Dealing with unexpected expenses that crop up in the middle of the month can be difficult, but payday loans can help.
With the right payday loan, borrowers can access anywhere between $120 to $1,500 to help manage a financial emergency or bill payment. Borrowers can easily apply online or in person at a brick-and-mortar payday loan center. In most cases, they will receive the funds the same day (for online applications) or within just a few minutes (for in-person applications).
Curious about who can qualify for a payday loan in Canada? Read on to learn more.
Payday loan eligibility
One key factor that separates payday loans from traditional personal loans, credit cards, or secured bank loans is their inclusive eligibility criteria. Here are some common eligibility factors for applicants to consider.
While bank loans may require applicants to meet salary or credit score requirements, these factors do not affect a payday loan application. This makes payday loans accessible to a wide range of people across Canada. That said, some issues may interfere with a payday loan application. Consider the following factors.
The bottom line
Payday loans are a reliable last-minute source of funding for many people. However, as with most loans, not everyone may meet a lender’s credit criteria. Most payday lenders require applicants to be 18 or over, to have a verifiable income, and to have a chequing account. Applicants must also provide a copy of their government ID to apply for the loan.
Still uncertain about qualifying for a payday loan? Contact the lender’s customer service team to learn more about their eligibility.