein. Beside it just covers an important aspect of payday loans, fast loans vs instant loans; Remember, any references to the time (day/minutes/hours) must be qualified so it’s not a guarantee or promise, and if you’re not a direct lender but a representative or an affiliate then it should also reflects in your content and promotions.

Not Allowed Alternatives
“Get approved immediately [or in 5 minutes]” “Get lender-approval in as fast as 5 minutes”
“Your loan will fund same day [or next day]” “Your lender can fund your loan as soon as the next day”

For more authentic and up-to-date information please consult The Financial Consumer Agency of Canada (FCAC) that offers in depth guide to understanding the cost of payday loans and discuss financial consumer issues to protect consumers of financial services while offering interactive tools, resources, and publications.

How fast you can get payday loans Canada generally depends on the time you apply for your loan at lenders or it’s representing website whether online or physically; weekends, holidays, working days, opening and closing office hours generally effects.

It’s logical to say it quick loans or fast payday loans Canada because there are no other short term loans that can compare fast accordingly but replacing it with an instant payday loans Canada is not right. I strongly advise people who are looking to get payday loans in Canada; you should avoid preferring all those promotions that say instant cash advances and payday loans; because it’s a hype and unlawful, moreover, carefully compare between prior to taking your credit decision “what you need vs what you want”, and always go after financial burden that you can easily afford to repay in full and on time.


Installment Loans Canada Is A New High Interest Loan For Canadian Consumers

Installment Loans Canada

Installment Loans Canada Is A New High Interest Loan For Consumers

Installment loans are relatively new loan product to the Canadian financial market but looked as it has been designed by the same school of private lenders that offer payday loans to the people often having lower income, less financially literate, struggling with bad debts and or bad credit; it come under same as an unsecured, subprime, high-interest, short-term loans with a twist of flexibility that generally suits most of the people looking for extended terms to pay off the loan over shorter or longer period of time, repayment options and indeed more cash. Installment loans Canada has been getting attraction of more and more lenders to take the place where payday loans have already been established and some of the lenders are setting up their offices or stores in many of the same depressed areas that once used by payday lenders.

Installment loan vs payday loan

Of course installment loans and payday loans are different kind of unsecured personal loans but both carries high interest rates. Unlike payday loans in Canada, which generally offer cash advances for a few hundred dollars like $100 to $1,500 that have to be repaid in next few weeks till payday, where installment loans allow you to borrow money that may be up to $15,000 with an option up to three years of repayment period.

What is installment loan?

According to Wikipedia:

”An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan.

The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over time by regular payments of principal and interest. These “installment loans” are generally considered to be safe and affordable alternatives to payday and title loans, and to open ended credit such as credit cards.”

Lenders are growing

Business opportunity to lenders seem quite attractive, that’s the reason more and more installment loan lenders are trying to get place in the market, it has already got good popularity in the UK and the USA market that makes not even Canadian lenders but other non-Canadian lending companies are also looking forward to explore more opportunities in Canada. Here is an excerpt from introductory message received through email from one of the lending company ready to begin installment loans Canada:

Installment Loans Canada New Lender“To provide a little background, we are one of the largest U.S./UK near prime consumer lenders and plan to expand to Canada in the coming months. We will offer unsecured personal loans between $1,500 and $30,000 for 12 to 48 month terms with APRs starting at 19% and going up to 49%. We are focused on providing our customers an exceptional experience through quick approvals, same day deposits and a large call center staff to help answer questions.”

Intention to invest billions of dollars to offer installment loans Canada by foreign lending company into relatively new market clearly indicate, there is a huge potential for the said loan.

There is no doubt it’s a high interest loan but in presence of Canadian legal restriction on maximum rate of interest on loans do provide protection to the borrowers, remember; anything over 60 per cent is treated as the criminal interest rate in Canada.

Although installment loans Canada is offered to consumers with a poor credit rating but taking these types of loans is not ideal for consumers having poor or bad credit because it will affect a risk factor that will determine your rate of interest over your loan, as high the risk as high rate of interest you will be charged on your instalment loan.

