Canadians Need Cash Too! ?A
Cash Advance Primer |
By Christopher Young |
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Just like any other hard-working person, Canadians, too, need a
cash advance from time to time. Before getting a cash advance,
Canadian borrowers should obtain as much information as possible
about the cash advance process. Payday loans may be lifesavers,
but be sure you know all the facts before signing on the dotted
line.
Canadian cash advances are similar to those offered
in the United States, however most American cash advance
companies do not allow Canadian residents to participate. As a
result, cash advance companies specific to Canadians were
created to accommodate needs of the Canadian borrower in need of
a cash advance. These companies are similar to those in the USA,
but are not offered in all Canadian provinces.
The loan
process is actually quite simple. If you are a Canadian and you
need extra cash right away, you can apply. Keep in mind,
however, that these loans need to be paid off on your next
payday. The loan amount usually depends on your income.
Typically, a Canadian cash advance will fetch you anywhere from
two-hundred to six-hundred dollars per pay period. Canadian cash
advance interest rates average around twenty-five percent.
If you are not able to pay off your cash advance by your next
payday, you can get another cash advance and roll over the
balance. The downside to this method is that the interest
accumulates quickly. Twenty-five percent can easily turn into
fifty percent in a relatively short period.
When applying
for a Canadian cash advance there are some basic criteria which
must be met. First, you must be a resident of Canada. Second,
you must have an active bank account because the only access to
these cash advances is by direct deposit into a working bank
account. Most companies require you to have five to seven
transactions from that account already. Another requirement is
that you must have a working phone. These companies rarely do
credit checks, so a working telephone number is one of the few
verifications of identity they conduct while at the same time
ensuring their ability to contact you if need be.
At the
time of application it is usually required that you bring a pay
stub. This gives cash advance companies an idea of the amount of
money you make and likewise determines your loan amount. For
example, the company cannot loan six hundred dollars to you if
you make only three hundred dollars per week because, obviously,
it would be impossible for you to pay them back in full on your
next payday.
Canadian cash advances, like American cash
advances can be done within minutes. Some companies advertise
loaning money to you in thirty minutes while others guarantee
loans within twenty-four hours. Either way, it is much easier to
go to your local cash advance company than to go to the bank for
a small loan. The lack of credit checks, a simple application
process, and speedy results make Canadian cash advances an
attractive option for anyone needing quick cash with minimal
effort. However, keep in mind that cash advances should only be
used as a last resort and never as a routine way of making ends
meet. |
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