Canadian Payday Loans - Your SOS in Cash Shortage

Imagine being stuck in a sea storm. No friends around to help. Immediate aid is required. Alas! Canadian payday loans cannot help you get out of a sea storm, but they can bale you out within hours from a cash squeeze.

Canada Payday Loans are lighthouses, when a cash shortage befalls you. A kind of short-term cash advance, payday loan in Canada is extended for short-time period, lasting for about 14 days. Contrary to conventional loan, payday loan in Canada can be obtained within 24 hours, requiring minimum documentation. The lender secures him by obtaining post dated checks from the borrower, worth the loan amount plus finance charges.

You should be a Canadian resident with a regular job and a checking account to avail Canadian payday loans. To further the borrowers ease, there is a facility of Canada payday loan online. You just need to fill up an online application form with a payday loan lender and wait for the loan to reach your checking account.

How to Extend Canada Payday Loan?

Sometimes, payday loan industry also allows you to extend your payday loan, in case you continue to struggle with your cash situation. Let us look at an example to understand the payday loan extension process. Suppose Mr. A takes a $100 payday loan for two weeks. The lender keeps the check on hold till the maturity date. Now, suppose Mr. A's financial problems get extended beyond the 14 day period. To extend the loan, Mr. A will approach the lender, repay the $100 payday loan and immediately take up say $80 cash advance for another two week period. In many US states, this rolling over of payday loans is banned.

When To Use Payday Loans?

If you have to pay a bill and the deadline is just before your next payday, instant cash advances can be used. Alternatively, you have to get an urgent house repair done, before winter sets in to freeze you. A medical treatment is to be undertaken on an urgent basis. Situations like these are often unplanned and may disturb your budget severely. Canadian payday loans are meant to fulfill your temporary cash shortage. One may think, why not use such loans to meet your other financial needs? That is so because, payday loan have a heavy cost attached to them. A two week charge of say $30 may not sound that difficult to manage, but once it accumulates, it can go as high as 390 per cent annually.