According to the Canadian government’s official estimates in 2019 around 73% of Canadians have some sort of debt and a high proportion of them take payday loans to cover their basic necessities. This data shows how prevalent and essential these no-denial loans have become in Canada in recent years. The widespread use is because it is easy to get an urgent Cash loan without documents. It is not to say that anyone can go and get these loans, but the process and access are made so easy that people in the most financially distressing times can get payday loans. In that regard, very minimum requirements are in place including only a limited of documents that are needed to get these quick payday loans.
Payday Loans in Canada
If you are a newbie to loans and this is your first time considering and or learning about payday loans then you must know a few things before you seek these same-day payday loans. Payday loans are granted for a short period of time and repayment is often due in the next paycheck, as the name implies. These short-term loans are restricted to the amount of a few hundred and 1500 dollars and the interest rate is usually high. The entire payday loan system is designed to make loans easy but also ensure people don’t overdo it and get caught in the vicious debt cycle by failing to repay loans. Therefore, the interest rate is high and the same lenders cannot grant a loan to one individual twice in a row. Moreover, the government has clear guidelines that all the best payday loan providers Canada have to follow.
Now that it is clear what payday loans are and how they are regulated, let’s see what documents are required and not required for a payday loan in Canada.
Urgent Cash Loans Requirements
First of all, one must take out a payday loan in an extreme financial crisis i.e., when you need money for survival and basic needs. To narrow it down, a medical emergency that is not covered by insurance, paying rent and avoiding homelessness, getting something fixed that you are dependent on like a car, or plumbing issue, etc. These are just a few things when a couple of dollars can make a lot of difference and time is of the essence. If and when you find yourself in such a situation, then it is wise to consider a no-refusal payday loan as it will provide a safety net that you so need at that point in time. As mentioned earlier, these loans are available to help people in difficult situations hence urgent Cash loans without documents make their access easy. Without documents doesn’t mean there are no documents needed, but only a few basic pieces of information and documentation are required to process a payday loan application. Here is a list of things that you have to submit in order to get no denial payday urgent cash loans.
- Identity documents: to prove your identity and eligibility like age. A driver’s license and passport should be ready when you apply for a payday loan in Canada.
- Income source: As the name implies payday loans catered to those who have some basic income and can repay this short-term loan on time. In addition, to pay stubs, people with benefits can also access payday loans with documents that show a source of income. Almost all legitimate payday loans online/ direct lenders have clearly stated rules regarding who can get a loan and the amount of loan for new borrowers is also mentioned. Therefore, showing income sources is necessary.
- Bank details: Usually if you apply online for a payday loan in Canada, you may revive the money via e-transfer payday loan services . And the repayment can be deducted directly from your account as per the stated policy and procedure. This means you don’t have to spend a lot of time managing these transactions which makes this process smooth and less time-consuming.
What makes a payday loan an Urgent Cash loan without documents?
Now that you know what documents are a must to get a payday loan in Canada. You can get this type of urgent cash loan without documents like collaterals such as house or car documents, credit score and credit history papers, and other such things that are usually needed for other types of loans. In other loans that are long-term and usually, the loan amount is quite high, in that case, collaterals help banks and lenders to retrieve the amount back by confiscating property if a borrower fails to repay. In payday loans that is not the case. So, no such documents are needed. Further, payday lenders provide payday urgent cash loans with no credit checks as these loans are meant for those who need money urgently and do not have a strong financial history. What will be the point of these loans if one has a good credit history anyway? With credit history, people can access many other options which honestly is hard for people to achieve due to various factors. Therefore, a no-refusal payday loans is their best option in times of money crises.
In sum, if you need an urgent cash loans without documents then payday loans are your best option. Find a payday lender in your area, most payday lenders operate through their storefronts and online. Depending on your situation you can submit a request form with basic information like your ID, bank information, and show a source of income and provide information like how much money you need, etc. Typically, it takes a couple of hours and a day to get loan money. All you need to do is take a deep break and rest assured that you will get the cash you desperately need within time.