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The ‘What, Why and How’ of Payday Loans in Mississauga
24 Dec 2019
Albeit grudgingly, everyone agrees that ‘money makes many things happen.’ There will be happenings in the life of everyone who calls for coughing up money at short notice. What is the recourse for such instances? Mississauga being a happening place with a plethora of fun and a hoard of things to do, an unplanned gap in income and expenditure is not unrealistic. Payday Loans Mississauga, Ontario come in handy to sail over the temporary cash shortage.
Payday Loans Mississauga
- What are Payday Loans?
Essentially, a payday loan is a small and short-period unsecured loan or cash advance availed to mitigate transient cash deficit. Though the name suggests repayment linkage to borrower’s payday, it does not work that way always. These payday loans in Mississauga are also known as payroll loans, salary loans, cash advance loans, small-dollar loans too. These loans are dependent on the payroll and employment records of the borrower.
- Why Payday Loans?
Not every financial commitment can be factored while drawing up one’s personal budget. For instance,
❖ An unexpected fee hike of a child in the family, or
❖ An unplanned but necessary house or vehicle or any asset repair, or
❖ An unforeseen long-distance journey to attend to an emergency, or
❖ An accident while on the road or at home.
Well, these and several other ‘uninvited guests’ can upset the fiscal apple cart in a flash. It is impractical and in some cases, life-threatening like in the case of accidents, to look and scout around for funds in a leisurely manner. The Payday loans in Mississauga are your Man-Friday, in every sense of the term. Swift and easy to repay; these loans are like a secondary income channel, the only difference being they have to be refunded within a pre-fixed date.
- Eligibility Norms
Like every facility, payday loans in Mississauga have minimum qualifying norms for availing the facility. These norms lay down that the borrower should be
❖ A Canadian Citizen
❖ Of at least 18 years of age
❖ In verifiable employment, Or
❖ Receiving pension
❖ An account holder in a Canadian Bank with a facility for online transfer of funds
❖ Having a working phone connection to reach you.
The quantum of payday loans varies from lender to lender, and in most cases, the upper limit is fixed at $1,500 per borrower. Borrowers can avail up to twice their net income, subject to the maximum ceiling of $1,500.
- IS bad credit a disqualification?
Not necessarily! That is good news. Unlike traditional banking channels that depend exclusively on credit history for sanctioning fresh loans or top-up loans, payday loan lenders consider a variety of factors apart from credit record for assessing and allowing such short-term loans. Bad credit might be a result of some uncontrollable factors and is not a debilitating factor, as far as payday loan lenders are concerned.
- How to apply for Payday loans in Mississauga?
Simple formality is the unique advantage of payday loans in Mississauga. Remember those times when you had to apply for a loan with bank and the wads of documents, copies and faxes you had to send for the facility? Was it not taking away your precious time in going through those motions?
You do not have to go through this rigmarole when you opt for payday loans. Sit back in the comfort of your home and apply online for these loans. Absolutely no one, not even your employer needs to know about it. There is no exchange of bank statements or asset documents as there is no mortgage or security involved.
The details you key in online for obtaining the loan are completely secured by encryption. So no worry of loss of vital data to hacking. Filling up the online application is a five minute affair. Once you submit the application, the lender will assess and process it less than an hour, maximum. E-Transfer will not take more than 5 minutes, in any case. In case of direct deposit, you can find the funds in your bank maximum by next working day. What more, payday loans in Mississauga are available 24X7X365.
- Term and Repayment Procedure
Payday loans in Mississauga are meant to be repaid on your next payday. Some lenders give facility of 2 or 3 installments too.
There is no special effort needed to repay the payday loans. It is automatic and your bank account gets debited on the specified days as agreed in the loan agreement.
Payday Loans in Mississauga are like ATMs with a lag time of an hour! Just key in your details and access funds from your bank in under one hour. They provide the ultimate convenience, genuinely lacking in other forms of borrowing avenues.
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