These loans are also called as cheque loans because borrowers usually write a post-dated cheque for the amount they wish to borrow along with the interest and give it to the lender.
Most of the time, the date added on the cheque is the next payday of the borrower. The three main characteristics of the payday loan are:
- These loans are typically paid on your next payday
- These loans are usually for a small sum of money
- The lender of the loan is given the access to the checking account of the borrower or provided with a post-dated check in advance.
The advantages of the payday loans
Most of the time payday loans Canada are designed to be repaid in one lump sum payment. But with the mutual consent between the borrower and the lender, these loans can also be restructured to be payable in several installments over a long period of time.
This type of loans is the best option to be considered when you are in urgent need of money. These are the short term small loans that provide you with cash so that you are able to pay bills and other payments.
One of the main advantages of these loans is that they are quick and easy to get. When you think you are getting out of cash, all you have to do is to reach to the nearest payday loan store or apply online and get your payday loan within few hours.
These loans are also very easy to qualify for as most of the payday loan providers just want to know whether you have a job or not and whether it is enough to pay back the loan or not.
Getting these loans is also very convenient as payday loan providers are mostly open outside the normal banking hours, which offers you to obtain emergency cash at any time. These service providers are also present on the internet which allows you to apply online in the comfort of your home.
Faxless payday loans no credit check is referred to as the loans in which the borrower repays the loan on his next payday. These loans are highly beneficial in case of an emergency.
Susan Leigh is a professional writer and in her spare time she used to draw painting through watercolour and acrylic. She is a diehard fan of viewing sunset scenes over the sea. In her articles, you always see the professionalism and command over the topic and money management tips that help in achieving financial success.