Payday Loans Ottawa
How Can Payday Loans in Ottawa Help You?
A payday loan is essentially an advance on your current salary that you are required to pay back in within a specific timeframe – usually your next payday. The most common reason for taking out a payday loan is to get swift and easy access to money that banks would typically refuse. Getting a payday loan in Ottawa is relatively easy with trustworthy lenders like Northstar Brokers. However, there are pros and cons to consider before making a final decision:
Pros
- Very relaxed background checks;
- Highly accessible;
- Limited credit check requirements.
Cons
- Interest rates can be steep;
- Can get trapped in a recurring debt-cycle;
- The loan must be repaid.
What Are the Requirements to Qualify for a Payday Loan?
Northstar Brokers follow the industry-standard requirements for documentation to determine if you qualify for a payday loan; these include:
- Valid chequing account for at least three months;
- A minimum of six months of reliable income;
- Same address for at least six months;
- Salary is paid through cheque or direct deposit;
- Are not facing/faced bankruptcy or have outstanding salary issues.
Our evaluation process involves carrying out additional assessments to ensure that you are able to repay your payday loan. We will confirm that you do not have any judgments against your name and that you aren’t subject to any bounced checks.
The final checks are to establish whether you have other substantial financial commitments that could hamper your ability to pay back the loan. If you meet the required criteria, your loan will be approved and should receive the given amount in a timely manner. Our customers receive their money within 24-48 hours after approval.
When Should You Make Use of a Payday Loan?
Payday loans should only be used when necessary. It should be used only in times of need or emergency, or when an opportunity arises, that has time constraints. Payday loans should never be used to get you out of a debt or tight situation, as this could lead to one getting trapped in a debt cycle. Consult our experienced agents if you have difficulty making a decision.
How to Get a Payday Loan in Ottawa?
Getting a payday loan in Ottawa is quite easy thanks to the fact that Canada has a world-class economy and citizens generally have great credit scores compared to the rest of the world. It’s possible to get payday loans via normal brick and mortar stores, however, payday loans are rapidly moving towards the online route. Northstar Brokers offer a smooth online experience that offers fast payments and a highly efficient and straightforward online application process.
Factors to Consider When Choosing a Broker
A reputable lender like Northstar Brokers is a renowned and respected brokerage that is compatible with your current needs and situation. We are a fully licensed and accredited facility that follows the Canadian Payday Loans Act, 2008. Consider looking into our interest rates, time to access the loan, vetting and requirements, customer reviews, customer service and our history for your peace of mind.
What Happens If I Miss or Make a Late Payment?
You are fully responsible for informing us of a possible upcoming missed or late payment. This information is required at least 48 hours prior to the scheduled payment. Late payment will incur a fee between $30-$60 that is payable at the end of the given contract. Luckily, at Northstar Brokers, a missed or late payment will not affect your credit score.
Why Choose Northstar Brokers?
Getting a payday loan in Ottawa is relatively easy and has the potential to be a great help in emergency situations. However, you must consider all the risks and rewards before taking out a payday loan in Ottawa. Before making a decision, be sure you have the means to fully repay the loan. Northstar Brokers has a fantastic reputation in the payday loan industry with 12+ years of a world-class experience.