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Canada Payday Loans FAQs

Though, customers have their individual queries regarding online short term loan lending but this section is specially designed to answer some most frequently asked questions by borrowers in general. If anyone of you has some different question whose answer is not mentioned below then feel free to visit our ‘contact us’ section to get your query answered as soon as possible.

Following is the list of FAQs:-

1. How do payday loans work?

Online short term loan is small loan amount up to $1000 that is lend to needy borrower for a short term period of almost 15 days. It is an instant financial aid to handle economic crisis that require immediate funds to get solved. They do not require any credit history and loan amount is directly transferred into borrower’s bank account within business day after loan approval. Thus, they provide fast hassle free cash solutions in case you are not able to qualify for cumbersome bank loans. Moreover these loans are based on online processing entirely so that borrower can apply from his home or comfort zone without visiting any cash store physically. Canada-Payday-Loans firm connect its customers to a range of affiliated lenders which can assist you in getting small term loans to meet imperious cash needs.

2. How can a short term loan assist me?

The main motive of online payday loans Canada is to assist customers in dealing with utmost cash needs in the middle of month when they do not have anything left from their salary to fight with emergency cash needs. Thus if you are one of them who do not have sufficient funds to pay off urgent expenses then you should apply for online short term loans with Canada-Payday-Loans. Before applying for cash advance loans with us, make sure that you are able to pay back loan amount along with calculated interest rate on due date. Thus, analyze your financial situation and make best use of it.

3. Can I get a Payday/cash advance loan being unemployed?

To be eligible for borrowing payday loans, one must be employed in any Canadian firm for at least three months or should have steady income flow. It is required to witness that you are able to meet repayment criteria and lender will not suffer any risk. So, if you are unemployed and applying for online short term loan then you application will be rejected when lenders in our network will review to measure your eligibility.

4. What if I fail to fulfill repayment in destined time?

It is mentioned by lender in loan agreement that applicant must pay back loan amount along with interest rate in time. So, you should make sure that you are able to meet repayment criteria before you finally sign agreement. But even if you find yourself unable to pay back later because of any misfortunate then it is your prior responsibility to inform your lender before due date. We have nothing to do in between; you need to talk with lender directly. In that case, your lender may grant you some time period extension by charging some extra fee; but you will not be provided any rollovers. Even if you fail to pay back then it will badly affect your credit history.

5. What are the interest rates for a payday loan in Canada?

Generally, APR for online short term loans is approximately 400 percent. For detailed information visit ‘Rates and Fees’ section on our website.

6. What is the maximum amount I can borrow?

The amount that can be lent via online short term loans depends on various factors. The ability of borrower to pay back greatly affects loan amount. Generally, lenders offer up to $1000 instant cash. However, it depends from lender to lender.

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