When it comes to getting a loan, most of them can be obtained from banks or financial institutions. A candidate must go through an extensive process involving plenty of documents and background checks to get approval for a loan. In case of a financial emergency, you need to get a quick loan, and the conventional banking methods may not be a wise choice. Here, borrowers can opt for a quick method like an online payday loan in Alberta, Canada, to overcome unprecedented situations.
Do you need a quick loan in Alberta? Are you wondering whether you should get an online payday loan? If yes, then you’ve reached the right place. Read on and learn everything you need to know about a payday loan through an online lender.
Everything you must know about Online Payday Loans Alberta
Misfortunes of life often strike suddenly, be it losing a job or an illness. In such situations, you always need money at the end of the day to tackle the adversities. While most people have savings or borrow money from others to take care of mounting bills, not everyone has that option. Here, you can get an Alberta payday loan to get cash quickly and without a thorough credit check.
A payday loan is taken from the lender for a short duration of time. Ideally, the borrower needs to pay the loan amount back within 14 days or receive the next paycheck, where it gets the name from. It involves a minimal amount, ranging from $100 to $1,500, and you can get it within 1-2 days.
A payday loan is an unsecured loan, implying that you don’t need to pledge collateral because of the small amount. The lenders do not ask for the credit score or credit history, so anyone can easily avail of a payday loan. In the case of a payday loan, the interest rate can be higher than other loans. The borrower is a high-risk client due to the lack of credit history or a bad credit score.
Since the Canadian government has managed to regulate the lenders offering payday loans, they cannot charge higher interest rates. Consequently, you can find plenty of online lenders in Alberta who can give you quick cash through payday loans.
Benefits of Getting an Online Payday Loan
If you take a walk around Alberta, you can find innumerable banks and other lenders. Still, plenty of people in the province find it hard to access loans through traditional means due to their bad credit score or lack of credit history. Hence, online payday loans have become a viable option for a majority of such borrowers.
Here are a few reasons that make online payday loans popular among borrowers:
1. Easy Eligibility
Banks or other financial institutions follow a strict procedure that borrowers have to follow while applying for a loan. It involves a detailed background check, involving credit history and credit score. People who have faltered in debt repayment resulting in a bad credit score, or have an insufficient credit history, become ineligible to apply for a loan.
But, this is not the case with online payday loans. The candidate does not need to have a specified credit score to meet the loan’s minimum eligibility requirement. Even if you have an unsatisfactory credit history, you can still get an online payday loan from a reputed lender.
2. Quick Cash
Whenever a financial crisis arises, there is always an immediate need for money. While other loans may have a long waiting period, you can get the money deposited in your bank account within a couple of days with online payday loans. You can quickly pay the bills, be it for sudden car repairs or medical emergencies.
3. Simplified Application
Online payday loans are also more accessible, making them highly popular in Alberta. Unlike traditional bank loans, they don’t involve a rigorous background check. The application also involves tonnes of paperwork and is a hassle to deal with. If you need fast cash, you can easily apply for an online payday loan in Alberta from the comfort of your home. The lack of formalities will ensure you can apply for the loan and get money quickly.
While a conventional loan from a bank or financial institution can only be used for a particular reason, a payday loan can help solve any kind of financial emergency. You don’t have to apply it for a specific reason and use that money for any crisis. From medical bills to tuition, car repair charges to rent, you can use the money wherever you want, making an online payday loan very versatile.
Eligibility Requirements for Payday Loan
To get an online payday loan from a lender in Alberta, you still need to meet the minimum eligibility criteria. The conditions are:
- The borrower should be over 18 and have valid ID proof stating they are a Canadian citizen.
- You must have steady job employment for three months before applying for the payday loan.
- Having an account in a certified Canadian bank is a must. The bank account must be open and active in which you must get paid through direct cheques for three months.
- The borrower’s regular income must be $1,200 or more, received for at least three months as direct cheques from the employer.
- To provide address proof, you might have to submit your utility bills for three months.
- You must have a valid phone number.
- You must not be on the verge of declaring bankruptcy or entering a consumer proposal.
Alberta, the western province of Canada, is home to thousands of citizens. Anyone can go through a financial crisis at any given moment. Despite the abundance of banks and financial institutions, it is not easy to get money immediately. The conventional methods can take time and involve plenty of documentation, making it difficult to raise money in a time of emergency. Here, online lenders in Alberta are helping the natives get quick cash through a payday loan. If you need money urgently to overcome the situation, you can find a reputed lender and get an online payday loan.