A payday loan can be called in different ways: a check advance loan, a cash advance loan, or a post-dated check loan. But no matter how you name it, it is still the same thing. Payday loans are presented as a small short-term sum of money which is given to a person in need with a very high interest rate. As a rule it is less then $2000. According to the rules, you are to pay your loan by your next pay day. In case you are able to borrow money in any other way it is highly advised to do so, because payday loans often come with big fees which are hard to pay so you get into a deeper debt. In case payday loan is the only way for you to survive in this cruel world of Edmonton then this article would help you to understand the process of receiving it.
First of all, when coming to any payday loan company in Edmonton, you need to discuss the issue of policies with the person whom you speak to at the company’s office. And when doing this, remember that you need to clearly understand all specific instructions about the application process, and also the terms and conditions of company’s services. So you need to be sure of the following:
- A payday loan company has no hidden fees.
- You know what is waiting for you if you do not pay the loan back on the time agreed (because each company in Edmonton sets its own rules).
- You know the exact day of paying your loan back.
2. Fill out the application.
To fill any application for payday loans you will need some information. It usually depends on the company you are going to and the province you live in (they will be different in Alberta, Quebec, and Manitoba).
Some companies might also ask you about your current and previous employers, the name of your employer(s), and how they can contact him or her.
Different payday loan offices can charge you a different amount of fee. This fee is paid when your application for getting a payday loan has been approved. The amount of the fee depends on the policy of the company you choose. Also the amount of the fee depends on the size of payday loans you are applying for.
4. Leave the check
When you know that you are approved for a loan, then you will need to fill out the check that you ought to bring with you. There you need to write the amount of the payday loan you have applied for and the amount of fees the company has set for you. Sometimes companies also ask their customers to fill out the memo line with a specific memorandum, for instance, – Payment for a payday loan in Edmonton with name of the company.
5. Cash or direct deposit
If you wanted the money to be transferred to your bank account check them “on the spot” to make sure you received them. And always remember that the amount of money that you receive depends on the amount you wanted to get and applied for. And the amount possible for application depends on the province you live in.