About Payday Loans

Payday loans or cash advances in Canada are relatively quick, no hassle, easy, small, short-term financing, same day, instant pre-approval, easy approval, and unsecured cash advances.  Payday loans or cash advances are often a better option for people who need a fast and easy short term loan, or emergency cash between pay day to pay day, and don’t want to go to a pawnbroker or procure a personal title vehicle collateral loan.  Some financial institutions, banks and or credit unions can’t or won’t provide applications for payday loans or cash advances for small amounts of emergency money (under $1,000.00) without collateral or credit checks. The banks and credit unions want you to apply for a bank ro credit union credit card and take a cash advance on the bank or credit union credit card. Payday loans or cash advances are based on the client’s next pay cheque on their payday; so their job/employment pay cheque in essence becomes the collateral for the small payday or cash advance loan. As long as the applicant has a steady job or employment and meets the payday or cash advance lenders minimum credit check requirements, a payday loan or cash advance company will approve the payday loan or cash advance and deposit the money right into their bank account or credit union account based on the reliability of their job or employment paycheque and not on their past good or bad credit history or the availability of items for collateral.  Quite often people today who use payday loans or cash advances are established property owners; who don’t want to put up their house or their vehicle for collateral just for the small amount of emergency cash money they need to borrow until their next paycheque.  When used responsibly, Canadian payday loans or cash advances can provide invaluable assistance in meeting short term, unexpected, emergency cash flow needs.  Repeated use or reliance on payday loans or cash advances can create serious financial credit difficulties with your available funds/money, cash flow and NSFs in your bank or credit union account.  If you are having to borrow money from one payday to the next payday or are borrowing one payday loan or cash advance from one payday loan or cash advance institution to pay another payday loan or cash advance institution, you may need credit help from a credit counselor or debt consolidation institution. In Canada, please contact the National Foundation for Credit Counselling at 1-800-388-2227 for credit and payday loan advice.

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Reasons to Use a Payday Loan

Non Sufficient Funds (NSF) Fees are a source of revenue to a bank or credit union.  If you have a few auto withdrawals or cheques (one large one and several small ones) coming out of your bank or credit union account, but not enough money in your account to cover them all; the financial institution or credit union may clear the largest payment they can with your available funds.  They may bounce all of the rest and charge you a huge NSF fee on each item.  For example if you have one $100 cheque and five $20 cheques coming out of your account and you only have $105 in your bank account, Some banks or credit unions  will clear the $100 cheque.  This enables the bank or credit union to bounce all of the other $20 payments and charge up to a $35 Non Sufficient Funds fee on each of the rest of the cheques. 
In this instance, it will offer a savings to apply for an instant pre-approval personal payday loan or cash advance to cover a regular payment that is coming out of your bank or credit union account, which unexpectedly increases above your available funds.  You may not just have Non Sufficient Funds fees to worry about.  For example: if it happens to be your car insurance you are going to be short on, you may be looking at real financial trouble.  Insurance companies may cancel your insurance coverage for an NSF (Non Sufficient Funds) Item.  If your payment bounces and you get in an accident the same day, not realizing yet that your payment has bounced; they could refuse to cover you, as you have let your insurance lapse.  It could cost you thousands of dollars to find new insurance.

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