Marketplace Outcome

In relation to market critics an installment loans Canada is a new high interest loan for Canadian consumers. According to CBC; instalment loans the new high-interest danger for consumers, installment loans in Canada have been rapidly increasing recently, with a total of $132 billion owed – 8.7 per cent of Canada’s total debt distribution, the majority of which is held by major banks. CBC News investigation reveals true cost of borrowing by interviewing several Canadians with bad credit that have being turned away from banks to other lenders with hope to obtain a loan. According to Equifax, a credit monitoring company, instalment loans are the second fastest growing type of debt in Canada after auto loans.

Other options to installment loans Canada

Most of the people looking for unsecured bad credit personal loans seem really in hurry; all they usually wants quick cash, when they find out they are not qualified for a bank loan, they usually turn toward private lenders that generally charge high rates, getting out of financial trouble is good but if you can’t afford it then you should adopt other options to avoid a debt trap and further problems.

  • Try to improve your credit rating to get qualify for a bank loan.
  • Always take minimum loan that solve your financial need and you should definitely afford it.
  • Consolidating debt is a good idea only if you get it on lower interest rates.
  • Better way may be a credit counseling service that can often negotiate a lower interest rate.

If you need long term installment loans, cash loan over a longer period of time or may be looking for short term installment loans with poor credit rating; Installment loans Canada works great if you carefully take it once according to your need, think twice what you can afford, don’t try to roll over and or refinance your loan for more money. Before getting your loan find out exact difference between your loan and your payments to determine your true cost of borrowing.


5 Tips To Use Payday Loans

Don’t you think it’s a surprising question; how to stop using payday loans? We know it brings an instant solution in case of emergency when we need cash in hurry and we know it can’t be compare with the other loans in relation to its unique nature of being a quick cash loan. Above question clearly indicates that borrower has been taken payday loan for more than one time and may also have tried it to extend the same for the next paycheck and didn’t follow the right way to utilize the loan and service that resulted in to a bad experience, although payday loan brings an excellent solution and good experience to all those people who understand it and don’t forget; why borrowers use payday loans? As payday Loans are short term loans to cover your unexpected day to day life’s need and just for emergencies that you should pay on time on your next payday at once without taking further extensions. The right question that consumers should be put forward as; how to use payday loans? That helps them in going through their sudden financial need without making payday loans a big financial mess for them. It require you to follow other happy customers great tips on how to utilize and use payday loans to your advantage!

Majority of the salaried class literally living from one paycheck to another; these are the people that payday lenders consider their clients that can borrow cash against the guarantee of their next payday. Unexpected problems that require quick cash is a part of life, there are many of people who generally experience such a cash shortage once, twice and, or again and again some times, credit payments being late, medical bills being overdue, utilities being over used or car being turned down. Immediate need of funds is a big problem, payday loans often helpful in providing cash to such kind of serious problems that require a quick solution.

Why borrowers use payday loans? Many of the people now have become well aware of the payday loans and these people know how to use it in their favor but there are so many more people, either they don’t know about it or have used it in a wrong way and need advice to stay out of payday loans pitfalls.

Below are some of important tips on how to use payday loans to your advantage? These 5 tips to use payday loans will definitely reduce number of unsatisfied borrowers from asking such kind of indirect complaining questions as; how to stop using payday loans? You should carefully consider brand name and reputation of the payday loan company or payday lenders before initiating the loan process:

