Payday Loans

Instant Payday Loan

Despite the interest fees associated with payday loans, it cannot be denied that many Canadians turn to it as a lifeline to get through urgent and cash-strapped days. The advantages include high approval rate and instant cash availability for the borrower.

While some payday loan stores offer next-day proceed deposits, there are now instant payday loans that can be processed on a same-day basis, from filing the application online to withdrawing the proceeds on the same day, or even less than 24 hours. Approval is done in an hour and the remaining few hours are allotted for wire transfer. This could prove to be very helpful to a borrower who needed the cash for some lifeline reasons.

In Canada, there is now a heightened awareness over the issue of multiple interest layering and other scams related to payday loans and as such, all stakeholders in the issue – the government, the borrower and the lending industry have been cooperating to maintain the credibility of the loan product and make it a positive tool for Canadian consumers. This makes it easy to search for online instant payday loan stores that adhere to responsible lending.

There are excellent instant payday loan facilities in Canada which offer quick and easy virtual applications and the proceeds are deposited in the borrower’s savings or checking account.  The limitations of the payday loan offered are also prominently announced in their websites, along with warnings discouraging borrowers who do not meet the basic requirements for the instant loan.

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