Satisfy Your short term financial difficulties instead of enhancing them
Is Online Payday Loan Your Best Companion?- Weigh it
Online Payday Loans Vancouver, BC is by far fastest growing financial product in Canada. Reason is very obvious. They offer instant cash up to $1000 to help Canadian citizens to meet emergency cash requirements. There are numerous affiliated payday lenders in Canada serving economic life of most of middle class consumers to live up to economic expectations. These short term loans are specially designed to provide instant economic assistance without any hassling. They carry a very simple online application system. Here is a list of provisions that are wrapped around payday loans Canada.
Online Payday Loans Canada BC, ON, Vancouver
Payday Loans Specifications
- An applicant borrow cash between $100 and $1000.
- Loan term is fixed to 15 days however it can be extended to one month for those whose salary period is 30 days.
- Fees capped as per Canadian financial legislation is fixed to $25 per $100.
- Annual percentage rate including loan fee and interest rate is approximately 400 percent.
- A borrower can borrow one payday loan at a point of time.
- An applicant is supposed to pay back loan amount and calculated interest rate to lender on his next salary day.
- In case of non-repayment or non-sufficient funds, lender is not allowed to make any criminal offense against borrower. If he does so, then borrower can take assistance form financial department of Canada.
- The lender cannot raise any query to know reason behind borrowing.
- If borrower has high income proof then he can be offered high amount trusting him that he is able to pay back.
- There is no paper work and faxing formality included in whole process.
Short Term Loans- The Other way around
Payday Loans are very Expensive:- Undoubtedly best but they are also most expensive financial means to arrange cash quickly. Not only rates are exorbitant but other fees and non repayment penalties are also ridiculous.
Borrowed money should be used for correct purpose:- Yes it is true that Lender will not ask you any reason behind borrowing but it does not mean that received money can be spend uselessly. If you will do so, then only you will have to suffer. Remember that borrowed amount along with interest rate is directly deducted from pay cheque.
How to handle repayment difficulties if you cannot arrange pay back in time?
Other than higher interest rate implications, repayment is biggest fear among payday loan borrowers. It is very hard to arrange pay back cash in mere 14 days for some of them. So, what should they do? There is no need to be panic. Just inform your lender prior to repayment date. Request them to extend repayment date. Some lenders are kind enough to do so by charging some late fee. However, to consult financial legislation is best to tackle cruel ones. But in case, borrower does not inform his lender, then he himself becomes culprit and for that he can be sentenced to some legal penalty by lender under legislation guidance.
