Getting to Know About Payday Loan Canada Offers

By: Apurva Shree

If you are a Canadian, look out for a payday loan Canada that has some very attractive loans and deals for you. People all over the globe are constantly looking for sources of quick cash. At times, we find ourselves caught in a crisis, wherein money is required urgently. It is in these situations that a payday loan comes to your rescue.

Instant cash loan is a short-term loan for a small amount. The loan amount is not very big, so the lending company usually does not bother with making credit checks on an applicant. This is the very reason, why these loans are approved within a few hours. This is the most hassle free loan ever!

The duration of the loan is till your next payday. If due to some reason, you cannot repay your loan when it becomes due, you can have it renewed till your subsequent payday. But these renewals cost money. When your cash advance becomes due for payment, the company will automatically debit your account with the outstanding amount, unless you express a desire to renew your payday loan Canada.

Who Can Avail These Loan?

Cash advance try to serve as many people as possible. This means, that the eligibility conditions for the loan have been kept very simple and basic. If you are a Canadian citizen, who is 18 years old or more and hold a checking bank account, you can apply. But to be eligible, you must also hold a steady job that pays you at least $1200 every month. Payday loans in Canada are so easy to get approved that most people spend their loan money within 24 hours of applying.

The cost of getting a instant cash loan is quite high. Mot companies charge a fee that is many times higher than your average credit card fee. But often people take the Canadian payday loan to pay off their outstanding credit card bills. People believe that paying off the bills by taking a loan is better than getting a negative credit report.

But there are other alternatives that you should consider before applying. At times, your credit card company will accept a small fee in return for an extension on the bill payment. You can also negotiate with them regarding not to give you a bad credit report. If nothing else works, you can take a small loan from your friends or family. Isn't a 'no interest' loan better than the payday loan Canada, which comes with a high fee?

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