Canadian Payday Loan
If you find yourself in need of cash before your next payday for unexpected expenses or repairs than you might find that a paycheck advance service fits your needs for quick cash without the need for unnecessary paperwork and collateral. Several Canadian payday loan companies exist to serve this market with offices around Canada and online.
If you have had trouble in the past tracking down a lender for a personal loan because of bad credit you may think that you are out of options when an emergency arises. However, this is not the case with payday advance arrangements – these establishments lend you money based on your employment without running a credit check. All you need to quality is proof of employment and your last paycheck stub.
Many consumers have used these services in the past because they are quick, convenient and provide a service that most banks and credit unions don’t. They allow quick and easy access to small loan amounts without the hassle usually involved at most financial institutions.
When you are looking for a lender for this type of loan here are a few tips to keep in mind. First, the interest rates for these loans to be higher than most traditional loans. As such it is imperative that you pay them back on-time and in full. Any delay will usually add substantial interest charges that could quickly exceed the value of the loan.
Second, be sure to shop around for the loan as time allows. Your biggest asset here is the power of the Internet where you can find lenders and also submit online applications. In some cases you can do the entire transaction electronically and have the money deposited into your bank account within 24-48 hours.
As with any type of loan be sure to read the application and disclosure fully; never rely on spoken word when it comes to financial matters, insist that everything be in writing for your protection.