Credit Card Articles

Get Money Now With A Payday Eh Loan

8 December 2011 by CreditCardsCo™

Every so often you might find yourself in need of a little extra cash, but payday is more than a few days away. While credit cards can help, they charge you interest rates and even hefty fees sometimes. Payday loans, on the other hand, are straightforward and easy to use.

When you need a little extra money, payday loans are something you should consider. They are very different from regular loans or credit programs because you leverage the money you need today against the value of your future paycheck, hence the term " payday loan. What makes this so significant is that when you apply for the loan, you already know when it will be paid off and how much it will cost you. This is, obviously, not the case with credit cards and other long term loans. Paying them off, sometimes, takes a while and you never know if something will interfere with your payment schedule.

PayDay Loan Benefits

There are a few basic benefits to payday loans:

  • Get approval cash in the same day as submitting your application
  • Easy to qualify if you live in Canada
  • Minimal requirements make processing quick
  • Secure and encrypted online form ensures your personal information is safe

There was once a time when you actually had to visit an establishment that offered these in person, fill out the form in the office and wait for approval. Now, though you can fill out the application form quickly, securely, and conveniently from the comfort of your own home over the internet.

The Application: Contact Information

Like most other applications, when you apply for one of these payday loans, the company will want to know your personal contact information. Of course, this should not surprise you at all, but just so you are aware, they might ask for:

  • Your name
  • Your birthdate
  • Your e-mail address
  • Your home phone
  • Your address
  • Your social security number

As you look at this list, you probably recognize each entry as pretty standard for a credit or a bank form. You may also, however, be asked about additional phone numbers you have and how long you have lived at your current address. These questions are asked in order to better ascertain and confirm your identity and to make sure there is a way to contact you for business-related purposes.

The Application: Income Information

Of course, since you are asking for PayDay Eh loan, of sorts, you will also need to supply the lender with some information regarding your income. After all, they have to ensure that you will be able to pay the money back. This is another standard operating procedure for a loan application so you can expect to have to supply information regarding:

  • The type of employment you have (full-time, part-time, etc)
  • The name of the company where you work
  • The length of time you have worked there
  • Your position or title

Obviously, they will also want some specific information regarding your finances

  • How you are paid (Direct Deposit, in-person, mail, etc)
  • How often you are paid (weekly, monthly, etc)
  • Your monthly rent/mortgage payment
  • Your monthly income
  • Next two pay periods
  • The amount of money you are requesting

The Application: Banking Information

Finally, on top of your personal information and the data on your income and finances, the online application process might also request information regarding your current banking situation. Traditionally, this is the part of the process where you would physically hand a post-dated check to the lending institution with the amount that you intend to pay. Therefore, they will require that you give them:

  • Your bank's transit number
  • Your bank's institution number
  • Your bank account number
  • The name of your bank

If you do not know some of this information, that is perfectly normal. All you have to do is take out your checkbook and look at the numbers across the bottom. The first five digits is the bank transit number in Canada. The next three digits is the bank institution number in Canada. The final set of numbers, then, is your bank account.

Conclusion

Instead of using your new credit card for money emergencies, consider a payday loan. They are simple, easy, and can get the money you need quickly so you can pay a bill or cover an emergency expense that can't wait until your next payday.

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