Just like any other hard-working person, Canadians also need a cash advance from time to time. Before they can get a cash advance, Canadian borrowers should gather as much information as possible about the cash advance process. Payday loans can be lifesavers, but make sure you know all the facts before signing on the dotted line.
Canadian cash advances are similar to those offered in the United States, but most U.S. cash advance companies do not allow Canadian residents to participate. As a result, Canadian-specific cash advance companies were created to meet the needs of the Canadian borrower in need of a cash advance. These companies are similar to those in the United States, but are not offered in all Canadian provinces.
The loan process is actually quite simple. If you are a Canadian and you need extra cash right away, you can apply. However, keep in mind that these loans must be paid off on your next payday. The loan amount usually depends on your income. Typically, a Canadian cash advance will fetch you anywhere from two hundred to six hundred dollars per. Pay period. Canadian cash advance rates average about 25 percent.
If you are unable to pay your cash advance before your next payday, you may receive another cash advance and roll the balance over. The disadvantage of this method is that interest rates accumulate quickly. Twenty-five percent can easily be turned into fifty percent in a relatively short period of time.
When applying for a Canadian cash advance, there are some basic criteria that must be met. First you need to be a resident of Canada. Second, you must have an active bank account because the only access to these cash advances is by direct deposit into a working bank account. Most companies require that you already have five to seven transactions from that account. Another requirement is that you must have a working phone. These companies rarely conduct credit checks, so a functioning phone number is one of the few verifications of identity they perform while ensuring their ability to contact you if needed.
At the time of application, you are usually required to bring a pay stub. This gives cash advance companies an idea of the amount you earn and also determines your loan amount. For example, the company cannot lend you six hundred dollars if you only earn three hundred dollars a week, because of course it would be impossible for you to pay them in full on your next payday.
Canadian cash advances, like US cash advances, can be made within minutes. Some companies advertise to lend money to you within thirty minutes, while others guarantee loans within 24 hours. Either way, going to your local cash advance company is much easier than going to the bank for a small loan. The lack of credit checks, a simple application process and quick results make Canadian cash advances an attractive option for anyone in need of quick cash with minimal effort. Remember, however, that cash advances should only be used as a last resort and never as a routine way to make ends meet.