  1. Payday loans are just for emergencies, you should always consider applying your payday loan when there is no other option to obtain the cash you need. Don’t take it for unnecessary things or incidentals like vacations or expensive jewelry or clothes. Always take it for your necessities like medicine, groceries, utilities, car repairs, etc.
  2. Payday lenders must be licensed by Ministry of Consumer Services in your residing province and territory (Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Northwest Territory, Nova Scotia, Ontario, Nunavut, Prince Edward Island, Saskatchewan and Yukon Territory). The license certificate number must be printed on the website offering payday loans Canada and if you are visiting physically to apply your payday loan then it should be displayed in the store. Never borrow from unlicensed payday lenders.
  3. Payday loans is an expensive loan, you should always consider the amount that you can easily payoff at your next paycheck. Remember your payment includes; your borrowed money plus payday loan charges, although payday loans are already set at maximum cost of borrowing amount by the government of Canada under Criminal Code Of Canada at Provinces and Territories level, like in Ontario maximum cost of borrowing is controlled at $21 for every $100 borrowed. It means person applying for payday loans Ontario Canada will have to pay maximum charges of $63 per $300 borrowed. You are strongly advised to check and calculate your net payable amount according to your province and territory in which you are applying your loan.
  4. Repay your loan in full during your next payday. Don’t try to take another loan or think to take an option of payday loans refinancing, generally it’s not possible with the payday loans and if any lender accepts your request then you have to pay extra in form of penalties, additional fees and interest. Just remember payday lenders can’t give you another loan until the initiated payday loan has been fully paid off.
  5. Before signing your payday loan application, you should first read and understand the entire contract; loan agreement. Don’t forget to read the fine print and ask questions if there is anything you want to clear or find out before signing the contract. Beside also ask the lender about the loan cancellation process, it will help you in giving time to rethink your decision.

These are generally accepted and used great tips that not even in Canada but works anywhere in the world where payday loan industry is extending its credit facility, either you are taking payday loans in the United Kingdom, payday loans in the United States or Australia, you will definitely utilize it in getting benefits for you without any bad experience. We hope these 5 tips to use payday loans will work for all those people who pay too much weight and excitement on taking payday loans and take it lightly on an issue of paying it back, either these consumers spend their expensive money on the useless things and, or don’t calculate their savings to understand their affordable payments from their next paychecks. Think twice on an important but very simply question before applying one for you; why borrowers use payday loans?


Ontario Payday Loans Act, 2008 Enforcement Action

The Criminal Code of Canada was amended in 2006 that allow provinces to regulate the payday loan industry, since then three provinces; Ontario, British Columbia and Saskatchewan have legislations to deal with payday loan restrictions. Cost of payday loans capped, and any rate of interest charged above 60% per annum considered criminal. After more than two years of provincial effort Ontario payday loans Act was passed in 2008 to provide better consumer protection for users of payday loan services.

Enforcement Action Scenario

Consumer protection concerns about payday loans have been in the CBC News of Feb 5, 2013 in which Ontario government is attempting to revoke the license of one of the country’s biggest Edmonton-based cash advance stores, The Cash Store to operate in the province due to violations of the Act.

Ontario Canada enacted the Payday Loans Act, 2008 to limit the fees charged on loans in the province. Ontario Payday Loans Act, 2008 provides additional protection for users of payday loan services, as a borrower you have number of rights and protections under a payday loan agreement.

The Ontario Payday Loans Act, 2008:

  • Requires payday lenders and payday loan brokers to be licensed by the Ministry of Consumer Services and comply with the provisions of the Ontario Payday Loans Act, 2008.
  • Prohibits certain industry practices, including “rollover” loans
  • Gives payday loan brokers a two-day “cooling off” period to cancel a loan with no reason without incurring a penalty.
  • Maximum total cost of borrowing cap for payday loan agreements in Ontario is set on $21 per $100 borrowed.

Ontario Ministry of Consumer Services clearly indicates all the points that protect consumers taking payday loans in Ontario, before taking out a payday loan; you should know your consumer rights:

  • As a borrower, you cannot be charged more than $21 for each $100 you borrow. This is called the maximum cost of borrowing.
  • All fees charged when obtaining a payday loan are included in the maximum cost of borrowing. Fees cannot increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You are entitled to receive the full amount of your loan without deductions for any fees or other charges.
  • You are entitled to access the payday loan in cash immediately upon entering into a payday loan agreement. The payday loan lender may offer to provide your loan to you by cheque or debit card. However, they cannot charge you additional fees to do this if the fees increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You have two business days to change your mind and cancel the payday agreement without a penalty.
  • You cannot get a second payday loan from the same payday lender until you pay off the first loan in full.
  • The lender cannot offer you other goods or services (on their own behalf or on behalf of another person), such as insurance, in connection with your payday loan agreement.

