Payday Loans Alberta: Fast Way to Resolve your Financial Hitch
If you find yourself in a situation where you need money fast, whether it’s an emergency or past due utility bills, payday loans in Alberta can get you off the hook.
You can receive a loan of up to $1,500 in 24 hours to cover your important and urgent costs. No need for credit checks. And no lengthy applications either. You only require your government-issued ID, proof of income, and an active Canadian bank account, and you’ll be good to go.
Accessing Online Payday Loans Alberta
Getting a payday loan Alberta is easy. You can apply online and get direct deposits to your bank account or Cheque. This procedure is pretty simple and should take a few minutes, up to four minutes, depending.
While most applicants are approved, not everyone can actually receive a payday loan Alberta. Extremely high-risk borrowers like those who filed for bankruptcy or face wage garnishments are among the few who cannot receive this loan.
Consequences of Defaulting Payday Loans in Alberta
Defaulting a payday loan is always not a good idea. Always pay if you can to avoid serious consequences. Below are some things you should expect when you don’t repay a payday loan in Alberta.
Authorized Bank Withdrawals
Due to the risky nature of payday loans, lenders typically have an agreement with the borrower to withdraw money from their banks on the due date. This agreement is meant to protect the lender from defaulters. It is always the right move since the lender will only be paid the amount due plus the charges.
Complications can arise if you do not have cash in your account. Usually, if you don’t pay by the due date, the lender will try to access funds in your account. The lender’s unsuccessful withdrawal attempts can trigger NSF fees from your bank, and you may end up with hefty fees.
Collection Calls
If you fail to pay your payday loan, lenders in Alberta are allowed by law to contact you between 7 am and 10 pm. Besides the collection calls, you may receive letters from lawyers asking you to settle your debt.
Court Summons
Payday lenders in Alberta have a right to file a lawsuit against defaulters. You can be sued for the amount of loan owed, the interest accrued as well as any ensuing court fees.
So expect court summons if you fail to pay a loan in Alberta. Borrowers who don’t honour the summons may be exposed to wage garnishment and bank account levies, among other legal debt collection means.
Affects your Credit
Generally, payday loan lenders do not report your borrowing history to the national credit report companies. As such, failure to service your loan may not affect your credit directly. However, lenders can turn over delinquent accounts to debt collectors. To help them recover the owed loan, debt collectors may decide to report the debt to credit companies, which will eventually affect your credit score.
What if I Can’t reimburse My Payday Loan?
If you face any issues paying back your payday loan, you should immediately talk to your lender to avoid further problems. Most lenders are willing to negotiate a repayment plan to help recoup the loan. This may include making partial payments that are within your budget over an extended period.
While a repayment plan can be an excellent way to get out of a payday loan, you may also consider debt consolidation loans. You can borrow interest-free loans from friends and family or a low-interest loan from a conventional lender to service the payday loan. Using these methods can help prevent rollovers which are much more expensive.
The final option you may contemplate is a debt management plan. It involves working with a certified credit counsellor to help you get out of debt. A certified credit counsellor’s services include negotiating with the lender and developing debt management plans like closing credit accounts. And while this is a good move, it might affect your credit.
Need a Payday Loan Alberta for your Urgent Needs?
While there are diverse perspectives about payday loans, they remain to be a reliable loan option to the right people. If you think you urgently need a loan and payday loan is the right option for you, contact Cash Depot today. We will get you the much-needed funds to attend to your urgent problems so you can stay stress-free until your payday.
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