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I am unemployed. Can I get a short term loan?
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How are short term loans helpful to me?
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How long will it take for loan disbursement after I apply?
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How does the system of short term loans work?
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What would happen if I can’t repay my loan at the specified time?
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What is an average interest rate on short term loans?
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How much can I borrow?
I am unemployed. Can I get a short term loan?
When you apply for a short term loan with Payday Loans Canada, our lenders would review your application and one of the facts they would pay special attention to is your ability to repay the loan. Short term loans are typically supposed to be paid when you receive your next pay. In case you do not have a steady source of income, you would not be able to qualify for a short term loan from our lenders.
How are short term loans helpful to me?
Short term loans and the entire process have been designed in order to assist you when you face any type of financial emergency. Before you apply for a short term loan with us, you should analyse and make sure that you have the financial stability to repay the debt along with the associated interest rate by the repayment date. You also have to make sure that you have sufficient funds left after you have paid the loan amount to cover your existing financial expenses. You should analyse and redistribute your monthly expenses accordingly. You should understand that short term loans are in no way a temporary solution to long term credit problems you may be facing. You should always try to make the most of your short term loan.
How long will it take for loan disbursement after I apply?
Once you apply for a short term loan, your application would be reviewed by our lenders. Most importantly our lenders would consider your capability of repaying the loan within the specified time. All applications are typically reviewed and approved within 24 hours. After the approval, you would have to provide your signature electronically, after which your lender would deposit the loan amount into your bank account. If your approval arrives between Monday and Thursday, the funds would reach your account on the next business day. In case the approval arrives on Friday, the loan amount would be deposited on Monday. If the approval arrives on a Saturday or a Sunday, processing would be done on Monday and the loan amount would be deposited on Tuesday.
How does the system of short term loans work?
A short term loan is financial instrument designed to help you in times of financial crisis when you need emergency funds to take care of sudden but important expenses. Short term loans only take into consideration your ability to repay the loan, that is if you have a steady income source or not and it does not take into account your credit history. Typically customers take short term loans in order to pay bills that have exceeded their expectations, to handle repair work or to avoid late payments. Payday Loans Canada connects customers with our wide network of lenders who can help you with small loans during difficult financial situations.
What would happen if I can’t repay my loan at the specified time?
In case you feel that your monthly pay may not be enough to cover the entire loan amount, you must immediately contact your lender. You should contact your lender directly as Payday Loans Canada would not be able to provide you much assistance in such a case. Your lender may charge you some penalties and some additional interest would get accrued on your amount withstanding. You can request your lender for an extension on your loan; however the lenders would not be able to provide you with rollovers. You should take a conscious decision while applying for a short term loan and apply only for an amount that you know you would be able to repay when your pay comes.
What is an average interest rate on short term loans?
Interest rates associated with short term loans vary from case to case. The interest charges depend on a number of factors which include your residential province, the amount that you are borrowing, your credit history, your financial situation, your source of income and your lender. Before you are asked to give your signature; you would be communicated all the charges and the final repayment amount based on the interest rate that is finalised in your case. Make sure that you review the details before providing your signature.
How much can I borrow?
The amount that you can borrow would depend on a lot of factors and would be on the discretion of your lender. Your ability to repay the loan would be the foremost criteria taken into consideration in this case. Lenders can even approve short term loans of $1000; however the cases in which such a large loan is approved are very few.