Do You Have to Get a Payday Loan to Help You Make Ends Meet?
Payday loans are short-term loans approved by privately owned lenders that usually come with exorbitant fees and interest rates, sometimes as high as 500% to 600%. People who are short on cash may seek Payday loans to cover necessities or emergencies, such as property damage, that they could not otherwise afford with their current savings or income. In Alberta, you can apply for a loan of up to $1,500 and have 62 days to repay it. Payday loans are the most convenient to apply for, and you can usually expect your loan to be disbursed in cash or deposited directly into your bank account the next day. Unlike traditional bank loans, payday lenders, according to payday loans Alberta , only have a few requirements before they approve someone for a loan: You must have a fixed source of earnings. A bank account is required. You must have a social security number. You must give proof of residency in the same province as the lender. You will al