What is a payday loan?
What are the requirements for getting a payday loan?
- Proof of income for the last 3 months
- Proof of address (electricity bill etc)
- Chequing account for automatic transfer and payments
- If you meet these three requirements, you will be approved. Regarding the time it will take to get the money, if you apply online, you may have to wait up to a day to get your money, but
- if you apply in person, you will probably get it on the spot.
The cycle of payday loans
Alternatives to payday loans
Personal loans by installments
Line of credit
Home Equity Loan
Borrow from a friend or family member
- Do you have the financial capacity to repay the borrowed money within a reasonable time?
- Are you comfortable paying interest charges?
- How often and in what form will you make the payments?
- What happens if you can not make a payment on time or not at all?
- Will there be a written agreement?
Predatory practices of payday loans
Payday Loans FAQ
- Alberta $ 15
- British Columbia $ 23
- Saskatchewan $ 23
- Manitoba $ 17
- Ontario $ 18
- Quebec n / a
- New Brunswick n / a
- Nova Scotia $ 25
- Prince Edward Island $ 25
What do I need to get a payday loan?
- Proof of income for the last 3 months.
- Proof of address (an electricity bill is usually a good option).
- Chequing account for the automatic transfer of the loan and payments.
Loans and loans