Am I Eligible for Payday Loans in Oshawa?
Most lenders have their own criteria, and you will need to check before deciding to take out a loan. Here are the general requirements for payday loans in Oshawa:
- You must be at least 19 years old, a resident of Ontario, and a Canadian citizen.
- You must have a valid home address, email address, and mobile phone number.
- You must have a minimum monthly net income of at least $800 and have had this from the same source for at least three months.
- You must have a Canadian bank account with access to online banking.
If you meet these requirements, you will likely be approved for a payday loan in Oshawa, even if you have a bad credit score.
Can I Apply for Oshawa Payday Loans With Bad Credit?
Anyone can apply for a payday loan in Oshawa and can get fast approval, even with bad credit or no credit history. These loans do not require any additional collateral.
Payday lenders in Oshawa are mainly concerned that you have a stable source of income and that you are able to repay the loan as agreed.
Usually, a payday loan does not require a credit check, and all that is needed is to verify your identity and the information you submit during the application.
Payday loans that have to be repaid by the next payday are typically for relatively small amounts, and you can apply for a payday loan for bad credit in Oshawa for up to $1500. Loans such as these are designed to help you take care of emergencies or unexpected expenses.
Four Steps to Get Online Payday Loans in Oshawa
Although it is easy to get a payday loan in Oshawa, it can still be time-consuming to search through the internet and apply to various lenders to find the one that best suits you.
A better way to find a payday loan when you need fast cash is to apply through an online broker such as WeLoans. They have a simple four-step process to help you find the best payday loan deal you can get.
- Take a few minutes to fill out the online application form with your personal details and required financial information, then submit it.
- Your application will be sent to the most appropriate lenders in our network who will come back to you with loan offers.
- Review the offers and decide the best one for you, then sign the loan agreement digitally, confirming you are okay with the terms and conditions.
- The money will be in your bank account within 24 hours or the next business day.
It really is that easy to get a payday loan online in Oshawa when you are in need of money.
What if I Fail to Repay My Payday Loans on Time?
Not repaying a payday loan on time can end up being quite expensive. There are usually late payment penalties, and the interest rate may increase, meaning you will owe more even money.
The repayments are taken directly from your account, so your bank will charge a fee for insufficient funds when the payment is not made.
In the case of default, the lender may use a collection agency, which will make your credit score worse.
If you know there will be a problem with a payment, talk to the lender in advance and see if you can get an extension on the term. It will still cost a bit more but the lender will know you are doing something about it.
The most important point is before you take out a payday loan, make sure you are able to repay it.
Payday Loan Alternatives in Oshawa
Payday loans are not everyone's first choice, since they can have a high fixed interest rate and must be paid back in a short time, usually within a month or less. Luckily there are plenty of alternatives to consider.
Apply for a Line of Credit
You can get a line of credit from an online lender. This is not a fixed amount, but you can borrow up to a certain limit and make interest-only repayments until you can repay the amount you borrowed.
However, the interest rates can be high and because there is no fixed term you may pay more interest over time. Also, since you have access to more funds you may be tempted to end up borrowing more than you need.
Consider an Installment Loan
An installment loan can be a good option because it can be repaid over a longer term, so the monthly repayments might be easier on your budget. You can also borrow more with an installment loan, typically between $500 and $15000 whereas payday loans are usually for small amounts.
The downside is that since installment loans carry a longer term, you will pay more interest.
Borrow From Friends and Family
Getting help from family or friends is usually beneficial since the repayment terms can be flexible and often there is no interest charged on the loan.
With a loan like this, it is even more important to pay it back in the time agreed upon since neglecting to pay could potentially damage the relationship.
Ask Your Employer for an Advance
Many employers are often willing to help out a good employee, so you should not be too worried about talking to your boss about an advance on your salary. You should do this face to face, not by phone or email because it is a personal matter.
You can offer to repay the advance by the next payday, or maybe work out a schedule of repayments. You can even offer to work extra hours or pick up extra shifts to pay off the debt.