Demand of payday loan in Ontario Canada is higher in accordance with the other Canadian provinces and territories so do there are number of stores operating in Ontario are also high. Thats the reason enforcement of payday lending rules can make a big difference with such kind of news action. According to the Government officials it’s a “major consumer protection enforcement action” on what they will release more information. These kinds of news will not even bring good result in achieving best practice while controlling Ontario payday loan rates but it will help in other provinces and territories to discourage such predatory payday lending companies that are charging exorbitant interest rates or hidden fees when lending money to the moderate, limited and low income class of working individuals.


How To Get Out Of Payday Loan Debt Is What To Consider Before Applying For A Loan

There are lots of places online where great number of people usually asks about; “how to get out of payday loan debt”, although this is a question that should always consider before applying for a loan. Nobody will go into such a miserable situation where it becomes impossible to return the loan, if borrower understands what does payday loan stands for. Payday loan is not a regular form of credit that basic financial institutes recognize and favor that’s why banks don’t deal.

Payday loan Canada is an exclusive option of getting instant cash when financial emergency arises but getting an instant payday loan also means getting into instant debt because most of the payday loan borrowers don’t usually have enough money to payoff the full loan amount at the due date. This kind of situation cost extra payments to extend the loan and such kind of debt cycle may continue till loan is not fully paid off. It may also compel some borrowers to apply another payday loan to pay off the existing payday loan that means going into an unaffordable and bigger debt cycle. Although there are some financial companies that also offer a payday loan debt consolidation but it also require another extra charges to hire such kind of debt help service. Don’t let this kind of payday loan mess ever happened to you, always try to pay off your payday loan as fast as possible.

What to Consider Before Applying For a Loan

How to get out of payday loan debt is a critical situation, you can get variety of debt relief solutions from great number of debt settlement companies working these days but it is not feasible to take it on the payday loans especially because its not feasible to take it on your short term loans, always try to avoid it. There are many factors that require considering before applying for a payday loan.

1. Do you really need a payday loan? Always borrow what you afford

Its one of a basic question that you should ask carefully because you know how much you need and how much you afford. As you know payday loans are expensive that’s why don’t exceed your borrowing in relation to your affordability that you can easily spare the funds to repay the loan on the due date until your next pay cheque. If your regular monthly income is not sufficient to pay off the loan, then you need to think prior to getting a loan about, how to arrange extra money to get rid of the loan in full and to avoid further costs and charges?

2. Have you considered other loan options? Alternatives to payday loans work great

As you know payday loans have an expensive nature that’s why it’s important to utilize other options to payday loan alternatives in getting the required cash. It may be your family members, friends or even your own employer that may help you in providing cash you need. You are advised to look into these kinds of inexpensive arrangements.

3. Is it the first time you are applying for a payday loan? If not, go with your same payday loans lender you already dealt with

If you’ve already taken out a payday loan, it’s probably best to use the same lender again! You will get more money, saving and a quick loan approval than if you were a first time applicant as you’ve successfully established your credit history with the lender already.

 4. Avoid payday loan rollovers

The payday loan process can fast and easily get complicated while making your personal debt miserable, don’t rollover your loan because payday loan lenders charge a high fees and interest on all these rolling over loans where it have been taken to extend your existing loan or pay back the first payday loan with the same lender.

