Payday Loans British Columbia
No matter how much you plan for the unexpected, no one is immune to a sudden financial crisis when you’ll need money almost instantly. Some of these unforeseen events include job loss, accidents, or needing to make ends meet for the month.
Approaching financial institutions will be frustrating as they have stringent requirements and take a long time to process loan applications.
Fortunately, there are several options. If you live in British Columbia (BC), you can check out payday loans BC, online loans BC, and instant payday loans BC at Northstar Brokers. They’re typically short-term loans easy to find on the web.
What is a Payday Loan?
A payday loan is an advance on your salary or wages. As the name suggests, you’ll have to repay the borrowed amount when you get your next paycheque.
Who are Payday Loans For?
Payday loans are for anyone who needs urgent financial aid because of a crisis. The primary criterion is that the borrower is employed and receives their salary via direct deposit.
You must also agree to repay the amount borrowed, including fees and interest, after receiving your next paycheque.
The current maximum amount that lenders in British Columbia can charge is $15 for every $100 borrowed. So, if you want a $500 payday loan in bc, you will have to pay an additional $75. Your refund will be $575.
How to Apply For a Payday Loan BC
It’s a simple process compared to borrowing from a bank. Here’s what you have to do:
- Find a Trusted Lender
Although you’re in a fix and need money fast, you should still take time to find a trustworthy lender because many scammers prey on desperate people.To make your task easier, you can go directly through Northstar Brokers, and apply online. We have an experienced team of professionals who have been in the payday loan market for more than twelve years.
This private lending institution only works with companies in line with the Consumer Protection Bureau, ensuring the absolute security of its loans. Northstar Brokers can offer you any amount from $300 to $3,000 immediately. We don’t check your credit score.
- Meet Simple Requirements
At Northstar Brokers, we have a system in place, so you can get your money quickly. To obtain your payday loan in bc, you’ll also speed up the approval process if you meet the following requisites:
- You have a valid chequing account for a minimum of three months.
- You’re at a stable job for at least six months.
- You’ve lived in the same home for at least six months.
- Your job pays you by cheque or direct deposit.
- You’re not bankrupt, and there are no other loan deductions from your salary.
Northstar Brokers will give you cash within 30 minutes if you go to our office and request in person.
If you apply online before 11:00 am, Eastern Standard Time, you’ll receive a wire transfer in your bank account the same day. You’ll have to wait 24 hours for your funds if you submit your application after the cut-off time.
What Happens If I Miss a Payment?
You must repay your loan, including interest and fees, on your next payday.
If you’re unable to do so for any reason, you’ll incur additional interest and fees. So, your repayment from your next paycheque will be higher.
Benefits of a Payday Loan BC
The main advantages of applying for a payday loan are:
- Getting the money you need almost immediately after applying. The lengthy approval process typically found in banks does not exist.
- There are no credit checks as long as you meet the lender’s requirements.
Disadvantages of a Payday Loan BC
Although a payday loan can help you get through a rough spot, you must be aware that you’ll often have to pay very high interest on the amount you borrow. The annual percentage rate (APR) could come to 400%.
The high repayment will take a chunk out of your salary, so you might have to borrow again to make ends meet and start a borrowing cycle.
It’s essential that you only apply for a payday loan in an emergency because of the high borrowing cost. Avoid using the money for your monthly expenses, as you could end up in debt for a long time.