If you are planning to apply for payday loans in Canada, you should know the requirements that are necessary to be fulfilled. All applicants need to fulfill the eligibility criteria, which is to be either a resident of Canada or in possession of a Canadian citizenship and permanent residence. After the completion of these criteria, the applicant will be eligible for receiving the amount that he applied for. However, there is still no one-size-fits-all rule when it comes to payday loans. Different provinces have their own regulations regarding payday loans and Canadian borrowers should be aware of each and every province’s laws and requirements before applying. Disability loans no credit check flexiloans.ca
How to Get Payday Loan?
Canadian payday loans can be applied by credit card users who do not have an active bank account. Although some lenders will accept credit cards as forms of collateral, some lenders prefer to make a phone call before granting the loan. To be qualified for a payday loan in Canada, the applicant should be at least 18 years old and currently employed. Payday loans are also allowed under section 740.1 of the Criminal Code, so long as the provincial government has enacted enough provincial laws regarding the lending of payday loans to the general public.
Because the Canadian government does not enforce strict laws regarding payday loans in Canada, it is recommended that any individual interested in getting a payday loan should research the laws of his own country first before applying for a loan in Canada. Although the laws pertaining to payday loans in Canada may be different from those in the US, Canadian law still contains provisions that may be in violation of US law. For example, it is illegal to provide a Canadian citizen with a US work visa in the event that such an individual requires an advance payday loan to cater for an unexpected car or medical emergency. However, some US states have adopted a more permissive attitude towards payday loans, meaning that a Canadian citizen who applies for a payday loan is not required to provide proof of a US work visa in order to be eligible for the loan. This is a controversial issue in Canada, which is currently undergoing a political crisis due to a number of corruption cases that have been exposed in the past year.