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Frequently Asked Questions:
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1. What is a Payday Loan? 2. Why do we choose a Payday Loan? 3. How do I qualify for a Payday loan? 4. How much money may I borrow? 5. How quick can I get approved for a payday loan? 6. How do I know my application has been approved? 7. How about credit checks? 8. Do you always call my employer? 9. How do I receive my loan? 10. What are fees involved? 11. How do I pay back money? 12. How long should I pay back money? 1) What is a Payday Loan? A payday loan is intended to address short-term financial needs. It's also called payday advance, cash advance or payroll loan. Typically, the Loan is repaid on your next scheduled pay date. When a payday loan is obtained through Loan2u, funds will be deposited directly into your bank account. 2) Why do people choose a Payday Loan? Many of Canadians find that payday loans are the perfect solution to their short term financial needs. Sometimes they are short on cash and can't wait until their next pay day. A payday loan is a quick access to the money they want to address their short term financial needs 3) How do I qualify for a Payday loan?
Regardless of the above requirements, the final decision on all applications is the sole discretion of Loan2u If you meet these requirements, you must follow the application steps 4) How much money may I borrow? The amount of cash you can borrow depends on your net income. It's between $100 and $600 in increments of $50. Minimum is $50.00, maximum $100.00, subject to approval, for the first time borrower. You can borrow more when you successfully repay your first loan. 5) How quick can I get approved for a payday loan? If all requirements are met and if you select on-line banking method in your application the loan may be deposited into your account as fast as 30 minute after application receiving and approval. Generally we may finish one case within half day and this will depend on banking processing. Our working hours are weekdays (Mon. - Fri., 10:00am ~ 05:30pm EST) excluding public holidays. 6) How do I know my application has been approved? We will send you the notice via email you provided in the application and we may inform you by phone. 7) How about credit checks? We are not going to check your credits at all. 8) Do you always call my employer? We strongly recommend you to provide us your on-line banking information for the loan processing which is fast, secure, and accurate that we don't have to contact your employer any more. However, if no such information is provided, we probably need do it to verify your employment. But, your privacy is very important to us and your loan application will not be revealed. 9) How do I receive my loan? The loan will be directly deposited into your bank account. 10) What are fees involved? Loan rates vary from province to province. It includes principal, interest, accrued fees and others. For example: if you borrow $100 for one week, the cost is $15 (ontario) when you repay it in full on time. No hidden fees at all. 11) How do I pay back money? The Loan you borrow from Loan2u plus the cost involved will be debited from your bank account on your next scheduled pay date. 12) How long should I pay back money? Repayment date is your next payment date and maximum term of the loan is no more than 31 days. |
