Payday loans are proving to be a lifeline for millions of Canadians when they face emergency financial needs. When we talk about emergencies, you need cash immediately which is not possible with traditional loans. This is exactly where payday loans Winnipeg
come to the rescue and this is also the unique selling point of these loans.
Payday Loans Winnipeg
Here are some advantages of payday loans Winnipeg
1. Low turnaround time: If you would have ever applied for traditional loans from a bank, you would understand the hassles when has to go through in order to secure these loans. At an average, banks take anywhere between 20 days and 30 days to process a loan application. This includes multiple visits to the bank, multiple verifications, lots of paperwork and lots of trouble. When we are talking about emergency financial needs, this turnaround time becomes very critical and 20 days is always too late. Payday loans Winnipeg require just one business day for processing and are suitable for taking care of any urgent financial need.
2. Simple process: The entire process of payday loans Winnipeg is online. All you have to do is visit the website of the lending company and fill a simple form. Your approval would come through within 4-6 hours. The approval would also contain the terms and conditions attached to the loan. It would include the details about your approved loan amount, the interest rate and other charges and the due date for the repayment of the loan.
All you have to do is to go through the terms and conditions, which are really simple and in regular layman language. After you are satisfied, provide your electronic signature on the approval and your job is done. Payday loan amount would be directly wired to your bank.
3. Credit Score not a problem: Thousands of loan applications are rejected every year because the applicant has a poor credit score. If you as much as miss an installment payment due date in your loan, your credit score drops substantially and after that banks would think twice before providing you a loan. When you are applying for payday loans Winnipeg, your credit score is never a bar. Your eligibility is defined by your ability to repay the loan and not by your credit score. When you submit an application, you would provide a proof of your employment and income. Your monthly income would be a deciding factor for your loan approval and also the amount you can get.
4. Extensions and rollovers: Payday loans Winnipeg are short term loans that are usually expected to be paid back by the next payday. On an average, most payday loans are repaid within 20 days of taking the loan. There may however be situations, when a borrower figures out that repaying the loan would be difficult. Payday loans can always be extended in case you can’t pay back the loan by the due date. If you feel that paying the loan back may be difficult by the due date, reach out to your lender and request for an extension. An extension would mean additional interest that you would have to pay and maybe some other charges as well. You would however have to make sure that you reach out to your lender well before the due date. Payday loans Winnipeg also do not impact your credit score in any way, so a rollover or extension wouldn’t be an issue for the future.
Payday loans Winnipeg have a number of advantages, but you should also keep in mind that the costs involved with such loans are also very high. You may have to pay up to 400 annual percentage rate on your payday loan. There are also other charges that are added to your final repayment amount. Payday loans Winnipeg should only be treated as an option only when you have an urgent financial need that cannot be met with your current monthly budget and when you are absolutely certain that you would able to pay the loan back by your next pay day. Payday loans are not a solution to your long term debts. In case you have been under debt from a long time, you should consider other options like debt consolidation and debt counseling. Taking a payday loan to handle your long term debt would only make things worse because of the costs involved.