When you apply for cash loans in any of the lending companies, it's very obvious
that you have to be eligible based on their application requirements for your
payday loans to be approved and released. If you feel like questioning their
application requirements, here are the reasons why.
Minimum Age Limit of
Nineteen Years
In Canada, the age of majority where individuals are
permitted to enter into legal contracts without need for adult co-signers is set
at 18 years of age. So, why 19 years of age instead of 18? Well, the assumption
is that you must have worked as an adult for at least a year before you have
attained a sort of job stability and, hence, able to pay cash loans.
Working at Present Job for at Least 3 Months
The company
providing for payday loans wants to ensure that you have job tenure, of a sort,
in your present employment. Three months means that you have passed the
probationary period often used by employers to determine employee performance.
As such, you are in a better position to keep your present job and, hence, the
ability to pay your cash loans from your next salary.
Direct Deposit of
Salary
If you choose to have your approved payday loan deposited directly
to your bank account, it is assumed and required that your employer directly
deposits your salary to said payroll account. Of course, you are to provide the
details of the bank account to be used in the transaction. This is to make
debiting your account once your payday loan becomes due and demandable easy.
Active Checking Account
On the other hand, if you want your cash
loans to be in the form of a check, you must also have an active checking
account. After all, you will issue a postdated check against said bank account!
Terms will vary such that some companies will require no less than 7
transactions and no more than 2 NSF charges on your bank account in the 30 days
before filling your application. Other companies will be so lenient as to
approve applications even when the bank statement is spotty.
It is
highly recommended that companies with more stringent requirements as to bank
account be patronized. At the very least, you are assured that you are dealing
with a company that values its integrity.
No Bankruptcy Filings in the
Past Year
Well, some companies will accept and approve applications for
cash loans even when bankruptcy filings are declared. This is all well and good
if you are very desperate about getting your hands on money for whatever
purposes you may have in mind.
However, you must take into consideration
that your properties, no matter how scant of these remain in your possession,
can be taken away from you to pay your debts. Legally, of course! The point is
that it's always better to avail of payday loans when you have the capacity to
pay them on your next salary. Otherwise, you might just be driven to file for
bankruptcy and that is not a good thing anyway you look at it.
So, the
next time you want to avail of cash loans, be sure that you qualify based on
these requirements. At the very least, you will be sparing yourself the time and
effort in filing the forms!
Loans Till Payday - Payday Loans and Cash
Advance in Ontario, Canada
20 Eglinton Ave. East
Toronto, Ontario,
Canada
M4P 1A9
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