There are two things to take into account when applying for payday loans in Canada:
1. Qualifications
2. Required documentation
Before even attempting to apply for a Canadian payday loan either in-person or online through the web, you must know that there are qualifications. If you do not fit the qualifications, you are likely to be denied for a payday loan in Canada without hesitation by the payday loan company you apply with. Here are the qualifications:
1.You must be a Canadian citizen or resident
2.You must be at least the age of majority in your province/territory
3.You must be working a full- or part-time job and be past your probation period
4.You must make a sufficient amount of income*
5.You must have a valid bank account that has been open for at least three months
*A sufficient amount of income is determined by the payday loan company you are applying with.
Please keep in mind that these are general qualifications for most payday loan companies within Canada. Some payday loan companies may or may not abide to some of these points. Some may make exceptions. And, some may have more qualifications for applicants than others. There are some Canadian payday loan companies that may grant you a payday loan on other types of income such as Employment Insurance, Child Tax Credit, Canadian Pension Plan, etc. The best way to find out the specific qualifications a payday loan company has is to ask and provide an overall idea of who you are and what you do. This will make the payday loan application process go a lot faster and much more smoothly.
Once you have checked with the payday loan company you want to apply with and you are now certain that you fit the qualifications for putting through an application, you will need to provide documentation that the payday loan company can review in order to have them make their decision. Here are the required documents:
1.The last 60 days of your bank statement
2.A void cheque or preauthorized debit form from your bank
3.A recent paystub
4.A utility bill
5.Two pieces of ID
These are the documents that are generally required after submitting your payday loan application. Required documentation may vary amongst payday loan companies in Canada. When applying in-person or online through the web, all documentation provided must be an original or an copy of the original scanned or faxed to the payday loan company or you may be denied immediately without reconsideration in the future. If you can trust the payday loan provider you are applying with, there is a much more quick and easy way to provide your required documentation: provide your online banking login information. This will help you avoid the hassle of travelling to the nearest payday loan store or faxing or scanning and emailing many of the documents you need to provide to the payday loan company. By providing your online banking login information, you will not have to send a copy of the last 60 days of your bank statement and you may be able to avoid sending some or all of the other required documentation.
Knowing the qualifications and required documentation of the Canadian payday loan company you are applying with will make your application process quick and convenient so that you can have the fast, immediate cash advance that you need in your hands or directly deposited into your bank account within minutes. This will give you a sense of comfort knowing that whatever financial distress may have been has now dissolved simply because of the financial assistance your Canadian payday loan provider has given you.
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