Steps on Applying for Payday Loans Online in Canada
Getting an online payday loan in Canada is simple. You can get one when you face unforeseen expenses or if you’re short on cash for groceries, gas, or any other short term financial needs. It is a short term loan that covers small expenses until the next payday.
Below are the steps on how to get a payday loan online.
At CPaydayLoans, you will just need to complete the Canadian application form and you will get money within 24 hours. Instant Approval Guaranteed.
Before getting a Canadian payday loan, make sure that you use it to pay a bill or some necessities and you can pay the loan when your next paycheck comes in. Do not use a payday loan in Canada for extravagant purchases that you can’t pay in full with the next paycheck. Payday loan is a convenient way of getting cash in an instant but its rates range from 5 to 8 percent. The payday loan should be the first resort when all other options are not available.
To apply for a Canadian payday loan online is easy. The first step is to gather all the required documents before looking for a lender. Loan companies usually require borrowers to submit the last two recent paystubs. They also require the applicants to be with the current job for at least six months. Make sure that the employers contact details are available.
Lenders directly deposit the loan into the borrower’s bank account. Make sure that you indicate the routing number and account number as well as the next available check number. When you get a payday loan, you basically give the loan company a postdated check to cash on the next payday. So you need to make sure that your next paycheck can cover the loan amount.
Once you collected all the financial and employment information, start looking for the best payday loan provider available on the market. Compare their application processes as well as their customer service. Some payday loan companies have their application process online. There are others who require the applicant to fax certain documents such as driver’s license, paystubs, and bank statement. If you don’t have a fax machine, make sure that you look for one with 100 percent online processing. If you have questions regarding the application process, call their customer service. This can also help you determine how helpful they are and if you can get to talk to an actual person. Find the lowest rate on the market. There are companies that offer free or half-price loans for first time customers.
Once you have a shortlist of Canadian payday loan online providers, choose the one that can deliver your needs. Fill in the required information accurately. If you need the cash within the day or the next day, check the cut-off times for same day processing. You need to submit your application before the cut-off time in order to qualify for same-day payday loan.
In the application form, you can choose the first due date. Make sure that you have the funds to cover the payment of the loan because the amount will be withdrawn automatically on the date you indicated. Some companies allow you to pay over a certain amount of pay periods. It is recommended that you borrow what you can pay in full with the next paycheck.
Once you’ve submitted the application for the payday loan online, the last step is to check your email. There are two scenarios that can happen. You can either be approved instantly or they have to manually approve your application. When you are asked to fax in documents, be sure to send them in as soon as possible. Once you get the approval, you will be required to sign a loan contract, which can either be done electronically or through fax.
Note! Our faxless payday loan services are also available in Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, and Alberta.