How to get out of payday loan debt, is not written here in a way in which it will give you some effective ideas, ways or tips to get debt solutions for your financial problem but its written in a way in which you could understand the nature of this payday loan where it only allow you to take credit for what you can easily payout from your monthly income and if you know how to manage your short term financial liabilities efficiently this payday loan or cash advance will bring you a financial freedom for your unsecured personal loan; short term cash requirement, emergency need or what so ever for future to come.

From all of us at eLoan Canada, we wish you and your family a very happy new year and Xmas that will bring all of your wishes come to life with full social and financial support with great creditability.


Risks And Benefits Of Applying For Unsecured Personal Loans Online

An unsecured personal loan may be a right choice if you do not have any asset or collateral to secure your loan and it also works in case you have been suffering from a bad credit situation. Unsecured personal loans may also mean asking for a high risk unsecured personal loans or bad credit personal loans Canada. However, in the light of today’s consumer credit issues, there are so many lenders that also have developed high risk unsecured personal loan plans that protect their investment while servicing these kinds of consumers in the due course. Applying for unsecured personal loans online has become so easy and fast today that’s the reason it has increased numbers of online shoppers who want to benefit with these available fast and convenient loan services online. Following are some of the important points that you should consider before applying for a loan, there are some risks you should know prior to getting benefits will help you to successfully complete the loan process till paying it back.

Easy online access

There is no need to go to a lender physically to collect an application form to fill and apply because you can instantly get the application form to fill and submit online at once through your computer or even your cell phones these days. Beside you can access your application form 24 hour a day and 7 days a week. One thing you should always take care of and it’s the security issue, Internet is full of bad surprises too, that’s why you should always take care of your security issues, you should carefully confirm your loan application should provide a secure platform.

Simple application process

Your credit profile is what that can make it complex your loan request and if you have bad credit or even no credit history, traditional banks will most probably deny your application but when dealing with online private lenders offering unsecured personal loans like payday loans and other related online personal loans, an adverse or negative credit history does not affect your application process. That’s why asking for a payday loan make your application process simple as your regular income or salary is enough to satisfy your lender to keep it simple and going.

Fast loan approval

Its really a very hard to wait the loan approval process when an urgent need for a money is required. However, an online approval process is almost instantaneous. It will just take few minutes to fill it up application and submit then you will be notified in next few minutes about your application has been reviewed and in most cases accepted. On the other hand fast loan approval also means fast liability, so it should be your personal liability before accepting the loan to confirm yourself about paying it back accordingly before the due date.

Applying for online unsecured personal loans has a significant number of benefits over the traditional available methods; there are also some risks involve. Here are some key points that it holds as benefits and risks.

Risks of applying for unsecured personal loans

  • Unsecured personal loan often carries a high interest rate in relation to a secured personal loan.
  • In case you cant payback your loan payments, lender may directly ask the court for the collection of loan payments generally through your salary or income where an unsecured debt is secured against the collateral like equity in your home as a homeowner.

Benefits of applying for unsecured personal loans

  • You can spend your loan amount on anything you want.
  • Your quick loan repayment will increase your monthly payments, but decrease your interest charges.
  • As these types of unsecured personal loans don’t require any property to secure, it works for the people who are not homeowners and also who don’t want a secured personal loan.

Remember, unsecured personal loans are good to fund most of your small purchases such as paying bills, education expenses, home renovations, vacations or unexpected expenses. If you are suffering from a bad credit, an unsecured personal loan can be a great option for you to consolidate debts and to achieve a positive cash flow. Moreover, when applying for unsecured personal loans online, you will get variety of lenders with ease that’s why you will also get variety of loan options, rates and terms; select the right lender of your choice and when your application process begins you will generally find out its quick and simple, because you don’t require any assets to secure, and your cash loan is instantly transferred to your checking or savings account. If its not a payday loan Canada what you want to get then you can also go with the other option available as payday loan alternatives and else. As benefits of taking such simple and fast cash is huge but always consider precautions to safeguard your personal finances. Risks and benefits of applying for an unsecured personal loan online is written with an intention to reduce the hyped up behavior associated with the subject. Always check and care about: How much can you afford to borrow?


