Things to know about Payday loans in Brampton
It is not uncommon for anyone to face a tight financial situation making it tough to meet the monthly commitments in time. Some unforeseen expenditure might adversely rock the well-planned budgets. For those living in Brampton and facing such situations can breathe easy now. Payday loans in Brampton are just a click away to meet such exigencies in life. They facilitate the swift transfer of cash to the borrower’s account and saving the possible embarrassment of not able to honor a financial commitment in time.for more info on Brampton payday loans click here to see more.
Before going into the procedures and process of obtaining payday loans in Brampton, let us first ask the question of why such loans assume importance.
1. Why payday loans?
- Accidents or sudden sickness to self or a member of the family does not come with advance notice. These kinds of emergencies have to be met squarely and promptly.
- You might have planned some expenditure based on some receivables, which might get unexpectedly delayed for reasons beyond your control.
- Still worse, what if inclement weather rips off a portion of your residential property, making it impossible to live without attending to it immediately? No sane person will wait to fix it till payday arrives!
In such circumstances availing payday loans is an easy way to wriggle out of tight situations. Just walk into any of the stores offering payday loans in Brampton or go online from the comfort of your home and clinch the loan deal in a flash. All online transactions are done in encrypted mode, and as such, fear of loss of crucial financial data is ruled out.
2. The eligibility criterion for payday loans
Most of the lenders offering payday loans in Brampton put simple thresholds for qualifying for such loans.
Any person wishing to avail these loans must be:
- Having a steady income-generating job or pension
- Of 19 years or above in age
- A Canadian Citizen
- Having a Canadian bank account with online transfer facility
The maximum limit of payday loans is usually 50% of the borrower’s take-home pay. A person drawing a net income of $1,000 every fortnight, the eligibility would be $500.
People with bad credit score too can avail payday loans in Brampton with a few lenders. Though every lender goes through credit history as part of loan processing, most institutions consider multiple factors other than credit score. As such a poor credit score is not the sole criterion for refusal to grant loan.
3. Procedure to avail Payday Loans in Brampton
As the purpose of payday loans is to meet urgent financial exigencies, the formalities and procedures are always simple and easy to follow. Since the whole transaction takes place online, traveling to the lender or lengthy discussions are done away with. However, in case of any doubts, while filling up the online form, borrowers can reach out to designated customer service executives through phone for clearing doubts.
- Minimum documentation is the best part of obtaining payday loans in Brampton. Unlike traditional banks or loan sharks, these lending institutions do not insist on submission of bank statements, the latest copy of lease deed or a utility bill, etc. Since no guarantee or mortgage is involved, there is no hassle of providing any documents pertaining to assets. Forget faxes or filling up notarized forms.
- Speed and convenience are the icings on the cake when it comes to availing payday loans. Borrowers can fill the online application in less than 10 minutes and can expect the loan approval in half an hour. Once approved, another ten minutes is all it takes to receive the amount in their bank if they opt for online transfer of funds. For those choosing the direct deposit option, their account can be credited as quickly as a day.
4. Rate of Interest
The cost of borrowing is a tad higher than the traditional lending institutions like banks. However, since these loans are like bridge loans and are of shorter duration, interest pays out as compared to regular long term loans is not too heavy considering the convenience they offer to the borrower.
5. Repayment time and procedure
To put it, it is as easy as obtaining the loan! They disprove the adage of extraction of toothpaste from a tube being easy, but putting it back isn’t very easy! Usually, payday loans in Brampton are repayable in 2 or 3 installments. Most lenders have an upper ceiling of 62 days for repayment.
Being a fully online transaction, including the repayments, there is no hassle of writing checks or making a deposit on the due date. At the time of applying for the loan, borrowers will have to agree for a predetermined pay date on which day the account gets debited automatically.
Next time around, if you find in a catch-22 situation and struggling for finances, you do not have to look beyond Payday loans in Brampton!