Online Pay Day Loans Canada: Cash in 24 Hours

By: Ryan Arsendatama

Online pay day loans in Canada provide a quick rescue when you have a financial emergency to cover immediately. Imagine if you are just handed a bill of $500 for your car repair. Your pay day is still weeks away and you are tight in cash already, not too mention if there are outstanding bills to be paid. One of fastest solutions is to go online and apply for a pay day loan. The online application is hassle free with simple requirements to be met. Upon the approval, the money is deposited directly into your bank account, usually within 24 hours from the time you submit the application.

The basic requirements for applying payday loans are that you must be a Canadian citizen over 18 years old, have an active bank account, and must submit a proof of employment. You can borrow from as little as $100 until as much as $1000 or even more. The loan terms are usually anytime between two and four weeks, in some cases it could be flexible depending on the date you are getting your paycheck. The terms can also be extended if there is a convincing requirement. You should inform the lender to organize the extension prior to the due date to allow them to reschedule the repayment.

How to apply for pay day loans?

Well, it's simpler than most people could imagine. You just need visit a lender's website and complete an application form online. The application form is very user's friendly. You simply need to enter your name, address, employer, employment status, bank account details, and photo identification. There are no credit checks and no collaterals involved here. It usually takes less than 3 minutes to complete all the information in the form.

Once approved, you will receive an email notification stating that your application has been accepted. The lender will then deposit the funds directly into your bank account. Make sure that you give them an account that allows direct deposits and scheduled withdrawals. Savings or checking accounts is more than sufficient for this purpose. When the loan is due, the lender wil automatically deduct your bank account to pay off the loan plus interest. You just have to ensure that there are enough funds on your bank account on that date.

Cash during tough times

The main purpose of payday loans is to provide you with cash during tough times. There are many cases when emergencies just happen during the worst times, generally when you are short of cash. Online pay day loans help you get through those times. Even though some people might argue that payday loans attract too much interest, there is no denying that the speedy process help you recover from urgent cash requirement almost instantly. This, in itself, is more than anything you could expect. The money you get can be of great help to tackle medical bills, home improvements, car repairs, etc.

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