You have just realized you will not be able to pay the rent this month unless you get a bit of help. There were some unexpected expenses that surprised you and used up the rent money. You know that by next month, you will have the money but right now, you do not have it. You are trying to figure out how to get payday loans in Canada now.
Payday is the key word. This type of loan means that on your payday, the day you receive a salary, you must reimburse the loan. That period of the loan generally runs for 2 weeks, as that is usually the pay period. Even if you have bad credit, you can still get this type of loan.
In Canada, there is a limit to the loan they will allow you to borrow. Your first time loan is a maximum of $500 while if borrowing for a second time, you can borrow up to $1,500. The amount of your loan is based on your income. There are fees attached to borrowing.
There are conditions you will have to meet. A minimum age requirement exists, but the minimum depends on the company. Another condition is that you are employed and receive a regular salary. An added condition for eligibility is to be a Canadian citizen or have Permanent Canadian residency. No one who has declared bankruptcy or credit counseling is eligible to apply for a loan. The majority of the applications are approved.
It is very easy to submit your application since you can apply online. You complete the application. Once approved, they will e-mail you with the confirmation indicating they have approved your request. The loan is then deposited into your bank account. Generally, you receive the money overnight but it is possible you may receive the amount in less than an hour.
When you have to repay the loan, the amount is electronically withdrawn from your account. There are no extensions to the loan. However should you need another amount rapidly, as a client, you get approval rapidly.
While your request can be completed online, you have a guarantee from the companies that any personal information will be private. There is a possibility that you will have to provide the company with other documents. These can be sent by fax or e-mail. There is no obligation to send any documents as collateral to the company. Your own job and salary is the collateral.