Applying for Payday Loans in Canada
What is a Payday Loan?
A payday loan or payday advance is a small financial loan; typically up to $1500, that can be used to help resolve short term financial emergencies. Payday loans can be an excellent short term source of emergency funds, but the loan needs to be repaid when you get your next paycheck. The loan payment date will be clearly spelled out in the signed loan agreement.
What is the APR?
We are not the lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. The terms of the loan will be clearly spelled out in your loan agreement, please review the loan agreement and related documents before signing. If you do not find the terms of the loan acceptable, you can refuse to sign the loan agreement. You are under no obligation until you sign the loan agreement. Ask your lender for their current rates and charges and their policies for non-payment.
Our lenders may offer you a loan with an APR between: 200% and 2281%. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.
What if I don't pay (implication of non & late payment)?
If you do not pay your loan according to its terms, your lender may:
-Charge you late fees
-Send your account to a collection agency
-Report your information to a consumer reporting agency, which may negatively affect your credit score
-Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
More on Canada Payday Loans
Millions of Canadians have the pleasure of earning a paycheck through their employers. However, there are times when that check is just not enough to cover all your expenses, and you need to find payday loans in Canada to make up the difference. Short term loans quickly and easily gets you the money you need. Whether it is for an emergency, unexpected travel, or just to pay the bills, payday loans in Canada will get you the money fast.
A payday loan is a small short term loan. Payday loans in Canada are advancements against your next paycheck. You are expected to pay back the entire loan from your next paycheck. Payday loans in Canada can lend as much as $1,500.00, however the average Canadian borrows around $300-500. The fees associated with payday loans in Canada are considerably higher than those of banks and credit cards, but payday loans are much easier to acquire as there is no background check.
What are Payday Loans used for?
The answer is pretty straight forward. It is your money and you can do whatever you please. Maybe you have some overdue credit card bills or an unexpected medical expense. Perhaps you are taking a family vacation and could use a little extra cash. Whatever your reason is, payday loans in Canada can get you the money you need with no questions asked.
Are there any risks involved?
Payday loans in Canada should be viewed as a small, one time cash advancement designed to help you get over a hurdle. Every situation is different and how deeply in debt or how much is needed to borrow will depend solely on that individual. It is important to remember that anytime you borrow money from a financial institution, there is an agreement that you have to repay the loan with additional fees attached.
Consumers should pay careful attention to their financial matters to avoid getting into deeper debt with payday loans in Canada. Even though you are allowed to borrow up to $1,500.00, you should avoid borrowing more than what is necessary. Payday loans are designed to receive repayment of the loan directly from your bank on your next payday.
What are the Rules and Regulations?
Under the new Payday Loans Act, each province sets rules to protect the consumer and sets clear boundaries on the practices of these organizations. The information that follows is a list of some of the provisions which are useful to the consumer. You will always want to check the latest rules and regulations, as the payday loan laws continue to evolve.
1. Consumers are not required to provide wage assignments any longer when applying for payday loans in Canada. There is a maximum cap for borrowing the money and you will not be asked to pay more.
2. Some provinces, such as Ontario, are required to use standardized contracts for all payday loans in Canada. They must also display a large poster explaining their terms and conditions for the consumer to see.
3. The new act has called for business transparency and improved the guidelines for receiving payday loans as well, which is provided to the public on the ministry website.
4. Brokers and lenders are both required to obtain a license in order to continue their payday loans in Canada business. They must also make this information available online and clearly visible inside their shop.
5. Whether you are applying over the phone or through the Internet, the lending organization must make the credit available to the consumer within one hour.
6. Rollover loans are against the new regulations. Individuals can not apply for new loans when they have not paid off a prior loan.
7. Lenders can no longer use coercive measures to recover the funds. This means no more threatening phone calls or harassment from your lender putting you or your family in danger.
8. Lenders are no longer allowed to deduct fees right off the top of the requested loan amount. They are required to credit the full amount into the bank account. The fees are paid at the time of the repayment of the money borrowed.
9. Lenders cannot charge high penalties when a consumer wishes to cancel their loan. They have to give the customer at least two days to cancel or return the money without charging them a penalty. Lenders are no longer allowed to ask for an explanation for the return either.
The best part is that the whole process can now be done online. You simply fill out a quick form that includes your bank account information and within a matter of minutes you will have an answer. Once you are approved,
Bridge PayDay Loan Services
Below are other services that we offer: