What’s The Status of Guaranteed Payday Loans Canada?
Whenever you search for a payday approval loan online against your next paycheque, one word that grabs your attention is, “guaranteed”. Some say it is a 100% guarantee to get the approval no matter what your financial condition is. How you have applied for the loan and submitted the personally identifiable information. In reality, there is nothing like that. In actual terms, there is no such thing as called guarantee in this world. Not even in the financial world of Canada, where short-term loan lenders are ready to offer payday loans to salaried individuals.
There are always chances of getting the loan approval and facing rejection at the same time. It is because of the working condition and terms of payday loans that are created in such a manner. Understand the fact that these are short-term loans with a small amount offering. And, the loan is offered whenever you face urgent financial needs. Therefore, lenders do not even ask for a credit check, lengthy documentation process, rounds of the bank, and other such formalities. For these reasons, borrowers might think that it is easy to get loan approval and there is a guarantee to avail of much-needed funds.
As already mentioned, the above are the terms of guaranteed payday loans in Canada 24/7 with instant approval. There is nothing finalized there. You first have to meet the eligibility criteria, provide correct personal information, and carefully sign the NDA to get the loan approval.
Why Do Payday Lenders Reject Your Application?
The approval rate of no credit check payday loans with guaranteed approval in Canada is always on the higher side. Most of the time, borrowers get instant approval on the account of simple terms and conditions. But that does not mean the fact that you will not be rejected by the lender. Of course, there are chances of facing loan rejection because of the following few reasons.
#1. Multiple Loan Applications
If you are a borrower, then you must have applied for the same type of loan from different lenders. Is that right? Well, you are not the only that do such a thing. Many people do the same to get a better loan deal. But sometimes, a particular payday loan lender rejects the application on the account of multiple loan approval and still not got the loan amount. It describes the borrower’s tendency to get the approval of several loans and opt for only one. It takes the lender’s time and energy to go through the loan application, verify information, and prepare the customized NDA for a particular borrower. Thus, the only way to get approval is to apply for one particular loan at a time. After that, you can take it or ideally leave it by confirming with the lender.
#2. Having Too Many Debts in Hands
Of course, you think of applying for guaranteed approval payday loans Canada 24/7 with a view to arrange extra cash for emergency circumstances. However, when your rate of expenditures consumes most or all part of your income, then there is a high chance of facing short-term loan rejection. It is because lenders see what you exactly have left after meeting all the expenditures. This is important to check whether you can repay the loan on time or not. In case, your expenses consume the most part of your income due to several existing debts overhead, then the lender will reject your application without thinking much. Thus, the solution lies with first meeting the major parts of your existing debt and increasing the monthly saving amount to become eligible for a short-term approval loan offering.
#3. Fault in Eligibility Conditions and Documentation
One of the common reasons for facing loan rejection is not meeting the prerequisites of a loan properly. You might have entered the wrong personal information like name, age, contact, and address details. On the other side, there might be a fault in your document for the job and the current address that you have submitted at the time of applying for the loan. It could be anything on your part of not meeting the eligibility criteria and documentation process. As a result, you face loan rejection in the end.
#4. Unstable Job History
As you know the fact that, your monthly earning salary forms the basis of getting guaranteed payday loan approval. If there is a fault in the same, then rejection will be there. The fault could be in terms of having an unstable employment history. It means you are in the habit of changing your jobs every now and then. And, there is no particular stability visible in your job doing professionally. In case, you do a particular job for 6 months and then move to another, then it will create a negative impact on your loan application process. So, always check with your stable employment history before applying for guaranteed payday loans no matter what in Canada.
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What steps do I need to take to get a Guaranteed approval payday loans?
Need a bit greater time? Can’t make the price on your subsequent payday? We are very flexible with compensation dates. Just allow us to recognize whilst you fill out the application form.
Visiting a storefront is a large inconvenience. Instead, just fill out our online application form. It takes much less than 5 minutes, and you don’t have to talk to anyone. and you may absorb to 30 days.
Faster Than Others
We know time is precious, so we do not need to waste it. It ought to take hours from your day to visit a storefront, but with cashbee.ca you could get your payday loans fast, in as low as 15 minutes.
A guaranteed approval payday loan does not showcase any sort of guarantee in terms of arranging emergency cash from an online loan. There is no such thing as that. You need to understand first the terms and conditions of a short-term loan before applying. Only then do you get to find the reason for 90% guaranteed and 10% rejection due to several reasons like fluctuation employment background, too many debts, faulty documentation, and applying for several loans at the same time? No matter what, you should check with all these points and correct the same before applying for a small loan in Canada and getting instant approval.
Frequently Asked Questions
There is no such particular criteria to spend the loan amount. It is totally up to you and decide wherever you want to utilize the amount. Most commonly, people spend on paying for standing debts, meeting the bills, financing a travel, or paying pending school fee of children. Thus, it could be anything on your part to decide and spend accordingly.
There is a limit offered on the amount fixed under payday loans i.e., $100 to $1500 and it could be more depending on the lender. So, you have to ask for a amount as per the mentioned limit and whatever is approved by the lender will be deposited directly into your bank account.
As soon as, you get the final approval, lender might send the amount credited into your bank account on the same. But it all depends on the approval status. If there is a glitch in the process, then there might be some delay.