Payroll Loans

Payday Loans

What is a payday loan?

A payday loan, or payday advance, is a short-term loan of usually 14 days, which you promise to pay back, plus fees, after you receive your next paycheque. The loan is often between 30-50% of the amount of your paycheque.

To qualify for a payday loan, you must provide proof that you have a regular income, a permanent address and a bank account. You will have to sign a loan agreement which states the loan interest, fees, and due date. Most of the time you will need to provide a post-dated cheque for the full loan amount including all fees and interest, or sign a form for a pre-authorized debit of your account on the loan due date.

How much do payday loans cost?

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Instant & Payday Loans

The ‘Alternative Credit Sector’ grew out of the forest of modern personal finance like a fungus that sucks out the remaining life from weaker and dying species. Many as poverty lenders who specialized in poor people who could not qualify for credit from mainstream banking or financial institutions were labeled by the early agents of the contemporary credit society. Harsh and often unconscionable terms for repayment accompanied these loans, with the most notable condition being usurious interest rates – so high and excessive that the loan recipients were assured to remain poor while having their suffering intensified and extended well into the future.

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WHAT PEOPLE ARE SAYING

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