Looking For Low Cost Fast Payday Loan Canada Consider Payday Loan Alternatives

Payday loan alternatives may help you in finding low cost fast payday loan Canada! A payday loan is an unsecured personal loan, also known as a payday advance or pay check advance is an exclusive form of a smaller value, shorter term unsecured loan to meet the borrower’s expenses till his or her next payday. It’s an instant form of a credit relief, which is build to fill the need of a person with regular income to combat the money shortage problem that can’t exchange with other typical loans available in the financial market in it’s specific context, because most of the other loans require a credit check that make it delay in providing fast delivery of money for any quick cash requirement. But it has some drawbacks that people usually felt uncomfortable and trying to adopt other payday loan alternatives and options because:

  1. Higher cost! Although in Canada payday loan charges are protected by most of the provinces and territories regulation, like Ontario provincial maximum fee capped at $21 for every $100 borrowed.
  2. Short-term loan! Lenders will typically lend money for a period of 1 to 14 days, fees can add up quickly and what started out, as a quick fix can become a financial trap.

According to conclusion made be Federal Reserve Bank of New York, “Payday loans should not be categorized as ‘predatory’ since they may improve household welfare”. Moreover, they further assert that the payday stores extend credit to those ‘risky’ customers who have high chances of default.

In words of Laurie Campbell, Executive Director of Credit Canada, “There are other, more affordable and sustainable options for getting help, but when a person needs to put food on the table or pay the rent, they often turn feel they have nowhere else to turn.”

Starting in 90s, payday loans have become increasingly popular in Canada. Approximately 1,350 stores operate in Canada, with over 700 in Ontario only. What makes it so famous that people want to adopt cheaper alternatives having payday loan characteristics?

  1. The most important being it’s an easy form of credit that an individual can get the short term loan from payday lenders.
  2. Payday loan is available even 7 days a week! Payday lenders tend to stay open late, and they cannot even be found in multiple urban and suburban locations but 24 hours through online.
  3. Its fast form of credit that can fill up your bank account with the cash within a day.
  4. There is no credit check required, so there isn’t any question being a poor or bad credit and the paperwork is quite simple.

If you really in need for a small amount of cash to meet your emergency expenses to fill up the gap, a payday loan may look like a quick solution with an easy way to get it, but it’s not good to rely on payday loans all the time. Always, look at other form of options before considering a payday loan.

The Social Factor

It’s the most feasible way to get the financial help, like you may ask your friends, family and your employer! I don’t want me to disclose secrets like most suggestions you will find online in adopting payday loan alternatives “10 Top Payday Loan Options” or “15 Best Payday Loan Alternatives’, but want to suggest you the most powerful way not even that brings financial success to you for your day to day problems but a happy and a successful life that only lies with your personal relationship. So always try to help others in need especially when you can do some thing for them like your employer require more value to your job where your family and friends require your care, because these people can help you with out asking extra money on your principal amount. It doesn’t require any planning from your side because there is a need to change your behavior, because today if you help them without any thing in return then they will definitely don’t want you alone in your problem, and if you think consideration should be a part of the relationship then you may be able to get a fast cash advance from your employer or borrow the money from your friends or family on better rates than any payday loan lender.

The Planning Factor

This involves variety of things that include pre hand knowledge and information, which will not even give you satisfaction to get out from your financial crises but it will bring instant help when you need it most. Like if you don’t already have protected your overdraft on your checking account, find out if your bank will provide you with your overdraft protection. It’s a great way; because you can use your checking account to pay your bills and other emergency expenses without worrying about bounced checks/cheques. You may also try to keep your knowledge up to date while getting reviews and experience of other people in such situations that may help you in planning and getting a best option for you and vise a versa when you need it most.

