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What is a Payday Loan?

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What is a Payday Loan?

When you need extra cash before your next paycheck, going to family or pushing things off might be an option. However, some people need to pay bills right away and don’t have a family to loan them money. In this situation, they want a way to get just enough cash to make it to the next paycheck. That’s why they get a payday loan.

Payday loans help Canadians cover cash shortfalls. Many people would recognize the term cash advance, as payday lenders are generally giving you money based on your next paycheck. In general, the fee could go from $15 to $21 depending on the province per $100 borrowed with a maximum amount borrowed of $1,500.

What Is Needed To Get A Payday Loan?

If you are looking to borrow money by getting a payday loan, then there are qualification requirements. First, you need regular income. This will be the basis of what you can obtain, the principal amount. Next, you’ll need a bank account and a permanent address.

To apply for a short term loan online, you will need to fill out a form which will include information on what you need, as well as a way for the lender to pull the money back at the agreed payment date. This is called a pre-authorized debit.

Do Credit Scores Matter?

While many payday loan companies will check your credit score, when looking for a 14-day loan, the maximum allowable cost will be based on multiple factors. Looking at your credit score, income, and past history shows your ability to repay the loan that’s given.

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iCASH is a Payday Loan Alternative

Unlike other in-person or online payday loans, iCASH offers an automated process with instant approval and information. All you need to do is apply online with how much you want, what repayment plan you are looking for and a few personal details.

Following this, our automated system will give you an instant decision. If approved, all you need to do is sign the electronic contract. When the contract is signed, you’ll get the loan amount via e-transfer. All e-transfers are sent within 5 minutes of the contract signing.

What are the Qualifications?

If you are looking for a payday loan, the requirements will change based on each company. However, if you are looking to obtain a loan from iCASH, then you should be at least 19 years old and a citizen of Canada to begin.

Following this, you will need to prove that you are a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island.

In addition, you should have a net income of at least $800 a month that has been coming from the same source for at least three months. Finally, you’ll need a bank account that has been open for at least three months as well as a valid phone number, email, and home address.

For most people, the instant loan application takes only 5 to 10 minutes to complete. Once you complete the loan application, it gets reviewed by our online lending software that’s incredibly fast and you get instant approval with a loan offer, all in about a minute or less.

That’s why payday loans in Canada are a good option for people who need quick cash. At iCASH, our goal is to approve customers who apply and qualify for quick loans in Canada.

So, don’t delay – if you need up to $1,500 in quick cash, visit the iCASH website and fill out the payday loans application right away!

Alex Charbonneau

Alex Charbonneau hands-on approach to financial planning, investments, and leadership won him the respect of many. Alex is a trustworthy individual & someone that many in Canada aspire to work with.