A Few Facts About Payday Loans
Payday loans are considered unsecured meaning they do not require collateral.. They are short term in nature due to be repaid on your next payday.. Most times you can apply online and the cash can be deposited to your bank account within hours.
Getting Approved For a Payday Loan
Online applications are approved or declined very quickly. You will be asked for details about your income and employment bank account details when your next payday is and the amount you wish to borrow.
The payday loan company will decide to lend (or not lend) based on how much you want and compare that to your income. Be careful how you fill the application out and only ask for what you need because you will be more readily approved for a reasonable amount.
Most successful payday loans are dealt with by email using documents showing how much was borrowed repayment terms and interest you will owe. You should also see details from your local Consumer Credit Act outlining your rights and typical loan conditions. Your rights should include cancellation and repayment terms and how your personal information is handled.
Regulation of Payday Loan Companies
You should probably investigate the credentials of the company you want to borrow from. A legitimate lender will display their license in their office or have a download available for you to view. If you are in doubt about their legitimacy then you are within your rights to contact your local authority for further information.
If the payday loan company you are applying to is properly licensed there will be a government body to contact where you can get reassurance of fair practice.
Why Does the APR Appear High on Payday Loans?
The APR applied to payday loans appears at first glance to be high. This might look misleading but the figures are high for a simple reason. APR is an Annual Percentage Rate and as such is calculated over a whole year. However a payday loan is taken usually only over a few days or weeks.
Rather than relying on the APR rate it is more advisable to look directly at the loan agreement to see exactly how much interest you will be charged for the period of your payday loan. Some companies have a flat rate charge. It is up to you to decide whether you will be able to repay on time.
Renfrew–Collingwood is a large neighbourhood that lies on the eastern side of Vancouver, British Columbia, Canada, on its boundary with Burnaby and encompassing an area that was one of the earlier developed regions of the city. Wikipedia
Population: 50,500 (2011)
Province: British Columbia
Place ID ChIJ72bwm7h2hlQRona--hqTzkM
Renfrew-Collingwood, Vancouver, BC, Canada