Everything about Cash Advance Loans Explained
Are you a Canadian? Do you have a stable source of income? Are you in need of immediate cash advance? If all these answers are ‘yes’, you need to give a thought to Canada cash advance companies out there. This system is also referred to and is more popular as payday loans. You must have heard about this a hundred times before. But many people are quite unaware of the procedure of availing this payday loans. As for many Canadians, life is an endless paycheck to paycheck race. And when it comes to a special occasion of their life, they actually go clueless about arranging money for the event.
Cash advances companies of Canada are established on this simple logic. Providing easy loans for the people who really need it at times is their only objective. With convenience of their customers being a bull’s eye for them, all the payday loans companies of Canada have keep their terms and conditions extremely lenient and welcoming. The easy payment method and the ready availability of cash advance will at times provoke you to borrow money from them. And once you have got it, they will take the burden away from you for repayment. They will automatically deduct a certain amount at regular intervals from your salary.
As far requisites are concerned, cash advance loans are almost paperless procedure throughout. All you need to prove is you are employed somewhere. You are always offered liberty to fax your last drawn pay-slip to the companies. But if you can’t, you can just take a screenshot of the pay-slip and mail it straight to them. The companies will not be even bothered to verify your credit status for other banks because that is not their concern.
Cash advances loan interest rate is higher than the normal interest rate in market, although. For an average loan of $300, you could be charged for $15 to $30 per $100. As the loan repayment period is too shorter than the other loans (1-2 weeks to one month), the companies tend to earn higher from the interest rate only. But in any caser, the lender can not charge you more than 60% of interest for the total money you borrow from them. It is mentioned in the Canadian Criminal Code (Section 347), that “an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 60% on the credit advanced under the Agreement” is a criminal offence.
Cash advance can go up to $1500 and not more than that. Also you can avail a loan of as low as $10. Whatever your requirement is, the Canadian cash advances companies are all set to help you out with a maximum 24-hour approval period for your application. Most of these companies have their own websites where they clearly furnish their terms and conditions and you can easily go to their ‘Application Page’ if you are in hurry or something. Applying online for cash advances is a no sweat task as you just need to fill in few details about yourself.
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