Reasons That Make Payday Loans In Scarborough Different From Other
The first thing that makes the payday loans different from other loans is the fact that this is a short term loan or a cash advance on the borrower’s salary. For other loans, they are mostly long term and they do not depend on the amount of salary or when your pay check will be due. For payday loans in Scarborough it is not any different. One is given the money once approved and has to pay it back in two to three weeks. The terms of payment will depend on the lender and also the amounts of time you will take to receive your next pay check or if you will get any money to pay back before then.
Unique Points About Payday Loans In Scarborough
Once someone has decided to get a payday loan in Scarborough, they will have to show that they are employed and have been employed with that same employer for a period of three months. This is to ascertain the lender that they will get their money back when the borrower gets their salary. This means that the loan is unsecured and the lender does not need any guarantee or collateral to ensure that the borrower will fulfill his debt. This is quite different from other loans where the loans are normally secured. This is because the lender feels they are talking a big risk lending out the money and will need something of the same value or more to the money they are giving out in order to be able to trust them with a loan.
This does not seat well with most people who will not have anything of value to offer and they are looking for ways to make quick cash because that means that they have exhausted all their options. For those looking for the secured loans however, it means that they have been planning to take the loan for a long time because they maybe want to expand their business, go back to school or even renovate their house.
Another unique thing about the payday loans in Scarborough is the fact that someone’s credit history does not count. You will never be asked to give a report as that does not matter to the lender. They know that even if you have bad credit that will not affect the way you will pay back the loan once you get your paycheck. For the other loans, especially secured loans one cannot be allowed to borrow any money since they are afraid that the money they lend the borrower will only end up being part of the debt. The payday loans are mostly found online. All one has to do is research and find one that is suitable for them. After this all you have to do is apply through the net. All the bank statements and other required documents will be uploaded.
Once they are emailed to the lender who reviews and verifies them, they will get an instant replay which will tell them if they have qualified. Even the way they send money directly to your savings account and banking account. For other loans in Canada, one has to leave home, visit the bank, go through different queues that they will be directed to, fill out a bunch of paper work and then wait for a while before you are told whether or not you stand a chance to get the loan or not. It tiresome and time consuming unlike the payday loans since not many people these days want to have to get things the hard way when there is an easier way to do it.