Payday Loans in Vancouver
Cash money loans in Vancouver, no credit check
Surprisingly, shoppers in Vancouver these days do not only spend the money that they earned. They go to the extent of applying for payday loans to increase their spending ability. This is a usual scenario when the sale end was scheduled before payday arrives.
Hence, a person may feel that availing an expensive purchase offered with great discount is a once in a lifetime opportunity that one must not let go. And bad credit payday loans in Vancouver, BC are the easiest way to obtain the cash.
We, at LoansCanadaOnline support responsible lending which means that one should be aware of all the risks associated with taking a short term loan in Vancouver without credit check. We advice to consider other funding options before applying for a loan online.
Quick facts about payday loans in Vancouver
Payday Loans are only offered in small amount, usually up to $1,000 maximum. This is also offered in short term basis ranging from 2-4 weeks. Though they are guaranteed with fast approval rate and speedy cash deposit to your account, they are among the high interest loans as well.Maximum payday loan rates in BC and Vancouver
In Britich Columbia the law allows to charge the maximum of 23% for payday loans, this rule also applies to Vancouver. It means, that if you take a loan of $1000, the maximum allowed interest rate is $230. Anything above that summ is considered to be illegal.Maximum payday loan amounts in Vancouver
In fact the limits for bad credit payday loans in Vancouver are far from being the lowest among other Canadian provices, making maximum 50% of the net income. So having a net pay of $1000 gives a possibility to borrow an instant approval loan without credit check of $500. In some provices like Manitoba, this amount reaches only $300 for the same net income.How loan repayment works?
Though the traditional way of availing it is issuing a post dated check to cover the loan amount and its interest, the modern way of doing it is allowing the lender to withdraw from your bank account electronically. This is often done when you applied for such loan online.
Normally the loan repayment is collected after 2-4 weeks, you can extend the term with the condition of paying additional charges. Hence, the best way is to pay the money on its maturity date to avoid paying more fees.
Collecting the cash that you borrowed is surely very exciting. However, making loan repayments can be daunting as well. Usually, lenders will deduct the interest by the time they deposit the money to your account. For instance, if you loan for an amount of $300, you will be charged $69 for the interest at most. This is considering the fact that in every $100 loaned amount, there is a corresponding $23 interest in Vancouver.
Hence, instead of withdrawing $300 from your bank account, you can only get $231. When payday comes, the lender will withdraw $300 from your bank account electronically. However, if after 2 weeks, you still don't have $300 on your account, you can request an extension for the loan term with the condition of paying another $69 interest for the next 2 weeks of repayment.Payday loan alternatives
Because payday loans in British Columbia and Vancouver have excessive interest rates, it is better to apply for personal loans if you can wait for a 2 week for the approval. Though this may take too long during emergencies, this will also allow you to save a lot on the interest charges.Be aware of all the risks
But you need to remember that there is a thin line between your wants and needs. And you must only apply for payday poans in Vancouver, BC when it is intended to meet your needs. Though it can be very enticing to grab every sale offered, remember that you can't afford even the cheapest item if you don't have extra money to make such purchase.
Applying for payday loans is not the ultimate solution to end day sales. The ability to say "No" when you can't afford an item is the safest thing that you can do during these times of financial crisis.