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What is a Payday Loan?
A payday loan is often referred to as a short-term loan that is used to cover unexpected expenses such as car repairs, medical bills, or a speeding ticket. Payday loans are meant to be paid back in full on your next pay cycle. Payday Loans are not meant to be used as a long-term solution.
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Is PaydayLoansCanada.com a payday lender?
No. PaydayLoansCanada.com is not a lending or banking institution, and does not broker loans to any lending institutions. PaydayLoansCanada.com provides a loan matching service which saves the customer time by searching multiple payday lenders on the customers behalf with the potential of securing a short term loan.
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What are the minimum requirements to be matched with a payday lender?
In order to be matched with a payday lender you must meet the following minimum requirements:
- You must be 18 years of age or older.
- Your wages must be paid directly into your checking account via direct deposit
- You must be currently employed
- You must be a Canadian citizen
- You must earn at least $667 each payday (after taxes / deductions)
The information that you provide on the secure online application form will be forwarded to one of our third party lenders with the potential of securing a short term loan.
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How do I apply for a payday loan?
Fill out our quick and simplified online application form. Once the application form has been submitted, you will receive notification of approval or rejection within a minute. The lender will be in contact with you regarding anything else required to complete the loan process.
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What fees are involved?
Loan rates vary from province to province and by lender. Each have a legal maximum limit that is controlled by the Payday Loans Act, 2008 (Ontario) and the Fair Trading Act (Alberta). Representative examples can be found on the Rates page.
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How much money can I borrow?
In most cases first-time customers may borrow up to $300 while returning customers may borrow up to $1500. Keep in mind not all lenders can provide up to $1500.
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How long does the loan process take?
Our simplified online application form should take no longer than a few minutes to complete. Applicants will receive notification regarding approval if the information provided was sufficient to be matched with a lender. In most cases, funds will be deposited the same working day, if approved by 14:30. Approval may take up to 30 minutes in most cases.
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Will a bad credit history affect my chances of being approved for a loan?
Bad credit history will have little or no impact on your loan approval provided you are currently employed. Upon verification that you meet the minimum requirements, the lender you are matched with, if approved, will give you a loan in faith that it will be paid back on your next payday.
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Do I have to take the loan offered if I complete the application form ?
No. You are under no obligation to accept the loan offered by any payday lender. If you do not wish to proceed, simply notify the lender that you wish to cancel your application.
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How do I repay the payday loan back?
Our third party lenders will withdraw your payment directly from your checking account which is set up when you apply for your loan.
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When do I have to repay the loan by?
Each payday loan must be repaid on the day that you receive your next regular paycheck. Depending on your pay frequency, you can keep the payday loan for up to a maximum of 15 days.
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May I request more than one payday loan at a time?
This is up to the discretion of the payday lender you are matched with. However, most lenders do not allow you to request multiple loans before repaying the first.
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Do you offer loan extensions which are often referred to as “Roll Overs”?
Payday Loans are intended to be used as a short term loan solution which are to be repaid in full on or before your next pay period. Rollovers are offered at the discretion of the payday lender you are matched with. If the lender allows rollovers, there will be an extra cost to you which is determined by the loan amount and the time owing.
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What if I am self employed? Can I still apply?
Unfortunately, the lenders Payday Loans Canada works with do not lend to individuals who are self employed.
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Will you run a credit check?
Payday Loans Canada may need to verify some information with several national data bases including TransUnion. It is still possible to be approved with a bad credit score, or no credit score at all.
- Who can I contact with any questions or concerns?
Once you complete the PaydayLoansCanada.com loan application and are matched with a lender, you will receive further information including contact details regarding your loan application.
If you are having any difficulties completing the online application form, or have any general questions regarding our payday loan matching service, click here to find the ways in which you may contact us.
