The recent global economic recession has led many people to seek a quick fix to their financial problems. Employees in Canada have not been excluded from these financial hurdles. Many individuals and families live from paycheck to paycheck and therefore find it very difficult to meet unexpected financial issues. The Canadian financial market has come up with a plan to help these individuals in the form of payday loans Canada no credit check.
The types of loans are very different from traditional loans. Payday loans Canada no credit check are short term and unsecured loans that allow an individual to be able to get out of a short term financial emergency. Most traditional loans are secured by some form of collateral and if the borrower does not have some verifiable pledge, they will then be denied. With payday loans Canada no credit check, virtually anyone with a verifiable source of income will be approved. As long as there is proof of an ability to repay this short term, unsecured loan, the individual will not be denied. When an applicant is applying, he or she must have that proof of verifiable employment for consideration.
Payday loans Canada no credit check will enable the borrower to obtain his or her loan funds in a very short amount of time, usually less than twenty four hours. In fact, if one applies online, the entire process is instantaneous. Because the amount of the loan is so low, the requirement for a credit check is waived. There is no need to feel embarrassed about having bad credit, because no one will ask about one's present credit situation. Any approved Canadian can get from $100 to $1000 and he or she will have from two weeks to thirty days to repay the loan amount. The longer the repayment period, the higher the interest rates will be.
In order to be a qualified applicant for a payday loan Canada no credit check, the individual must have attained the age of eighteen and be a permanent citizen of Canada. The individual must also have a position with a company in which he or she does not earn less than $1000 per month. He or she must also have a valid checking account from which to withdraw the funds when the loan enters repayment. After the individual meets these loan requirements, his or her payday loans Canada no credit check will be deposited into his or her account within twenty four hours.