Monday, October 21, 2019

PAYDAY LOAN Same Day Loans Instant approval

You're behind on your car, rent, and credit card payments. In your neighborhood, a brightly lit business makes an attractive offer: access to money quickly and on few conditions. We offer you a payday loan! Warning: do you really know the costs of a payday loan?

Pay Day Same Day Loans
You want money quickly. What is a payday loan ?

A payday loan is an advance on your salary that you have to repay with your next payday. It is an expensive way to borrow money over a short period of time. These loans can have very high interest rates.
In the majority of Canadian provinces, merchants offering payday loans are regulated. Generally, they must have a permit and register with the consumer protection organization in their province.

What documentation do you need to show the lender to get a loan?

In general, a payday lender requires proof of salary (eg, employment or government benefits), bank account and address. The lender may also ask you for a post-dated check for the total loan amount (including the loan and interest) or a form authorizing him to withdraw the total amount from your bank account on the due date established in the contract.

What should your payday loan contract include?

The loan contract should include the following conditions:
  • The loan amount,
  • The number of days of the loan,
  • The total cost of borrowing,
  • The maximum cost per loan tranche of $ 100,
  • The total amount to be reimbursed,
  • The date on which the loan must be repaid,
  • The name and address of the lender,
  • The borrower's signature.
Some lenders require that the loan agreement be signed in person and not over the Internet or by phone.

What is the maximum amount of a payday loan?

The amount you can borrow is based on your net income in most provinces. In any case, payday loans cannot exceed $ 1,500.
Provinces and territories
Maximum amount you can borrow for two weeks
Alberta
The law is silent, ask the lender.
British Columbia
50% of your net income for two weeks.
Prince Edward Island
The law is silent, ask the lender.
Manitoba
30% of the average annual net income for two weeks.
New Brunswick
30% of your net pay from the last pay slip.
New Scotland
The law is silent, ask the lender.
Nunavut
The law is silent, ask the lender.
Ontario
50% of your net income for two weeks.

Saskatchewan
50% of your net income from the last pay slip
Newfoundland and Labrador
The law is silent, ask the lender.
Northwest Territory
The law is silent, ask the lender.
Yukon
The law is silent, ask the lender.

What is the total cost of my payday loan?

From one province to another, the cost of a loan varies between $ 15 and $ 25 for every $ 100.
Provinces and territories
Maximum cost that can be charged for a two-week payday loan per $ 100
Alberta
$ 15
British Columbia
$ 17
Prince Edward Island
$ 25
Manitoba
$ 17
New Brunswick
$ 15
New Scotland
$ 25
Nunavut
There is no maximum amount in the law. Ask the lender and check your contract.
Ontario
$ 15
Saskatchewan
$ 23
Newfoundland and Labrador
There is no maximum amount in the law. Ask the lender and check your contract.
Northwest Territory
There is no maximum amount in the law. Ask the lender and check your contract.
Yukon
There is no maximum amount in the law. Ask the lender and check your contract.

When should you repay the payday loan? Can you renew it?

Normally, the date of repayment of the payday loan is stated in your contract. It can be spread over 62 days, or it can be calculated according to the date of your next pay or government benefit. Make sure you understand the deadlines for paying off your loan before borrowing the money.
In addition, payday lenders in the provinces of Alberta, British Columbia, New Brunswick, Nova Scotia, Saskatchewan and Ontario cannot renew or extend the timelines of your payday loan.

You have a payday loan that is not repaid. Can you get a second one to pay off the first one?

No. In provinces where payday loans are regulated (Alberta, British Columbia, Prince Edward Island, Manitoba, New Brunswick, Nova Scotia, Ontario and Saskatchewan), you cannot get a new payday loan before you repay the first one.
In non-regulated provinces and territories (Nunavut, Newfoundland and Labrador, Northwest Territories and Yukon), you should contact the lender for their policy on this matter.

Can you cancel your payday loan if you change your mind?

