We all know that education is the best way to stay financially healthy. Concepts like credit scores, APR, and loan agreements can be confusing and hard to understand if you don't have the right resources for learning. That's why we want to make sure that you're ready with the knowledge necessary to feel confident when you apply for a short term loan. This week, we want to talk about what you should have on hand if you have to apply for a payday loan.
Quick Recap: What Is A Payday Loan?
Before we get started, let's go over what a payday loan is. In short, this is a form of short term loans offered to citizens of Canada when they need quick cash. They can sometimes be called cash advances or bad credit loans.
These are available to all citizens; however, specific laws and limits will depend on what territory you live in. Even online payday loan providers must follow provincial laws to ensure the safety of borrowers.
Requirements for a Loan Application
When looking to obtain a Canadian payday loan, there are a few things that you will need to have. To make things simple, we've made a list of the details you'll have to keep in mind.
First, you'll need to show proof of a bank account that you've had open for at least three months. Make sure that you don't switch banks too often as having a bank account open for longer is better for your credit score.
The next item you'll need is a home address and proof that you've lived there for at least three months. In much the same as before, the less you move, the better off you'll be for any type of loan.
While the amount that you need to make each month will vary by business, it's important to have a history of direct deposit to your bank account. This will help show that you are reliable and that you can repay your loan as required.
To get a hassle-free payday loan, you'll need to be a citizen of Canada that has permanent residence in the country. Whether through naturalization or birth, this is required by law for a Canada payday loan.
While this will vary, each payday lender will need other information from you. This could include your email, phone number, or more personal thing like your social security number. However, other than that, there isn't much more that you'll need to provide.
iCASH Makes It Easier
If you are looking to get a payday loan in Canada, whether in Nova Scotia, British Columbia, or somewhere else, iCash is here. We are an online payday lender that offers loans of up to $1500 without a credit check and with minimal information. From your phone, you'll be able to enter all the information, get approved, and get your money in less than an hour! Get started today to pay off those emergency expenses.