Do the guaranteed payday loans Canada really exist?

A legitimate lender will not guarantee a loan, but can you apply for a guaranteed payday loans that has been approved almost? Search in our handy guide.

If you need cash added this month, but there is a bad credit score, you may find that a short-term loan is harder than those with good credit. However, if you need money quickly, you can change it to the payday lender to receive short-term loans, regardless of your credit history.

Some of the lender of loan advertising guarantees caution with this type of offer. There is nothing like payday loans, guaranteed, while many lenders will accept a less perfect credit score than they also have other qualification criteria that you will need to find to consider loan.

How do the payday loans guarantee work?

Certified payday lender has more flexible lending criteria than traditional banks. However, this does not mean that you will be approved, but the lender who “guarantees “will be interested in your ability to repay the borrowed money instead of focusing on your credit history. A steady source of income is often the most important factor in determining whether or not you will be approved for credit.

To apply for a loan, send an application online or manually at the store. A lender will review your application and notify you shortly after you have approved it. If you are approved, there are several ways to receive your loan.

Merchants in the store may receive money within a few hours of approval in the form of cash, cheques or prepaid debit cards, depending on the lender.

Online applicants can transfer funds to their bank account immediately on the next business day, or choose to pick up items in the store. Payday loans are a short-term financial solution, which means that you must repay the loan on a due date, as usual as the next payment date.

If you decide to borrow a payday loan, please note that interest is quite high, you will need to allocate a reimbursement budget before lending otherwise you may be stuck in the cycle of bad debt. Avoid salary payments If you know that you can't afford to pay.

What features should you consider?

To find the best payday loans for you, you should take into account the following features:

·         The loan amount in some of Canada has a rule on the maximum amount you can borrow. However, some lender will not approve you for the maximum amount. Your earning and credit points may be a factor in this decision.

·         Loan conditions the government regulations may control the duration of the loan. This range can be anywhere from a few days to a month, so check the laws you live before using.

·         Processing time period. The processing time may differ between the daily lender. Some lender can approve an application within a few minutes, while others may take a few hours or several days. Some people can give you access to a loan on the day you apply, while others may take a few business days to pay for a loan.

·         Many of the legitimate lender options do not require a guaranteed urgent loan, but many lender will provide loans to individuals with bad credit history. If you have a consistent source of revenue and meet basic criteria, you will increase your chances of approval.

·         The store network some sub-credit providers have online applications only while others may have physical stores. If you would like to talk to a lender manually or receive a loan on the same day, visiting a store may be the best option for you.

Consider the advantages of the disadvantages before use.

·         Easy to apply the application process is easy and because most credit providers confirm your online details, you may not have to fax any documents.

·         Use Money for any purpose, no limits on the use of money from payday loans, as long as you use money for legitimate purposes. You can use the money to pay for your grocery shopping, repairing your car or even a vacation.

·         Protected through most provinces (but not territories). There is a law that enforces how much of a sub-loan provider can charge interest and fees.

·         Bad credit, it's okay, your credit score has less impact on your application. The lender focuses on your ability to repay a loan instead.

·         No guarantee, no such thing, payday loans, guaranteed while having a bad credit score is OK, you will still need to comply with other eligibility criteria to consider credit.

·         The higher the fee, as those with bad credit are considered to be a highly risky lender, and higher rates and interest rate compared to conventional loans. Remember to read the loan agreement before signing to ensure you know all the costs involved.

·         Not trusted lender There are many scams that operate in the payday loan area, so please make sure that you protect yourself from an entrusted lender. In addition, check to make sure that the lender complies with any province regulations.

What to consider before you apply?

Check the loan agreement carefully before you receive a loan to learn how much time your loan is due and what it will cost you. Sometimes the loan may seem like a great deal, but an extra fee and a short response time may mean that you will not be able to repay the loan on time.

Payday loans can help you get in front of your financial needs, but if you can't pay back on time, you'll find yourself having a lot of debt. In general, delayed or non-receiving payments means more fees, higher interest payouts, and potential negative consequences per your credit rating.

If you do not like a loan requirement, you do not need to sign a contract, it is better to walk away from money and find out other ways to financing for emergency costs rather than getting more debts.

How to use

Most lenders will require you to meet the basic eligibility criteria, including:

A Canadian citizen or permanent resident is at least 18 years old, or most of the age in your province or territory has a solid income source with the correct bank account if you apply online.

Your application must include the following information:

Your name, date of birth, home address and email address. The correct format of the Government Code (driving license, passport, etc.) details about your employment status and revenue.

Are the payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should know that daily loans are regulated by each province, which means that charges and fees may vary. Make sure that the lender you choose is complying with the laws of where you live.

At the time of writing in January 2019, Newfoundland and Labrador, Nunavut and the Northwest Territories do not have control over the provinces of the province or territory. Payday loans are controlled in these provinces and territories only at the Federation level.