Payday Loans

Payday Loan Online

Applying for payday loans can also be done via the Internet, especially with the proliferation of online payday loan facilities. This system eliminates time-consuming travel to the lending facility and speeds up the filing of the application as well as the deposit of the loan proceed to the borrower’s bank account.

Payday loans online are usually promoted over the Internet, paid print advertisements or via e-mail solicitations. Although “online” suggests paperless application, payday loans online can also be filed through faxing the downloadable application form, especially for borrowers who are wary of transmitting personal and confidential financial information over the Internet.

Leaving these important financial details – personal identification data, social security details, bank account numbers as well as employment information can leave one vulnerable to Internet scams, worse, identity theft.

As such, the Financial Consumer Agency of Canada (FCAC) protects the safety of borrowers by issuing warnings and protective measures against unscrupulous payday loan providers. This came about after complaints that some payday loan stores were electronically withdrawing huge payments from borrowers’ accounts. Other fraudulent practices also include automatically renewing the payday loan, and borrowers often end up with unexpected insufficient fund penalty claims from both the bank and the payday loan provider.

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