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Even with careful budgeting and scrupulous saving, you may still find yourself in a financial pinch. Sound like you? If emergency home, car or family expenses have arisen, you may be considering a payday loan.
More and more Canadians are looking to payday loans as a valuable financial resource to help them get some quick cash. Whatever the reason you need funds ASAP, if you’re considering a payday loan in Canada it’s important to feel confident in your lending options. At My Canada Pay, we want you to feel secure and informed about the loan process. Although we have a whole section of articles on it, sometimes you just have to go that extra mile.
If you’re looking for quick funds, a payday loan may be right for you. Acting as an unofficial advance on your regular pay, a payday loan can get you cash up to $1500. It is a type of short-term, unsecured loan, meaning you don’t have to put up any collateral. Plus get the much needed cash required.
While getting a loan was once a tricky and complicated process, especially at banks, modern lenders have streamlined the process to help Canadians get the cash they need ASAP. While a payday loan is not directly linked to your place of employment, your chosen lender will check your employment and income status as a way of determining suitability for this type of loan (there are many others out there, too!)
These days, payday loans are so accessible and straightforward that you could have funds in your account within 30 to 60 minutes! If this sounds like the type of financial resource you’ve been looking for, at My Canada Payday we want to make sure you are informed and empowered in your lending decision.
There are many ways to get a payday loan in Canada, ranging from the more traditional brick-and-mortar stores, to the new age of online lenders.
If you talk to your parents about getting a loan, their generation is likely more familiar with the traditional route of finding an in person loan agency that is local to you.
While the process is similar, it will be facilitated at a branch and you will need to schedule this into your day. You will fill out any paperwork and submit it in person, and likely have to wait to hear the outcome of your loan request. Similar to getting government grants.
While it may be the only way you’ve ever sought a loan before, there are some important things to note about applying for a loan at a branch that is local to you:
These days, Canadians are taking advantage of new technology and leaving the loan office behind. Online lenders have streamlined the process, and even have many perks compared to a traditional shopfront experience. While it may feel different to apply for a loan from your couch late at night, remember that the financial process is the exact same.
While the world of loan agencies can seem overwhelming, remember that the range of choice is ultimately a great thing for you. Like any financial decision, it’s important to shop around to find a lender that you trust and that offers terms that suit you.