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Online Payday Loans Alberta No Credit Check; A Comparison to Banks

  • August 24, 2020

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A lot of major forms of loans are traditionally linked with banks and other big financial institutions. Almost all of them require you to go through an extensive credit check, consuming a lot of time and also resulting in a lot of hassle. A survey conducted in Alberta concluded that a lot of people do not get loan approval due to the prevalence of bad credit history. Experts studying the time efficiency of payday loans compared it to the loans from banks and found that the former was much more beneficial for the public. Here are a few reasons why online payday loans in Alberta are something worth checking out:

Easy applications

Unlike traditional forms of loans, payday loans are extremely easy to apply for. Personal loans taken from banks in Alberta look at your credit history, check your social security number, your annual income, job stability and even your savings and require a meeting with the bank personnel. The application includes a lot of paperwork and quite a bit of hassle. When experts compared payday loans alberta no credit check to traditional loans, they found that the former offered the option for online application, requiring the applicant to be at least 18 years of age and with a consistent job. Applying for a payday loan can be done easily in the comfort of your own home.

Instant money

Payday loans are short-term loans used for when a person is in a cash crunch, offering instant access to cash. Funds between the range of $100-$1000 can be procured instantaneously. You can pay the loan back after getting your next pay, anytime between 30-45 days, hence the name ‘payday’ loans. They offer the benefit of getting cash instantaneously for emergencies such as household or medical bills. This is an easily accessible loan, when compared to a bank loan, adding to its popularity among people in Alberta.

Versatility

Payday loans can be used for a multitude of purposes. It is not required to give a specific reason to apply for a payday loan, and you can use that money for anything such as household bills, paying tuition, funding a medical emergency or even last-minute traveling. Unlike traditional loans in Alberta such as home loans, business loans or study loans, payday loans can be used for any purpose, without any set criteria.

No problem with bad credit

Most payday loans are popular not only because they offer money in a short amount of time, but also that they don’t require a good credit history in order to approve the loan. Banks and other financial institutions in Alberta run rigorous credit checks on people to check whether they meet minimum requirements for loan approval. Countering this activity, payday loans offer a chance to people with bad credit who are unable to get a loan from a bank. So, people who do not have a credit history are also eligible for a payday loan.

Whether you are in need of some money for emergencies, credit card bills, medical bills, tuition fees, or even just a vacation, payday loans in Alberta might just be a blessing for you.

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