Best Faxless Payday Loans Canada

While most companies require that you send in proof of income etc there are some same day faxless payday loan companies which do not require any information beyond what you fill out online.

A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday." The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.

To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. In the United States, the rates of these loans were formerly restricted in most states by the Uniform Small Loan Laws (USLL), with 36%-40% APR generally the norm.

There are many different ways to calculate annual percentage rate of a loan. Depending on which method is used, the rate calculated may differ dramatically. E.g., for a $15 charge on a $100 14-day payday loan, it could be (from the borrower's perspective) anywhere from 391% to 3733%.

Although some have noted that these loans appear to carry substantial risk to the lender, it has recently been shown that these loans carry no more long term risk for the lender than other forms of credit. These studies seem to be confirmed by the SEC 10-K filings of at least one lender, who notes a charge-off rate of 3.2%.

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Requirements:

  • Have an active bank account
  • Be at least 18 years of age
  • Have been employed with the same company long enough to have received at least one payslip
  • Be a resident of Alberta, Ontario, Saskatchewan or BC

How Much Money Can I Receive?

  • $500 for new customers
  • $1,500 repeat customers

New customers may qualify for up to $500. Your loan amount is determined by the information you provide in your application, including your income, and by your credit history and their qualification criteria. Repeat customers can receive up to $1,500.

How Fast Do I Get The Money?

  • Same Day (if you apply before 1PM EST Monday - Friday)

If you apply on Saturday or Sunday, you may receive your funds as early as Monday. If Monday is a holiday, you’ll receive your funds as early as Wednesday. If you apply on a holiday, you may receive your funds as early as the business day after the holiday. The exact time of funding depends in part on when your bank posts direct deposits to your bank account. If you expect loan funds on a certain day, but do not see them in your bank account, please call their Customer Service team toll-free at 1-866-770-7165.

Your due date will normally be on your next payday that is between eight and 40 days away from the date your loan funds are deposited into your bank account. If your application is submitted by 1 PM ET Monday through Friday, your funds may be deposited the same day.

What is the Fee for my Payday Loan?

  • $21 for every $100 (Ontario)
  • $23 (BC, Saskatchewan, Alberta)

If you are a resident of Ontario, you will be charged a fee of $21 for every $100 borrowed; if you are a resident of either British Columbia, Saskatchewan or Alberta , you will be charged a fee of $23 for every $100 borrowed. If you have a discount code, you must provide it when you fill out your application to receive the applicable discount on the loan fee.

Will I Need To Send a Fax?

  • Often NO Fax Is Required!

While most companies require that you send in proof of income etc there are some same day faxless payday loan companies which do not require any information beyond what you fill out online.

A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, “regardless of whether repayment of loans is linked to a borrower’s payday.” The loans are also sometimes referred to as “cash advances,” though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having previous payroll and employment records. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.

To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders. In the United States, the rates of these loans were formerly restricted in most states by the Uniform Small Loan Laws (USLL), with 36%-40% APR generally the norm.

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