Trouble Getting Existing Loan Payments

If you are taking payday loan for the purpose of paying off payments on your existing loans you should contact your creditors or loan officer as quickly as possible to tell them about your financial problem and to ask for more time. Many of them may be willing to work with consumers who they believe are acting in good faith. They may offer an extension on your bills so that you can meet your payments; you should also make sure to find out what the charges would be for that service to compare the best possibility to adopt.

Selling Used Things

In time of emergency when you need cash fast your old books, cds or else will not bring fast revenue on even eBay because it require some experience and a time to complete the process. Yes, stuff like gold, bonds and other form of ready to convert cash instruments that has a real value, you may sell instantly in market on a best price and if you have unused or broken gold or such kind of real value stuff with you it may help you a lot.

Time Consuming Low Cost Payday Loan Alternatives

Getting an unsecured low cost short term loan is not difficult but it will take some time because it involves some formalities to fulfill like checking up your credit profile, documentations, or else. Although banks don’t deal payday loans but these can assist you in getting you a short-term loan you are looking for. You may also go with the credit unions or small loan companies available in the market. You may get better rates than payday loans. Moreover, since payday loans are only available to the employees, but you may probably qualify to take other loans as well here. You are suggested to spend some time to shop around to compare rates in getting the most affordable rates for you. Although there are many credit unions have attempted to offer similar kind of payday loan in Canada, with lower interest rates, but have been unable to do so without government grants or subsidies.

High Cost Fast Cash Payday Loan Alternatives

Credit card is the fastest payday loan alternative but it’s the most expenses and if you are already trying to find out payday loan alternative because of It’s high rates than it seems not feasible to take cash on credit cards and above all credit cards are not build for taking cash but for your purchases and its most feasible form of credit instrument designed for exclusively for merchandising and shopping purposes without carrying cash.

Alternatives to Payday Loans Summary

Summary of payday loan options and how payday loans cost borrowers less? Instead of going through an expensive loan route, like high-cost, high-risk payday loans, look at some payday loan alternatives. Those individuals who don’t qualify for a payday cash advance can still borrow money with even bad credit. Other options are available to most payday loan customers. These include pawnbrokers, credit union loans with lower interest and more stringent terms, paycheck cash advances from employers, credit payment plans, bank overdraft protection, cash advances from credit cards, emergency community assistance plans, small consumer loans, selling valuable items to jewelers like ‘cash for gold’ buyers in order to raise enough money to pay their bills and direct loans from family or friends.

Payday loan lenders don’t compare their interest rates to those of main stream lenders. Instead, compare their fees to the overdraft, late payment, and penalty fees that will be incurred if the customer is unable to secure any credit what so ever.

Payday lenders therefore list a different set of alternatives, costs expressed here as APRs for 14 days (two-week) terms:

  • $100 payday advance with $21 fee = 599% APR;
  • $100 bounced check with $48 NSF/merchant fees = 1,251% APR;
  • $100 credit card balance with $26 late fee = 678% APR;
  • $100 utility bill with $50 late/reconnect fees = 1,304% APR.

Low Cost Fast Cash Payday Loan Alternatives

Its what people are searching for the best kind of payday loan Canada that can take ideal position to get hold on the required phrase for a payday loan alternatives and options available in the market. According to desire of borrower it will be one best because:

  1. Lower cost! What if you can get it half the rates of the typical payday loan charges.
  2. Longer term! What if you get the loan for full 30 days, double the duration of a typical payday loan term.

Yes, you can get a low cost fast payday loan Canada through MogoMoney, because this company is offering a payday loan alternative providing same benefits that attracts payday loan borrowers like fast and easy cash while eliminating those disturbing factors related to price and shorter term, although they have used the time factor to adjust the price to go down by half. What they have done with nearly same loan charges they have extended their unsecured cash advance to full 30 days to payback or go for a re-loan.

