Cash Loan Requirements Explained

When you apply for cash loans in any of the lending companies, it's very obvious that you have to be eligible based on their application requirements for your payday loans to be approved and released. If you feel like questioning their application requirements, here are the reasons why.

Minimum Age Limit of Nineteen Years

In Canada, the age of majority where individuals are permitted to enter into legal contracts without need for adult co-signers is set at 18 years of age. So, why 19 years of age instead of 18? Well, the assumption is that you must have worked as an adult for at least a year before you have attained a sort of job stability and, hence, able to pay cash loans.

Working at Present Job for at Least 3 Months

The company providing for payday loans wants to ensure that you have job tenure, of a sort, in your present employment. Three months means that you have passed the probationary period often used by employers to determine employee performance. As such, you are in a better position to keep your present job and, hence, the ability to pay your cash loans from your next salary.

Direct Deposit of Salary

If you choose to have your approved payday loan deposited directly to your bank account, it is assumed and required that your employer directly deposits your salary to said payroll account. Of course, you are to provide the details of the bank account to be used in the transaction. This is to make debiting your account once your payday loan becomes due and demandable easy.

Active Checking Account

On the other hand, if you want your cash loans to be in the form of a check, you must also have an active checking account. After all, you will issue a postdated check against said bank account! Terms will vary such that some companies will require no less than 7 transactions and no more than 2 NSF charges on your bank account in the 30 days before filling your application. Other companies will be so lenient as to approve applications even when the bank statement is spotty.

It is highly recommended that companies with more stringent requirements as to bank account be patronized. At the very least, you are assured that you are dealing with a company that values its integrity.

No Bankruptcy Filings in the Past Year

Well, some companies will accept and approve applications for cash loans even when bankruptcy filings are declared. This is all well and good if you are very desperate about getting your hands on money for whatever purposes you may have in mind.

However, you must take into consideration that your properties, no matter how scant of these remain in your possession, can be taken away from you to pay your debts. Legally, of course! The point is that it's always better to avail of payday loans when you have the capacity to pay them on your next salary. Otherwise, you might just be driven to file for bankruptcy and that is not a good thing anyway you look at it.

So, the next time you want to avail of cash loans, be sure that you qualify based on these requirements. At the very least, you will be sparing yourself the time and effort in filing the forms!

Loans Till Payday - Payday Loans and Cash Advance in Ontario, Canada
20 Eglinton Ave. East
Toronto, Ontario, Canada
M4P 1A9


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