Yes, but only in certain provinces. Consumer protection laws in these provinces provide a "cooling-off period" during which you can cancel the loan without paying interest. It varies from one to two working days depending on the province.
In other provinces and territories, you must ask the lender if they are giving you a cooling-off period.
Provinces and territories
Cool-off period to cancel a payday loan without interest or fees

Alberta
2 working days
British Columbia
The next working day
Prince Edward Island
2 days
Manitoba
48 hours, not counting Sundays and holidays
New Brunswick
48 hours, not counting Sundays and holidays
New Scotland
The next working day
Nunavut
There is no period of reflection in the law, you must inform yourself with the lender and consult your contract.
Ontario
2 working days
Saskatchewan
The next working day
Newfoundland and Labrador
There is no period of reflection in the law, you must inform yourself with the lender and consult your contract.  
Northwest Territory
There is no period of reflection in the law, you must inform yourself with the lender and consult your contract.
Yukon
There is no period of reflection in the law, you must inform yourself with the lender and consult your contract.

IMPORTANT:
When you cancel your loan during the cooling-off period, you must hand over the amount borrowed from the lender and let them know your intention, ideally in writing. To cancel your loan, you can complete the cancellation form available on the website of the Financial and Consumer Services Commission of New Brunswick .

EXAMPLE:
You live in New Brunswick. You therefore have 48 hours to cancel your loan without costs or interest. You take out a loan of $ 100 at noon on the 1 st of September. On the morning of September 3, you give the lender the amount borrowed by informing him in writing that you are canceling your contract. You do not have to pay any fees or interest, since you terminated your loan during the cooling-off period.

Your payday loan is due and you are unable to repay it. What are the consequences?

You may have to pay a penalty of between $ 15 and $ 40, depending on the province where you borrowed.
The penalty is added to the amount you already owe the lender and the interest accumulates until you pay off the loan in full.
Provinces and territories
Penalty for failure to pay a payday loan
Alberta
$ 25
British Columbia
$ 20
Prince Edward Island
There is no penalty provided for in the law, ask the lender and consult your contract. 
Manitoba
$ 20
New Brunswick
$ 40
New Scotland
$ 40
Nunavut
There is no penalty provided for in the law, ask the lender and consult your contract. 
Ontario
$ 15
Saskatchewan
$ 23
Newfoundland and Labrador
There is no penalty provided for in the law, ask the lender and consult your contract. 
Northwest Territory
There is no penalty provided for in the law, ask the lender and consult your contract. 
Yukon
There is no penalty provided for in the law, ask the lender and consult your contract. 

EXAMPLE:
You live in British Columbia. The 1 st of May, you borrow $ 100 to a payday lender. The loan will cost you $ 17 and it will mature on May 15. You therefore give the lender a check for $ 117 postdated on May 15. You sign the contract and leave with your $ 100 in your pocket.
On May 15, your check is rejected for insufficient funds and the lender charges you a penalty of $ 20. You now have to repay a total of $ 137 to the lender.
On May 30, nothing is going right. Your financial situation still does not allow you to repay your loan. You owe $ 25 in interest for a total that now stands at $ 162.
In less than a month, you have accumulated fees and interest of $ 62 for a loan of $ 100 ... Interest continues to accumulate as long as you have not repaid the full amount.   

What are the collection methods available to payday lenders?

Payday lenders can use the services of a collection agency. The agency or lender can take you to court to get the money you owe them. If a judgment is ordered against you, your wages or government benefits may be garnished at source.

What Are Your Remedies Against Payday loan direct Lenders?

Since payday loans are consumer contracts, the general principles of consumer protection apply to payday lenders. A lender therefore cannot lie to you, take advantage of your vulnerability, make unfair assertions or use unfair practices.
IMPORTANT:
In Alberta, a lender must provide you with sound financial management documents before granting you a payday loan. These documents :
  • are approved by the government,
  • explain the programs, services and resources available to consumers wishing to borrow,
  • must be clearly visible on the premises and on the lender's website.
A lender who fails to meet these conditions is subject to sanctions.
If you believe that your rights as a consumer have been violated or that the lender has breached its obligations as a payday lender (for example, if the interest rate it charges is higher than the rates prescribed in your province or territory or if the lender refuses you a cooling-off period when you are entitled to it) you can file a complaint against the lender with the consumer protection body of your province or territory or take him to court . https://www.studentportalgcu.site/