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Frequently asked questions about short term payday loans Alberta

The popularity of short term payday loans Alberta is rising every year. Millions of Canadians take advantage of payday loans every year and the number has kept on growing in the last couple of years. Even though payday loans have become really popular tool for middle income Canadians, the uninitiated still do not have complete knowledge about payday loans. People have a lot of questions before they consider short term payday loans Alberta as an option for handling difficult financial situations. Here are a few questions and their answers that would help you make a choice.

Frequently asked questions about short term payday loans Alberta

Frequently asked questions about short term payday loans Alberta

Can I get a payday loan if I am unemployed?

When you make an application for a payday loan with a financial institution, your application would be reviewed and your capability of paying back the loan would be an important thing that would be considered. Payday loans are expected to be paid back when you receive your next pay check and if you do not have a steady source of income, you may not qualify to receive a loan.

How can short term loans help me?

The entire purpose of short term payday loans Alberta is to help you handle financial emergencies. We may face many scenarios in our lives where we find ourselves ill prepared to handle financial emergencies like a blown up circuit, an unexpected medical bill, house repairs etc. Short term loans can be helpful in all such cases. Payday loans give you breathing space till the next payday and enable you to take care of the urgent need.

How long will it take for the approval?

Once you make the application, the approval takes about 24 hours. During this time the lender would assess your capability to pay the loan back on the due date. Once a lender approves your application, you would be required to provide an electronic signature on the terms and conditions of the loan along with the approved amount, fee, interest rate and repayment date. After you have provided your signature, the loan amount would be deposited to your account within one business day. This is much faster than a typical bank loan which takes about a month for disbursement.

Do I have to provide any security or mortgage?

You do not have to give a security or mortgage any asset in order to get short term payday loans Alberta. Your ability to pay the loan back on the repayment date serves as the security for lenders. You should have a stable source of income which is also a primary eligibility criterion in order to get a loan.

What happens if I can’t pay back by the due date?

In case you feel that your monthly pay would be insufficient to cover the entire amount, you can approach the lender and ask for a rollover. In such a case you may have to pay additional charges or penalties. Additional interest would also get accrued on the outstanding amount. You should take a conscious decision before you apply for a payday loan and do a thorough assessment of your capability to pay the loan back by the due date.

What is the interest and fee associated?

The associated interest and fee vary from case to case and depend on a number of factors that include your ability to pay the loan back, your lender, your residential province and the amount you want to borrow. After the lender approves your loan, you would be communicated the interest rate and additional fee. Make sure that you have read all terms and conditions before you provide your signature.

How much amount can I loan?

The amount that you would be eligible for would depend on multiple factors, the primary of which would be your source of income. Short term payday loans Alberta are decided on your income that you receive every month. The amount you are eligible to borrow would be an amount that the lender feels you would be able to pay back on your next payday.

How can I apply?

After you have made a responsible decision of taking the loan, you can choose the financial institution you wish to apply the loan with. Application procedures are mostly online and involve filling up a simple form and providing identification proof and proof of income.

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