A Canadian payday loan can reach up to $2000 and with the brokerage fee along with the interest, the loan amount to be paid may be considerable. Though the law allows the lending companies to charge 60% on the loans, the lenders have gone past the law by adding their own brokerage charges.
The criterion for a payday cash loan in Canada is that the borrower should be a citizen of Canada and above 18 years of age. The borrower should also have a monthly income of $800 after tax deduction and should operate a regular checking account. Besides this the borrower should have been employed with the same firm for at least three months.
Many Canadian payday loan borrowers have complained of harassment and even physical harm in some cases. Even the rates of interest are exorbitant, from 300% to a whopping 2000%. Payday loans in Canada are being dealt with a lot of resistance by the local people. The Canadian economy would soon be struggling under the burden of this sort of a debt if they do nothing about it.
These advance payday loans had been devised by the institutions to help people under dire distress who are in need of fast money. However it has transformed to a form of loan sharking through the ages and is at its worst now. All you need to do is type the keywords into your computer and you have a host of options before you to choose from. These may vary in many aspects and if you have no way other than to opt for one, it is best to go through options provided by many lenders before making your decision.
If you are a resident in Toronto all you have to do is type the words “payday loans” and you will have a host of options for Toronto payday loans. Make sure that you go through the rest of the process clearly and always remember to read the fine print. Payday loans in Canada, like everywhere else is an easy way to get quick money, but this should not be the only reason for borrowing. Before borrowing a fast payday loan, make sure you have exhausted all other options. Save this option for the last.
Payday loans in Canada can be useful if you use these payday cash loans for a short period. These instant payday loans are a ray of hope for people with bad credit history. At the time, when you are not able to get help in emergency, the Best Payday Loan is at your side.