Facing unexpected financial crunches in life is something normal. What matters a lot is how to come out of such fiscal trouble.
Living in Vancouver can be expensive at times due to the increased standard of living and rapid rise in expenditures. Mainly after the onslaught of the pandemic situation, it becomes difficult for people to manage monthly expenses due to low or no monthly income.
What if you face an unexpected financial emergency in the middle of the month? In such a scenario, you might consider taking Vancouver Payday loans in Canada. These are payday loans online same day offered for salaried individuals in Vancouver. With having no collateral requirement, you will be offered this loan on your next paycheque and that too without undergoing a hefty credit check process.
However, there are certain hidden facts about guaranteed payday loans in Vancouver that you will get to know in this blog. So, here we have a little breakdown of the information in the following few points.
- How to get a payday loan in Vancouver?
- Rules & regulations surrounding payday loans
- How to apply?
- How much is the fee charged on loan?
- How to protect yourself from the lender's scam?
- Alternative Options
How can you get the payday loan in Vancouver?
Getting a payday loan in Vancouver with no credit check is not that simple unlike any other province in Canada. Here, the government has imposed a strict restriction on the part of e-transfer payday loans from direct lenders charging a higher rate of interest and fees. It is only after the intervention of Vancouver's Consumer Protection Act, laws have been framed that governed the fact that the Annual Interest Rate on payday loans cannot be higher than that of 35%. This is the reason that many lenders fail to meet the prerequisites of such government laws and take a step back in offering loans in Vancouver. And, only a few legit lenders have the authority to offer payday loans with guaranteed approval.
Now, as per the 35% AIR limit being imposed on guaranteed payday loans Vancouver, it is evident that you will be charged with limited rates. For example, if you borrow $1,000 for a period of 60 days and that too at a rate of 35%, then you will be charged an extra of $43.96 only.
Rules & Regulations of Vancouver Payday Loans
|You will not be charged more than 35% interest rate in Vancouver||No signing of form to ask your wages directly to lenders|
|Maximum loan amount is up to $1500||Roll-over loan facility is not allowed.|
|Maximum repayment period is of 62 days||High-risk loans have 10-day cooling period in Vancouver|
|Cannot apply for a new payday loan until fully pay the previous one||Lenders cannot sell or offer any service in connection with payday loans|
How to apply for payday loans in Vancouver?
Just like this instant payday loans with no credit check offered in any other province of Canada, in Vancouver also, the online application process is still the same. First, you have to fill an online form using your personal details and send the same. Also, need to showcase your prerequisites of having permanent citizenship in Vancouver, particular age limit, monthly income from the job, and more.
The only difference lies in the fact that lenders will not ask you to automatically deduct the loan amount from your next salary cheque. In Vancouver, this repayment practice is completely banned. Borrowers have to make the manual repayment on the due date and cannot even roll over the payday loans Canada.
How much is the fee charged on loan?
As already mentioned, the rate of interest charged on Vancouver's new online payday loans in Canada is not more than 35%. It is much like the interest rate on your credit card borrower. It is the reason that many lenders do not find it comfortable to offer such e transfer cash loans in Vancouver without finding any profitable factor. That being said, still, there is a large ratio of unlicensed and illegitimate lenders in Vancouver that make you pray for their offers. Therefore, it is essential for borrowers to stay away from the scammers using a particular safety precaution that we will be taking ahead in this.
How to protect yourself from the lender's scam?
The protection against online payday loans scammers in Vancouver starts with identification first. If you cannot identify the usual illegitimate practice of such fraud lenders, you will not be able to rectify the difference with genuine lenders.
Asking for an Upfront Fee: In any situation, if a payday loan lender asks you to pay an upfront fee first to get instant loan approval, then it is a fraud call. They might scam you by asking the fee through bank transfer, money order, gift card, or something else. On the contrary, you should not provide even a single detail and upfront fee.
Collection of Loan Amount: There might be a scenario in which a scammer debt collector asks you to early repay the loan; otherwise there would be strict legal action against you. Need not to panic as they are fraudsters. There are instances when fraudster lenders in Vancouver ask your personal details like bank account number, social insurance number, or any other detail. In such a scenario,
Fake Online Form: In few scenarios, lenders ask you to fill an online application form using your bank account details. If that happens, then consider the fact that lenders in Vancouver do not ask for bank details. Scammers might trick you in hacking your account or might ask you to enroll for a membership program.
Vancouver Assistance Programs: There is several assistance programs running in Vancouver according to which limited financial assistance is given to people who are even devoid of basic needs of life. These programs are classified below:
- Social Assistance
- Child Assistance
- Resettlement Assistance
- Disability Income Support
Credit Unions: You can reach several credit unions and local banks that offer short term financial offers at a rate equal to payday loans.
Credit Counseling: Enroll for a credit counseling program to get necessary funds to manage your budget.
If you still looking for e payday loans guaranteed approval in Vancouver, then get in touch with us to grab a short-term financial offer from a reliable and genuine lender. We offer you end-to-end payday loan support at flexible terms and conditions.
Frequently Asked Questions (FAQs)
How much amount is offered?
In Vancouver, maximum you can apply for is $1500 at a fixed rate of interest of 35%.
What if i think about rolling over the existing loan?
No, roll over facility is not available in Vancouver. It means you cannot take another loan when your existing payday loan is yet to settle in full.
In how much time loan will be approved?
Since it is an online application process, so not much time takes place in approving the borrower's application. At some instances, it is approved on the day of filling the form itself.
Do you need a loan urgently?
Need some help completing your MoneyKey online loan application? Speak to our friendly Canada based team today!Apply now No Impact to Your Credit Score.