Like other hardworking people, Canadians need to advance cash from time to time. Canadian borrowers should obtain as much information as possible about the cash advance process before obtaining cash advances. A payday loan can be a lifesaver, but before signing on the dotted line, make sure you understand all the facts.
Canada’s cash advances are similar to the cash advances offered by the United States, but most US cash advances do not allow Canadian residents to participate. As a result, a cash advance company specifically for Canadians was created to accommodate the needs of Canadian borrowers who need cash advances. These companies are similar to US companies but are not available in all Canadian provinces.
The loan process is actually very simple. If you are a Canadian and need additional cash immediately, you can apply. But keep in mind that these loans need to be paid off on the next payday. The amount of the loan usually depends on your income. Typically, Canada's cash advances will allow you to earn between $200 and $600 per payment period. Canada’s cash advance rate averages about 25%.
If you are unable to pay off your prepaid cash before the next payday, you can get the cash advance again and carry forward the balance. The downside of this approach is that interest accumulates quickly. 25% can easily be converted to 50% in a relatively short period of time.
When applying for a Canadian cash advance, certain basic conditions must be met. First, you must be a Canadian resident. Second, you must have a valid bank account because these cash advances can only be obtained by depositing directly into your work bank account. Most companies require you to have five to seven transactions from this account. Another requirement is that you must have a phone that works. These companies rarely conduct credit checks, so the phone numbers they can use are one of the few authentications they perform, and they can be assured that they have the ability to contact you when they need it.
A pay slip is usually required at the time of application. This allows the cash advance company to know the amount of money you make and to determine the amount of your loan. For example, if you earn only $300 a week, the company can't lend you six hundred dollars because obviously you won't be able to repay it on the next payday.
Canadian cash advances, such as cash advances in the United States, can be completed in a matter of minutes. Some companies advertise money to you within 30 minutes, while others guarantee loans to you within 24 hours. Either way, going to a local cash advance company is much easier than going to a bank microloan. Lack of credit checks, a simple application process, and quick results make Canada's cash advances ideal for those who need minimal effort to cash in on cash. However, please keep in mind that cash advances can only be used as a last resort and should never be used as a regular way of subsistence.