Canada Cash Advance offers you access to a network of payday loan providers that can lend you money until your next payday. Canada Cash Advance does not lend money; instead, the information you provide on your online application will be forwarded to payday loan providers within our secure network. Access to the Canada Cash Advance payday loan network is free to all prospective borrowers.
All payday loan providers determine their own rates and fees. Canada Cash Advance does not have any influence on the rates and fees charged by payday loan providers in its network. Canada Cash Advance does not own any of the payday loan providers in its networks. All payday loan providers in the network are completely separate companies.
When you fill out the payday loan application at Canada Cash Advance and submit it, all the information you provide is simultaneously sent to all payday loan providers in the Canada Cash Advance network.
Each payday loan provider that can offer you a loan will contact you by email to let you know the amount of money it can lend you, along with the rates and fees charged for the loan. Each payday loan provider will also supply you with a schedule for repayment of the loan. Since each lender is a separate company, each may charge a different interest rate and/or fee for borrowing. Always review the interest rates and fees in your payday loan contract before accepting any loan offer.
All the payday loan providers in our network must inform you of their interest rates and fees before you accept a loan. If these charges do not meet with your satisfaction, you are free to decline the loan offer without cost or obligation.
Since payday loan providers in the Canada Cash Advance network compete with each other for your business, you will likely find their interest rates and fees to be competitive.
Payday loan providers charge higher rates and fees than most banks. This is because payday loans are not meant for long-term use. Payday loans should be repaid on your next payday, unless you have a large loan and establish an installment agreement with the lender before accepting the loan funds.
Most borrowers find that the quick convenience and easy credit requirements of a payday loan compensate for the high interest rate and fees charged by payday loan providers. There are many reasons why payday loan providers charge such high interest rates and fees, as noted below:
- There is no credit check necessary to get a payday loan, which is great for the borrower who does not want a payday loan reflected on his credit report, or for the borrower with less than perfect credit. However, these easy credit terms expose payday loan providers to a lot more risk than traditional banks must face. The higher interest rates and fees help offset that risk.
- Banks need you to provide a lot of documentation before offering you a loan. You often must show extensive proof of your income, including copies of tax forms dating back several years. But all you need to get a payday loan is a recent paycheck stub, an active checking account and confirmation that you are over 18. It is so easy that you can apply during your lunch break.
- Payday loan providers will approve your loan application within minutes, whereas most banks will take at least a few days, if not weeks, before approving it. If you are in a financial jam, you probably do not have weeks to wait for a bank to loan you the money. You must have the money today, maybe even right this minute. Payday loan providers can get you the money much more quickly than a bank. The higher interest rates and fees on payday loans pay for this speedy loan approval.
- Once you accept a payday loan, your loan funds are transferred directly into your checking account within minutes, and you gain access to the money immediately. Banks will usually issue you a paper check for the loan funds, which may take a day or more to clear your account before you gain access to the money. Repaying your payday loan is just as easy: on the prearranged due date, your lender will automatically debit your checking account for the amount of the loan plus interest and fees.
