The fast loan is offered to anyone meeting the criteria of the lender. Many lenders offer fast loans to anyone who can repay the loan on predetermined dates. It is up to you to take your precautions when dealing with the companies with which you do business.
Remain vigilant, this type of loan is not 100% supervised by the financial markets authority (AMF). Most lending companies offer their services through a secure website. You can receive a loan in 24 hours once all the criteria and documents have been approved.
The criteria for a small loan
Your mini loan will be accepted if you meet all the criteria established by the lender. While it sounds easy overall, there are some must-haves demanded by most lenders. Here is a non-exhaustive list of the main criteria:
- Being older than 18
- Have a pay on a regular basis
- Be over the age of 18
- Canadian resident
- Employed for 6 months
- Get paid by direct deposit into a bank account
- Two people to communicate in case of emergency not living at the same address.
- Not being on the verge of bankruptcy
- Make over $ 1600 a month.
The rate of a fast payday loan
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Generally the rate for this type of loans is much higher than for a conventional loan. Naturally the risk for the lender being amplified, you have to assume a high% of your loan. Your fast loan often comes with a management or administration fee that differs from one lender to another.
Fast loan amount
The loan amounts for this type of loan is $ 100 to $ 500 depending on the companies. The more trust established between you and your lender, the more likely you are to get a large amount without question. For a first loan, it is much more common to get an amount of $ 500.
Caution is advised in this type of loan
In conclusion, if you are thinking of using the services of a small loan lender, you should be careful. The fast loan is available to anyone who can repay the loan on time, which is why you should use the personal loan in a responsible and disciplined manner. It is easy to make your financial situation worse with this type of transaction.