Always Make Your Own Decision

You should always make your financial decisions very carefully, examine the reasons why you feel that you need a payday loan in the first place. Is it a real emergency that can cost or let you save more than taking burdens of high cost charges coming with your payday loans? Are you having trouble managing your personal finance? Are you spending more than your earning? Take your time and plan your budget in a way in which you can meet all your necessary expenditures but savings too. This way, you’ll be less likely to be in going into any critical financial situation that requires you to take out a payday loan in the first place. Because payday loan companies are not taking advantage of people’s financial hardships at the first place as accordance to the borrowers them selves. Although it’s a fact that low-income borrowers are more likely to be trapped in a ‘debt cycle’ where they have to repeatedly renew the loan and pay charges or fees every two weeks until they pay off the principal amount to get out of this ‘debt cycle’. Statistics compiled by the Centre for Responsible Lending show that the majority of the payday loan industry’s profit comes from repeat borrowers who failed to repay loans on the due date and instead repeatedly renew their loans, end up on paying fees every time. When choosing a lender whether or not to use a payday loan, evaluate all of your alternatives in order to identify the best option available at the time. There are many different companies who provide payday loans in Canada online and offline, so be sure to shop around. Some things to consider when choosing a payday lender are the rates they charge that includes overdue fees and other charges you may incur, compare payday loans results of various lenders and ask them about how quickly your loan will be available and what sort of repayment options they are offering.

 

Starting in 90s, payday loans have become increasingly popular in Canada. Approximately 1,350 stores operate in Canada, with over 700 in Ontario only. What makes it so famous that people want to adopt cheaper alternatives having payday loan characteristics?

1.The most important being it’s an easy form of credit that an individual can get the short term loan from payday lenders.

2.Payday loan is available even 7 days a week! Payday lenders tend to stay open late, and they cannot even be found in multiple urban and suburban locations but 24 hours through online.

3.Its fast form of credit that can fill up your bank account with the cash within a day.

4.There is no credit check required, so there isn’t any question being a poor or bad credit and the paperwork is quite simple.

If you really in need for a small amount of cash to meet your emergency expenses to fill up the gap, a payday loan may look like a quick solution with an easy way to get it, but it’s not good to rely on payday loans all the time. Always, look at other form of options before considering a payday loan.


Payday Loan Lenders Want Publishers to Jingle Their Bells

Christmas day is coming closer and there are plenty of wishes and desires in mind to celebrate it accordingly, but money may be a big problem that requires emergency cash. In such a situation you can apply for a Christmas payday loans that can solve your money problems. Yes, there is nothing to be worried about your money shortage problem, because cash advancing companies are equally trying to extend their credit in finding more and more borrowers for them. You know payday loan lenders in the market are itching for more lead traffic from publishers and sales outlets. Demand is very high right now. More leads equals more revenue for everyone.

We’ve come up while looking at the payday loan lenders eagerly searching for the payday loan borrowers with a little holiday jingle to help encourage you to solve money problem as a borrower and generate more leads as a publisher. Its a win win situation.

To the tune of “Jingle Bells”:

Lenders shell out doughPayday Loan Lenders Want Publishers to Jingle Their Bells
every night and day
Payouts soar, you know
“Send more leads,” they say

Make their phone lines ring
and publishers delight
What fun it is to generate
leads for them tonight

Oh…Payday loans, payday loans
Get paid for leads
Lenders scream and beg and moan
For publishers they need – Hey!
Payday loans, payday loans
Get paid for leads
Please generate more traffic now
Make revenue, we plead

Hey borrowers we are doing all for you
Offering cash advances with lightning speed
Intending to cover your expenses till payday
Get the money, your application we need

This has been written here to say “happy holidays” and to release the tension for those who are facing cash shortage problem while doing holiday shopping and wishing to celebrate their Xmas eve according to their desire. Although, its good to be moderate in your expenses rather than taking loan specially if you cant afford. On the other hand its a lenders business like our shopping centers which are showing their merchandise with extra stocks while displaying extra lights and arrangements with hope to get more sales and payday loan lenders want publishers to jingle their bells while offering short term Christmas payday loans to get the benefit from increase for cash demand and to streamline the shopping process.



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