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| Payday Loan |
Since its introduction in Canada the beginning of the 1990's,
the industry of payday loans has grown rapidly. Although these loans make it
possible to get quick cash, it is possible for the amount to be refunded is
higher than expected.
The new rules provide greater protection so you will have
all of the information required to make an informed decision on a short-term
loan. You can thus be better able to know what it will cost before you sign a
credit contract.
What is payday loan
Payday loan is an unsecured a relatively small amount for a
borrower that guarantees repayment by a postdated checks or authorized debit
loan. Lenders normally require borrowers to provide proof that they have a
continuous employment for three months and they hold an active chequing account
and produce an utility bill in their name which appears to substantiate their
address. No credit check is performed.
·
In Canada, a loan amount does not generally
exceed 50 percent of the net salary of the borrower. The average loan in Canada
is $ 300 with maturity ranging from ten days to two weeks.
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