If you have been in need of fast cash and are thinking about applying for payday loans in Canada through e-transfer, then you are in luck as we will be breaking down, one by one, all of the requirements that you will be needing. This article aims to provide you with information that can serve as your guide during the entire application process.
E-Transfer Payday Loans Canada
Finding yourself one day in a sudden financial crisis can be very hard, especially if you have been living through paycheck per paycheck. Fortunately, short-term loans are now available that you can finally apply for one of the fastest 24 7 payday loans with e transfer in Canada, and you do not have to wait in line or submit several documents.
So, what are payday loans exactly?
A payday loan is a type of short-term loan that lets you borrow a small amount of money, often between $150 to $1500, depending on the lender’s policies. As its name suggests, payday loans are expected to be paid back on or before your next salary comes in.
To make things even better and more convenient to borrowers, e-transfer payday loans are now available in Canada. This service is available 24/7, which means that you can apply anytime, get approved on the same day, and receive the money immediately. If you are in need of cash as soon as possible, then this is the type of loan is for you.
Requirements and Qualifications for E-Transfer Payday Loans
Unlike traditional loans, lending companies that offer e-transfer payday loans in Canada often requires a couple of documents that you possibly have already. Here are the qualifications as well as the corresponding documents for you to get approved for it.
- You must be at least 18 years old
Provide any government-issued identification card that shows you are of legal age. Examples of these IDs are passport, citizenship card, birth certificate, driver’s license, health card, etc.
- You must have a steady source of income
Since this is a payday loan, it is a strict requirement that you should have a steady job. Provide proof of income statement to your lender.
- You must have a checking account
If you opt for e-transfer payday loans, a checking account is a must. When your application is finally approved, the lender will be transferring the amount you borrowed directly on to your account. And since you have applied for electronically transferred loans, once you have received your salary, the lender will be deducting the amount of your loan from it.
- You must be a citizen of Canada
You will be needing to submit your citizenship certificate as proof. Other documents accepted are citizenship card and birth certificates. Not all lending companies require this qualification, however, just to be sure, acquire it already.
The Application Process for E-Transfer Payday Loans
- Online application
First, head on to the lending company’s website. There are also other companies that are not traditional lenders per se, rather, they provide services that find you multiple lenders which means the chance of getting accepted is extra high. Either way, the application is done through their website where you have to fill out a form and submit needed requirements.
- Verification of information
A representative will then call you to verify the information you have submitted as well as ask for other documents and proofs if needed.
Your application will then be sent out to the lenders that the loan service company is working with.
- Release of results
After a couple of minutes to an hour, you will be able to receive your results, whether or not you got approved for a payday loan.
- Transfer of funds
Once approved, the lender can immediately electronically transfer the money into your checking account.
Advantages of E-Transfer Payday Loans
- You do not need a good credit score. Even with bad credit, a lender can look into your loan application and approve it.
- E-transfer payday loans are the best choice for small-time loans since they specifically cater to borrowers who want to loan a couple of hundred dollars to a thousand.
- It can be done online and in the comforts of your own home. Gone are the days where you need to fall in line and sit in waiting rooms just to submit an application.
- Compared to traditional loans where you need to submit an entire folder of financial documents, e-transfer payday requires only a couple of personal documents that you already have on hand.
- Your chances of getting approved even with a low income are still high.
- The entire application process, including the release of results and transfer of funds, can be done on the same day. This is especially if you have applied earlier and submitted complete documents.
- The chances of getting approved are high since your application will be sent out to at least one lending company. Payday loans also have high-approval rates, depending, of course, on the company.
- Results are released after a couple of hours so you can find out on the same day if you have been approved or not. This is most convenient for people who are in need of fast cash and need it immediately.
- Once approved, money is transferred the same day which means you can receive it in just a matter of seconds. Since there are now methods where you can electronically transfer money, sending cash can be done in just a snap.
Yes, the process for e-transfer payday loans in Canada is short and fast which makes it a really great option for fast cash. However, it is also important that you first equip yourself with knowledge on the more technical side of this which includes the processing fees and interest rates.
The lender’s fees and interest rate for a payday loan are usually expressed through annual percentage rates or APR which can be between 391%-851%. Once converted into its simple interest rate, it means that you will be paying between $15-$35 for every $100 loan you apply for. For example, with a 391% APR, your fee will be $15 per $100. So, if you will loan $500, this means that you have to pay $575 on your next payday.
Looking at it, you will see how payday loans can get very expensive. This is why it is important to do your research first before applying. If you can come up with better options for you, then good. However, if this is what you really want, then it is okay as well. Just make sure that you can pay it back before your deadline to avoid any more charges.