Applying For Fast Payday Loans Online

apply for a payday loans online in Calgary

There used to be a time when a person who needed cash for emergencies was just out of luck. Traditional lenders have a great deal of paperwork involved and they sometimes judge people based on their credit standings. Nowadays, there is a new system which allows virtually anyone to get quick cash. Fast payday loans are always approved by the lender. They are short-term cash advances in Calgary meant to last approximately 15 days. Lenders issue these loans with the intent of collecting them once the borrower receives his or her next paycheck. The system is rather ingenious, as it allows people who really need help to get assistance.

Bad Credit Ok

The best feature of a payday advance is that the lenders do not require the applicants to have good credit. There is no credit check, which means the applicant has the opportunity to prove himself or herself worthy by paying the lender back on time. No faxing is also a great advantage because the lender in Calgary is able to complete the approval process in a short amount of time.

Minimum Requirements

To again approval for a wage day advance, the applicant must have a steady job with approximately $1,500 in income. The lender wants to be sure that there will be no issues with repayment. Additionally, the applicant must be 18 years of age with an existing bank account that has no history of any negative transactions. That means no insufficient funds or overdraft reports. As long as the borrower meets the specified criteria, the loan could be processed in less than an hour.

Amount of Wage Day Advances

The amount a person can borrow from a payday lender depends on the lender’s rules. Generally, a first time payday loan borrower in Calgary can request an amount between $100 and $300. Some lenders have higher thresholds and are willing to invest more money to the customer. Quite a few lenders will approve up to $1,500 depending on the person’s financial situation.

The Process

The lending institution will verify that the applicant’s information is legitimate. Verification is usually done through making contact with the person’s banking institution and employer. After verification, the lender will compose a contract for the borrower to read and sign. The contract will specify the finance charges and due date. If the consumer accepts and signs the contract, he or she will receive a payday advance the same day.

apply for a payday loan in Canada