The cash advance loan in Canada is a very short-term loan which is given in cash and it is secured by a post dated cheque. This post dated cheque covers the loan amount as well the interest amount accrued during the loan period. The terms of these loans are from two to four weeks and the lending amount is anywhere between $100 to $1500 depending on the requirement and eligibility of the borrower of these cash advance loan in Canada.
The loan amount is deposited in the borrower’s checking account within 48 hours and the lender processes the post dated cheque for loan recovery on the payday of the borrower. This can be through traditional method or in most of the cases today, through electronic transfer. The fast payday loan in Canada is mostly operated from small franchises or stores, but now-a-days lots of virtual store have come up. These lenders do all the processing online through the internet or over the phone. The process of lending is made much faster and simpler because of that.
Criteria for Getting the Payday Loans
Though it is very easy to get the cash advance loan in Canada, but you must fulfill certain criteria. Firstly, you must be a citizen of Canada with at least 18 years of age. You must be employed by the same company for at least three months. Your salary must be at least $1000 after taxes or equivalent and you must posses a checking account in a Canadian bank. If you fulfill all the above criteria, you just have to produce your salary slip to get approval for the loan.
Convenient and Fast
These payday loans are very convenient and the processing speed is very fast. These are called fax less payday loan in Canada, as here you do not have to fax the lending company a load of documents and credit ratings etc. Cash advance payday loan in Canada do not require any credit checks. Therefore, people with not so good credit ratings can also get instant cash, when required.
The interest rates for cash advance loan in Canada are quite high. However, looking at the hassle-free procedure and on-time services, that is not overwhelming. However, you must take only that amount which you know will be able to pay-off when you receive your salary; otherwise, the payment default charges are very high. Your transactions with the company are fully secured and discreet.
When in need of immediate cash, cash advance payday loans come to your rescue in the shortest time. These fast payday loans in Canada, if used judicially for urgent purposes only, will help you out of any cash crunch you are facing with minimum hassles.
