If you live in Scarborough and facing a tough financial situation due to lacking some bucks, then you have the convenience of applying for payday loans in Scarborough, Ontario.
It is an ideal move on the part of salaried individuals who have been struggling to make both ends meet in the middle of the month. Instead of asking for some cash from a friend or a relative and not facing the act of embarrassment, it is much better to arrange finance on your own in the form of personal short term loans offered in Scarborough.
No matter what, a payday loan is the fastest possible means to arrange some short term cash without much documentation and hassles. Especially, if you live permanently in Scarborough and have a fixed monthly income to take care of the expenditures.
Now, comes the rising question of how much amount is offered under payday loan Scarborough, Ontario what are the terms and conditions, interest charges, and additional information like that.
So, here, will let you know all the relevant details related to the instant loan offered available for salaried individuals.
Things Need to Know About Payday Loans in Scarborough
As already mentioned, it is a guaranteed approval loan offering against your next paycheque. The maximum you can get is $1500 in Scarborough with a high interest rate charged. It is because of the fact that lenders consider this a high-risk loan due to not conducting any credit check on part of borrowers, asking for limited documentation, and no collateral required.
Thus, the whole objective of a payday loan offering for monthly earners is to get additional finance in the shortest possible time. There will be no hassle of paying visits to the bank, arranging piles of documents, and keeping your security ready against the loan.
All that simple is to apply online 24/7 while meeting few requisites, get fast approval on same day, and then loan money transferred to the personal bank account with Interac e-Transfer. And you are good to go with the flow.
How to Make the Best Use of Payday Loans Scarborough?
At first, you have to see how much money will be offered to you in Scarborough under a proposed limit of $500 to $1500 for a period of two weeks. Once you get the amount, then you can decide anyway you want to spend the money to meet any sort of personal expenditures.
One thing is for sure that lenders will not impose any restrictions on your part to spend the loan amount. It is up to you to decide how you can spend well and settle the score with the pending set of expenditures.
What Will Happen if You Fail to Repay on Time?
There might be an instance that you fail to repay the loan well on time due to having any personal reason. But the result would be fatal on your financial part. So, here we have few consequences that you might have to face, if not repaying the payday loan amount on the due date.
A particular late payment fee will be charged if the pre-authorized auto-debit of the loan amount is not made on the due date. The fee could be anywhere between $20 to $50 depending on your borrowed sum of cash.
- The total debt and the interest charges will keep on adding more.
- The lender might contact your personally asking for the repayment. There might be a case of contacting your family members, relatives, or friends.
- The collection agency might contact you and might reach your residential or official address asking for the pending payment.
- There might be a chance of the lender sue you if repayment is not made for a long duration of time.
- You might lose your assets in the end.
- A partial or complete portion of your salary will be taken as loan repayment.
No matter what, there will be an act of embarrassment of not repaying the loan on time.
How to Calculate Interest Rate on Payday Loans?
The calculation of loan interest on payday loans differs from state to state in Canada. In Scarborough, it also differs based on the terms and conditions of lenders. But here will let you know the charges using a real-time example.
If you borrow $100 for a period of 2 weeks, then you will be charged $15 as interest charges as per the rule of Scarborough. So, the total amount you owe would be $115 for 14 days. In case, you extend the loan for a matter of the next 26 weeks, then $15 for 26 weeks would be $390 and the total amount you have to repay will be $490 which is five times more than you have already taken.
Payday Loans Frequently Asked Questions
Have a question? Find answers here with us.
What are the terms of repayment on payday loans?
The repayment term on such short term payday loan is easy to understand. Borrowers will be asked to repay the loan money against their next paycheque which they promised to do the same while signing the loan NDA. Thus, on the very day of salary day, lenders will automatically get the payment from your account along with interest charges and another fee.
What is the example of borrowing under such short term loan?
If you need quick finance to lay off any financial emergency, then you can turn to payday loans. Let's say, you can borrow $1000 for your next paycheck, which you need to pay back in just 2 weeks, plus the interest rate. In case, you fail to do the same, then late payment charges will be added to the existing sum of pending payment.
What if I missed the payment?
In case, you do not have sufficient funds to account for the auto-debit of loan repayment, then you will be charged with the late payment fee. It will be added to your existing repayment sum and keeps on adding unless you finally repay the same. The worse could be affecting your credit scoring allowing you not able to get any external financial assistance in the near future.
Is applying payday loan online safe?
Yes, applying for a short term loan in Scarborough is completely, especially when you land at the website of a reliable loan provider. For applying, you have to submit your personal details that will be fully encrypted and safeguard them against any loss or misuse.
How one can qualify for payday loan?
Proving your ability to become qualified for a payday loan is simple. And, it is based on necessary prerequisites like you have to be at least 18 years or older, need to have a valid bank account, permanent source of monthly income with valid proof, and correct contact and residential details with proof.
Why with Payday City?
A financial emergency can strike at any point in time without giving you advances notice. All you have to do is ready with additional fiscal assistance like that of interac e transfer payday loan Scarborough to arrange necessary cash in the shortest possible time with the least documentation and hassles.