Submitted by: Brendon Heins

If you’re just a regular guy living in Canada, chances are you’ve probably been hit once or twice by a bill you can’t settle, a sudden medical emergency, or some other urgent situation that needs cash, and fast. Of course, everyone’s first resort is most likely their credit card. However, there is such a thing as “maxing out” a card, or worse, if you don’t have a card to begin with. The next best thing is actually going to your bank and withdrawing said amount.

But there are those occasions where your on-hand cash just won’t make the cut. What do you do then? Simple. Go for Canadian payday loans.

Take a what?

Canadian payday loans are pretty simple. You’ll pretty much loan a certain amount of money between your paydays, and once your salary comes in, you’ll repay the loan. Sounds simple enough, right?

What would I need?

Most pay day loans, whether it’s a payday loan company or even payday loan online website, will require a few basic things from you. Canadian law requires you to be at least 18 years old, has had the same job, or at least a regular income of $1000 at least, for the past three months, and to have a bank account, whether it’s checking or savings.

How much can I get?

The amount actually really depends on the company offering Canadian payday loans you are dealing with, but the amount can range from a minimum of $100, to a maximum of $1500.

How can I get approved?

The process of approval is relatively simple. Once you apply for a payday loan online, or on premises, they will do an electronic check on you, especially regarding your work, income and your banking account. Once these has been verified, a process that can take as little as 30 seconds, you’ll be qualified to receive the loan that you asked for.

Are Canadian payday loans really advisable?

This question is really dependent on your own individual status, but generally, they are most recommended only for short-term, or even one-time financial remedies.

If you suddenly find yourself short on cash because of emergencies or other urgent matters like that, then Canadian payday loans can be very helpful things. You don’t have to go through a long approval process, and you can get the money as early as 12 hours later. Another good thing about it is that you’ll often have a month to repay the loan, and most companies even offer an extension on it.

There’s a downside, isn’t there?

Well, of course there is. Many companies, while they do offer fast service and a long grace period, will also offer a very high interest rate. If you’re in doubt whether you can repay the loan on time, don’t take out a large loan. Like mentioned above, Canadian payday loans are great for emergencies, but not when the emergency is a great pair of shoes, or new treads for your car.

Those things being said, all it takes for you to be financially safe in taking out payday loans is to be financially cautious. Exercising a little prudence and a little self-discipline on your part can go a long way.

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Source:

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