When a consumer plans to apply for any kind of services whether it is financial or some other, a flood of questions rise in his mind. Especially when it comes to critical financial borrowing like payday loans, queries are more frequent and necessary.
Faq section is specially designed to answer some general questions on prior basis that are most expected to ask regarding short term lending. We also try to reveal some expected enquiries regarding related payday processing. If anyone has further doubts, then feel free to contact us anytime.
What are short term payday loans?
The foremost question that arises is about payday loans actually. Well, payday loan is a process of offering short term required credit to meet unexpected emergencies expenses. They are very different from traditional bank loans which are offered for long time period. Even if a person cannot qualify for traditional bank loans because of poor credit history or urgent cash requirement, payday loans are still there to lend cash up to $1000 within one business day.
What Charges are incurred for Payday Loans Online?
These loans are generally lent without performing any credit check. Moreover, their disbursement within one business day after application form makes them fastest lending solutions. So, it is very obvious to put greater interest rake to minimize the repayment risk. Otherwise there is no hidden fee. Interest rates are calculated on basis of APR (Annual Percentage Rate) stated by national legislation. So, if you are profound regarding repayment and willing to pay high interest rates, then apply. When a borrower receives loan offer, every little cost and rate is mentioned in it and if he thinks that it is quoted high, he has full right to reject it.
What are the best situations for short term loan borrowing?
As the name depicts, these cash solutions are designed for short time period to assist imperious financial needs. Such circumstances may arise from some medical issue, utility bills, school fee, auto repair or any other unexpected necessary expense. These loans are not available for leisure and entertainment activities.
Am I Eligible?
To avail instant cash loan services, one must need to ensure that does he qualify or not? Before you wander here and there to know the eligibility points, we are here to inform you all. 1. The borrower must be above 18 years of age. 2. He must be able to prove Canadian citizenship. 3. An applicant is supposed to be working under same employer since last three months. 4. He must be earning $1000 per month to reduce repayment risk. 5. As every step in lending is followed on online basis, so borrower must be having active Canadian bank account to get loan amount transferred.
How can apply for online payday loans?
To apply for short term instant loans, the borrower is just supposed to fill online application form. His application is then transferred to 300 lenders and the one who feel satisfied with your requirements will send you loan offer. Finally you have to accept that offer after understanding all loan terms and conditions of related lender. It if followed by cash transfer in your bank account within one business day. To know more in detail, visit how to apply section
Can I apply for short term payday loan being unemployed?
When the borrower submits ONLINE PAYDAY LOANS application form, his application is reviewed by network of lenders to check eligibility before sending loan offer. That includes that borrower must have steady income source in order to lower down repayment risk. So, if someone is unemployed and planning to borrow payday loans, then his application might get rejected.
What Should I do if I am not able to pay on time?
It is recommended that borrower should pay till due date. But in utmost case if he finds himself unable to pay on time, then it is prior responsibility to inform the lender and ask to extend term. Some lenders are strict enough to decline this request; however some of them simply agree to extend time period by charging some extra fee. It should be understood to the borrower that interest rate implication will continue till the amount is unpaid.
What can be the possible reasons for loan application rejection?
Payday lending business is a very strict approach in Canada. Since, we have large network of lenders, most of the chances are in favor of accepting loan application. However, in some cases, loan request can be rejected because of following possible reasons:- 1. If an applicant fails to meet eligibility criteria. 2. If the borrower is previously charged for bankruptcy. 3. If he has already outstanding short term loan. 4. If he is unemployed and does not have steady income source. All above or individually can lead to rejection, but in the end it all depends on the lender whether to reject or accept loan application. We just provide you borrowing platform.
Can I take more than one loan at a time?
We do not recommend our customers to borrow another loan if one loan is already outstanding in their name because we do not want to maximize your financial stress; whereas there is no strict national regulation regarding this. It all depends on state rules that whether you can apply for multiple loan or not.
What happens if someone fails to pay back loan amount?
If borrower fails to pay back loan amount along with interest rate calculated, then it will directly degrade his credit history. In extreme case, lender has authority to take legal action against him. Every lending agency is connected to national credit institution where he reports with borrower’s credit score. So, even if after repayment failure, borrower will try to borrow someone else, he may not be treated well.
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