What are faxless payday loans?
Faxless payday loans are a smartest funding option available for salaried ones in Canada. They are attainable within the shortest possible time. On top of this the borrower is able to access the loan without filling out stacks of paperwork and faxing any documents. Whenever you feel urgent need of cash, you can rely on these loans to get immediate cash assistance until you get your next paycheck.
How one can use the borrowed amount?
More and more salaried people struggle to cover even everyday expenses due to rising prices and when some unforeseen expenses pops up, then they may just feel helpless and depressed. Emergency is unpredictable. But thanks to these loans you can easily generate required funds to pay various unexpected expenses like:
- To pay off sudden medical expense,
- Home rent,
- Buy groceries,
- Pay utility bills and more.
How much one can get?
Payday loans are designed to facilitate the application process quickly and easily as there is no faxing involve. Upon approval you can borrow maximum up to $1,000, depending on your needs and repayment capability over a period of two to four weeks or until you get your next due.
How much do they cost?
Interest charges on cash loans are comparatively higher than other traditional loans. This is because they are being offered for a short time only. So, make sure to repay the loan on time to avoid late fees and penalties.
What to expect when you take out a short term loan?If you are considering a payday loan, here is what you can expect:
- Having a regular income
- Valid active bank account
- Permanent address
- Valid email address and contact number
- Proof of legal age of 18 years or more
- Fill out a form that will allow the lenders to withdraw the total loan amount including interest directly from your bank account when the loan is due
- Provide a past-dated paycheck for the total loan amount including fees
How Payday Tree can help me finding a right payday loan deal?
At Payday Tree, you can find several payday lenders offering these loans at different rates and terms. Use comparison tools and loan calculators to fetch the right loan deal at a right price. We are here to help you connect with the top loan providers in Canada. Once you choose the lender, you will be redirected to their website where you complete the online loan application.
What will happen if one fails to repay the loan on time?
There will be some serious consequences if you could not manage to pay back the loan on the due date. Depending on laws and lenders, these consequences may include the following:
- You will be charged a fee by the payday lender if there is not enough money in your account
- Your financial institution may also charge you a fee for not having enough money in your account on the due date
- The total amount that you owe, including the fees and other charges, will continue to increase
- The payday lender could call the co-signer, friends, relatives or employer in order to contact you to collect the money
- The payday lender could contact the collection agency and this could be included on your credit report
- The payday lender or collection agency could sue you for the debt
- The payday lender or collection agency could seize your property
- The payday lender could go to the courts to take money from your paychecks
- Non-payment of loan can further put you into debt trap
What options to consider before getting an online payday loan?
Before you consider applying for a payday loan you must ask yourself whether you will be able to pay back the loan on time and if you could able to cover all your regular expenses. If not, then consider the following options that are less expensive than payday loans:
- Cashing in vacation days
- Ask for a payday advance from the employer
- Borrow money from family or friends
- Getting a line of credit from your financial institution
- Get a cash advance on a credit card
- Get a personal loan
- Ask for more time from payday lender to pay your bills
- Cashing a Government of Canada check for free
What to do if one struck in a debt cycle?
Having trouble in making ends meet? Can’t make the payments on time? If yes, then you carefully think about the long-term consequences of taking out a payday loan as it is considered to be one of the most expensive financial options.
Whenever you are struck in a debt cycle you should seek advice from reputable sources to explore the different financial options that are available to you. There are several qualified professionals available who can help you find the best solution for your financial needs. This advice is completely confidential, non-judgmental and often available for free.Some options include:
- Take help of a financial advisor
- Get an accredited credit counselor
- Take help of a licensed insolvency trustee or an insolvency lawyer
What to ask a payday lender?
Ahead of applying for a lender, ask your payday lender about the total cost of borrowing. Also be sure to find out the following:
- All the fees, charge and interest of the loan
- The date of loan is due
- If there any maximum cost or any hidden charges you will be asked to pay for a payday loan
- A fee is often charged if your paycheck or pre-authorized debit is returned because of not having sufficient funds in your account
- These fees may range from $20 to $50
- Many provinces have rules about maximum fee charges for non-sufficient funds
Ask for a copy of loan agreement from a payday lender and make sure to read the document carefully and understand the total cost of the loan. Also, you should keep a copy of loan agreement for your records so that you have something to refer if there is any problem. Do not sign the loan agreement if the lender won’t give you the copy of the agreement.