In these tough economic times, it is no secret that the majority of those in employment do not make it from payday to payday. The payday loans are meant to aid people in times when they are in between salaries. The ease at which a person can get the faxless payday loans Canada is the main reason why the payday loans have gained a lot of popularity with the Canadians. People can count on the payday loan lenders to give them the funds they need in order to resolve an emergency. They help the borrower for the short duration before the salary checks in.
In order to be approved for the faxless payday loans in Canada, a borrower must be a Canadian citizen or alternatively the person must be a permanent resident of Canada. The person must have attained 19 years of age and must be in employment. In addition to this, the person must have held the job for at least two months and must have a working checking account. For contact purposes, the person must leave phone details. As long as a borrower satisfies these requirements, the person can easily be approved for a payday loan. After the person has submitted the application form, the payday loan lenders will review it and let the borrower know if the loan has been approved in a matter of minutes. Shortly afterwards, the money will be dispatched to the borrower’s checking account.
The amount of interest that the payday loan lenders can charge on the principle amount varies from province to province. However, most faxless payday loans in Canada normally charge anywhere from $10 to $30 per every $100 that is lent out. It is owing to this fact that it is normally recommended that a borrower be a resident of the province or city that the payday loan company is situated. This ensures that the borrower is fully aware of the governing usury laws of that area.
Facts and myths about the faxless payday loans in Canada
There are many misconceptions when it comes to the faxless payday loans in Canada. One very common misconception is that the payday loans are meant for people who do not have bank accounts and that the payday lenders prey on the low income earners so as to entrap them in a debt circle. However, this could not be further from the truth because for starters, it is compulsory for the borrower to have a checking bank account. The checking account will facilitate the transfer of funds between the payday loan lenders and the borrower. If a borrower does not have a checking account, then it will not be possible for the person to get a payday loan.
Secondly, most people who go for the faxless payday loans in Canada normally are people who have annual household incomes that are more than $25000. In addition to this most of these borrowers are highly educated with around 60% having attended college and about 20% of them having bachelor’s degrees and more. This only goes to show that payday loans are not given to people of a certain class. They are meant to help anyone regardless of societal class, provided the borrowers meet the requirements for getting a payday loan.
The faxless payday loans in Canada, have a very clear repayment policy which guarantees that the borrower will not be indebted to the payday lenders for too long. The borrower’s loan will be repaid as soon as the borrower‘s salary is deposited into the checking account. Since the borrower normally writes a post dated check upon taking the payday loan, the payday lender’s only have to present this check to the bank and recover their money. This policy helps to let the borrower know just how much money is owed to the payday loan lending company.