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Loans for weekly paid employees

Each of us has probably had a more or less difficult time in life when the regular income was not sufficient for all needs. In such situations it is high time to think about how to limit expenses to have some money left in savings account. But when even that does not allow to make some savings it may be difficult to survive a rainy day without a financial help. Unfortunately, banks are not willing to lend money to those in need as they claim that poor customers may not afford loans. It seems illogical that banks would lend only to those more wealthy customers who do not really need to take loans but that’s life. Thus, other financial institutions developed over time that specialize in lending money to those borrowers that are declined in banks. Nowadays, the fastest, most secure and the most convenient way to get an extra cash injection is simply by taking a payday loan online.

 

Secure, simple, faxless application

Banks are extremely thorough in the loan application process and so even weekly paid employees sometimes have to collect dozens of papers before getting the loan. Thus, it may turn out that if you are weekly paid, you can get your wage sooner than you would collect all papers for the bank. Therefore, it would seem that a much faster way of getting money would be much appreciated. Luckily, online lenders have simple online forms that do not require any faxing of documentation. As a consequence it is possible to get money on the same day you apply, providing it is a business day. More importantly, right after the loan application form is submitted a company representative ought to contact the potential borrower in order to discuss the details of the loan for weekly paid employees.

 

Bad credit not a problem

Not only do the online lenders have a much open minded approach to the entire loan application process but also to the the borrowers’ past bad credit history, or current poor credit score. As a result, people who were declined bank loans because of poor credit score may still be eligible for loans from online lenders. This is so because those lenders focus not on some arbitrary score, but on the borrower’s solvency. That is even if the customer has a substantial amount of monthly obligation it is still possible for him to get a loan if his monthly salary (sum of 4 weekly wages in the case of weekly paid employers) will be sufficient to repay the loan. Based on the information provided by the borrower the lender makes complex calculations and the details are discussed by phone prior to singing an agreement.

Rules in the USA

Payday loans are illegal in: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC). Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000

Rules in Canada:

British Columbia – capped at 23% of the principal (including interests and fees) Alberta – up to 23% Saskatchewan – an interest rate cap of 23% of the principal, a cap of 30% on a defaulted loan Manitoba – at 17% per two weeks Ontario – $21 per $100 borrowed for a period of two weeks New Brunswick – illegal at any rate over 60% per annum Nova Scotia – the maximum rate to 25% Prince Edward Island – $25 per $100 borrowed for a period of two weeks Newfoundland and Labrador – no legislation