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Payday Loans in Canada

If you are going through a tough financial situation wondering if there are quick loan options for you, payday loans in Canada might be a suitable and helpful solution.

A lot of people consider payday loans in Canada as an ideal option for a quick financial relief. Even though payday loans are quite easy to obtain, they carry quite specific terms that you should take your time to get familiar with before jumping on the opportunity. Make sure to carefully analyze payday loan offers, while taking into consideration your current situation, other financial options, and of course, the loan lenders’ specific terms.

Before you secure a payday loan via Loans Geeks, get yourself familiar with both the risks involved and the benefits of payday loans in Canada.

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What are Payday loans?

It is quite interesting to note that all traditional financial institutions, such as banks, are willing to offer payday loans in Canada. They will give you the requested money almost immediately, as payday loans have quick processing and high approval rates when compared to other types of loans.

Payday loans in Canada are very useful when you have something specific in mind: an old utility bill that needs to be settled or if you want to pay off your monthly home rent. In addition, payday loans in Canada are offered without any credit checks, making them a very popular option. That is why payday loan applications are processed within few hours.

By definition, payday loans are short-term loans. Payday loans in Canada are typically offered at much higher interest rates than other types of loans, sometimes double or even three times as high. Because they are very expensive, many borrowers find themselves in a difficult position when it comes to repaying this type of loans on time. This is why it is very important to evaluate the benefits of the payday loan in Canada against the drawbacks and only secure this loan if you are positive that you can repay it back on time.

As mentioned previously, you don’t need to have a good credit score to qualify for a payday loan in Canada. At Loans Geeks we partner up with a wide range of reputable loan lenders in Canada, who are all regulated by the Canadian Government and will offer you very competitive rates to choose from. You will typically be requested to provide a pay stub and, depending on the loan lender, the following documents:

  • Copies of your utility bills
  • Proof of your salary account.
  • Copy of your ID

Payday loans in Canada are a good option if you can repay them quickly, as in most cases, you will be required to repay the loan within two weeks. Penalty rates on belated payday loan repayments are huge and it is one of the main disadvantages of this type of loan.

What happens if you’re unable to repay Payday Loan Lenders on time?

When you are unable to repay your existing payday loan, you will be requested to pay a penalty. Penalty rates associated with payday loans in Canada are typically very high and will amass very quickly, increasing your total debt several times in a very short period. If you are late with your payments it will also negatively affect your credit score. Bear in mind that payday loan cannot be rolled-over or refinanced and if you default on your payment, the lender will collect the debt with any means permitted by the law.

Factors to Consider before applying for Payday Loans via Loans Geeks

Applying and qualifying for payday loans in Canada via Loans Geeks is a very quick process, typically without any hassle. In most cases you will have your loan application approved and receive the requested amount on your bank account within few hours. Still, as a repayment of the payday loan in Canada proved to be troublesome for many, pay special heed that it is exactly the type of the loan that you need and that you will be able to repay it in a timely manner. Some tips that can make the process smooth:

  • Make sure to go through the loan’s terms and conditions. Payday loans in Canada come with solid agreements and you, as a potential borrowers, need to understand the agreement you’re entering completely.
  • Make an honest assessment of your financial situation and whether you will be able to repay a payday loan in full. Annual interest rates and penalty interest rates of payday loans are very steep and it is definitely not a type of loan to be late with payments. A lot of people find it difficult to monitor and manage their daily expenditures with payday loan interests.
  • Payday loans have many additional charges. You should be aware of these charges. Check if you will be able to repay both the loan and the fees that may go together with it.
  • Do you have any additional source of income? Are you perhaps eligible for a different, more convenient form of credit? For example, you could also consider a personal loan or request for credit card advances. Most of these options are much cheaper than a payday loan in Canada.

Still, for smart and disciplined borrowers, payday loans present a simple and hassle-free solution to easily counter certain financial challenges. Over the years, the scope of payday loans has increased and people are able to request higher loan amounts.

Most of the payday loan lenders available via Loans Geeks will support you with cash immediately. The moment your loan application gets approved, you will receive the requested cash to your bank account.

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Absolutely yes. Payday loans do not depend on your credit score. The lenders mostly only require that you have a regular source of income to qualify.

Yes, payday loan applications can be canceled. However, the cancellation request should be submitted within 2 or 3 working business days from the application date. Early requests do not carry any cancellation charges, however varies from lender to lender. It is best that you contact your lender as soon as possible for more details on cancellation requests.

No, approval of a payday loan does not depend on the borrower’s credit score. This is why lenders don’t run credit checks.

When lenders evaluate your application for a payday loan, they focus on the following factors:

  • Do you have an active bank account?
  • Are you above 18 years of age?
  • Are you an active employee?
  • Have you worked with the same employer for at least three months?
  • Are you a resident of Canada?

Typically your application for a payday loan via Loans Geeks will be processed the same day. If your documents are valid and sufficient, you will receive an immediate approval.

Yes, there is an approval limit for payday loans. The final value depends on the borrower, his/her job, and monthly income.

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