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LOAN AWAY LOANS (NOT PAYDAY LOANS): APPLICATION REQUIREMENTS
18 years or older
Be a Canadian citizen or permanent resident of Canada
Cannot be in bankruptcy or consumer proposal
Be employed for at least 3 months
UNSECURED PERSONAL LOANS UP TO $5,000
Way cheaper than payday loans
What you need to know about the payday loans online today
When it comes to borrowing money in the digital age, you truly have no shortage of sources to turn to, but when you go looking for payday loans online, you could be treading into some seriously perilous territory and in this post we’ll explain to you why.
It only takes a cursory look at the economy to understand why the number of people searching for payday loans online is growing by the day. The trouble is that most of the payday loans online today are little more than time bombs waiting to go off, leaving borrowers worse off than before they took the loan.
Before you consider taking out any kind of loan online, you need to know what different types of loans are available and if they’re right for your situation.
Let’s start with payday loans.
What you need to get payday loans online:
- Proof of steady income
- Must be 18 years of age or older
- Must be a Canadian citizen or permanent resident
The details: what makes payday loans so volatile is their combination of high interest rates and the extremely challenging timeline for repayment. This set-up is deliberate. Lenders in this industry don’t stand to make very much money if you successfully repay the principal plus interest.
That is why they set up the tight repayment window – because they have a statistical knowledge that your chances of financing your regular obligations PLUS repaying your loan will not be feasible.
When you can’t make that payment, they start charging penalties so steep, you can expect to pay as much as 600% interest depending on with lender you chose. It’s not uncommon to hear of horror stories of people borrowing $500 and having to pay out a total of $1500, which is obscene.
Now, let’s look at installment loans as opposed to payday loans online:
What you need to get installment loans:
- Proof of steady income
- Must be 18 years of age or older
- Must be a Canadian citizen or permanent resident
That’s where the similarity between installment loans and payday loans online ends. LoanAway, which specializes in installment loans, offers interest rates that are affordable and also provides its customers with payment plans of up to 36 months.
That way, you have all the time you need to repay your loan at a relaxed pace and in the event that you can’t make a payment on time, you will not be charged any penalties. We understand that if you’re looking for payday loans online, it’s likely that you’re in a tight situation.
The last thing we want is to make your situation any worse. That’s why we also have an industry-leading application process that quite often results in same-day approvals. Some of our applicants have received their loans in their bank accounts as soon as 24 hours after applying.
Sound like a more reasonable way to borrow money?
Should you have any questions about how our installment loans can be of help to you, please feel at ease to call our loan specialists for a no-obligations consultation: (866) 689-0091.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.
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