Online Pay Day Loans

Online Pay Day Loans

Online pay day loans are regularly saving Canadians from repossession, foreclosure, eviction, account suspensions and believe it or not starvation. Life can be very unpredictable. One day you’re great, eating well, loving life…The next, you’re behind on your car payment, your fridge is bare and your spouse has left you. Life is rough and the top five banks in Canada aren’t very sympathetic to this fact. Getting a loan from a bank like RBC is nearly impossible unless you have perfect credit and a large account balance. It’s a shame how many honest, hard-working Canadians can’t get a standard bank loan. It’s indisputable that online pay day loans have helped many get access to funds when they needed it most. Getting a short-term loan from most pay day lenders is quite easy not mention a lot faster than any bank issued loan. The following will explain ways in which to increase your chances of being approved for an online pay day loan.

Providing Correct Information:

Most online application forms these days will decline if you enter an incorrect postal code, or a postal code that doesn’t match the address you entered. Further, providing incomplete or incorrect identification, telephone numbers, employer details, bank account numbers will also lead to a declined loan application. If you’re unsure of your employers postal code, for example, you should rely on Google.com to confirm the details. Likewise, your banking info should also be verified either using your online banking account, telephone banking or by looking at the bottom of a personal cheque.

Employment Requirements:

Online pay day lenders tend to require a minimum income amount to quality for a payday loan online. Usually, the minimum income is $1500 per month but lenders like Private Loan Shop, Fat Payday Loans and Loan Me It Financial all accept incomes as low as $1000 per month. Both full-time and part-time employment is accepted; but not temporary or seasonal positions. The longer you have worked with your present employer the better your chances of landing the loan. Lenders want to be assured that your employment is secure and reliable prior to giving you a large sum of money.

Re-Payment Dates:

When selecting a repayment date, you should always select your next pay date. Selecting a pay date too far in advance will render your application void as most, if not all pay day loans are intended to be repaid with your next pay check. Again, some short-term lenders do provide pay day loans for those who are paid once a month.

Personal Identification:

Your complete and correct name, as held by the Canadian government, needs to be used when applying for a loan. All too often do Samantha’s use the name “Sam” instead of the name printed on their identification documents. Using a nickname or excluding your middle-name will ruin your chances of getting approved for an online cash advance. If you are married but haven’t changed your last name yet on all of your identification stick the the name found on the identification that you are using on the loan form. Having valid identification is important as well. It’s quite easy to understand why an expired id may be rejected as it isn’t legally acceptable in a court of law.

Banking Information: 

Obviously, if you provide the wrong banking details your loan request will be denied. Most of your banking details can be found using Google.com. For example, your bank’s institution number can be easily located online by searching the keyword “[Your Bank’s Name] Institution Number”. You can also find your transit number by searching your bank name with the city name and the words “transit number”. The easiest way to obtain your banking details is by contacting your bank’s telephone banking service, logging into your online banking or by coping the details printed on the bottom of a personal check. The image below illustrates how to get your bank details from a cheque.

Payday loans are generally very easy to get. They’re a lot easier to attain than a bank issued loan. However, if you don’t know how the payday loan application approval process works or what lenders are looking for then you may very well be declined. The brief list above are highly effective suggestions for increasing your chances of getting an online payday loan. When applying for anything you should always use correct information and the best way to ensure validity is to confirm the details at least once before submitting the application. We hope that the contents of this post helps you to secure a short-term loan the next time your car breaks down or you’re short on your insurance payment.