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Canada payday loans have been popular for quite some time. Payday, eh? is an easy way to access those loans because one single form links applicants up with lenders that want the business. They will compete for an applicant by issuing a number of offers. It is important to not take the first offer because the opportunity to compare multiple offers is presented.
Once multiple offers are received, it is time to start comparing them. The areas to compare are the minimum and maximum amounts that can be borrowed, the interest and fees, and the repayment terms. The lending partners of Payday, eh? are known for lending up to $1,500. Each lender is going to have different terms, which is important for the competitive factor since it is important for a borrower to find the program that is the best fit for them.
Getting started is rather easy. Visiting the Payday, eh? website brings visitors to a form that is easy to fill out. It simply requires identifying, income, and bank details. The form is secure encrypted so that privacy of personal information is not an issue. The information is only shared with lending partners so they can construct and make offers that work for you.
Once offers are compared and one is chosen, the proper paperwork is completed. There are times when a copy of a blank cheque from the bank account, a paystub, and identity verification documents must be faxed or emailed. Other times, a lender may be able to access enough information on their own to not need any documentation faxed or emailed to them, which is referred to as a "no-fax payday loan."
Most importantly, all of these steps are carried out from the comfort of your home computer, which means you do not have to walk into a payday loan office, produce a great deal of documentation, and feel as if you have to explain your reasons for needing the money. Instead, you can easily compare lenders and take as much time as you need to make an informed decision. Before the era of the online payday loan, individuals had to walk into brick and mortar payday loan lenders in order to get a loan. This meant taking a loan with that company rather than having the opportunity to choose from multiple ones that are accessed from one simple form.
Payday Vs. Bank Loans
When comparing the loans made by the lenders at Payday, eh? with the loans that are provided by banks, there are a number of key differences. The first difference is the minimum amount of money that is to be borrowed. The Payday, eh? lending partners have a maximum of approximately $1,500. Their lending minimum may no less than $100. When borrowing from a bank, the minimum may be $1,000 when only $300 is needed to cover the temporary financial issue. Borrowing more than what is needed can be expensive and there are also times that paying off a bank loan early can come with penalties. So if the repayment plan at a bank is to pay back $100 per month, the amount of money the bank would receive over a year would be $1,200.
When acquiring a payday loan, only the amount of money that is needed is borrowed and it is paid back by having the money deducted from the bank account given at the time of sign-up. This means that there is one small amount borrowed, one fee, and nothing else. There are penalties if the loan is not paid back on time, but that is the only time there is an additional cost added to the borrowed amount.
To better understand payday loans is to understand the myths that surround them. Payday loan opponents say that the interest rates are high. While this may seem true, the fees for borrowing are minimal because of the amount of time of the loan and the fact the amount is so small. When compared to borrowing from a bank, which typically has a borrow amount that is too large and a term that is too long, a person can have a payday loan paid back in weeks versus months or years.
Another myth that individuals hear about Canada payday loans is that once a person takes a loan, they start a bad cycle that they cannot get out of. This is not necessarily true and goes back to being able to borrow a minimum amount of money versus a forced maximum in order to have the cash needed to take care of a situation. By borrowing only what is needed, it is much easier to pay back. If a person cannot pay back the loan on their next payday because doing so would create a hardship, there are lenders that have other options. A lender may allow a borrower to pay back in a month or pay back the loan in installments. Of course, the fees increase as the time to pay back increases, but lenders do not want paying back the loans to take food off of the table or fuel out of the car.
There are times in which individuals need another loan right after paying one off, but being mindful of the amount borrowed and the length of time in which it is borrowed will help ensure that the lender doesn't fall into a cycle of constantly having to borrow in order to make ends meet.
In the end, a payday loan is a way in which you can bring yourself a great deal of stress relief when you are in a situation that requires you to have money quickly. Whether a broken down car or a past due bill, you can borrow just the amount you need and pay it back in weeks versus obtaining an inflated loan that could take months to pay back.
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