Quick Cash Loans in Canada and Government Regulation

Consumers and governmental officials alike in Canada need to address the question as to whether cash advance and payday loan in Canada services need to be regulated by respective provinces. Moreover, if quick cash loan and fast payday loan providers are regulated in Canada, what the possible affect on the consumer would be. Provinces within Canada were granted the ability by the Federal government in 2007 to regulate payday loan and cash advance providers in their respective provinces. According to Statistics Canada, there are approximately 1,400 fast payday loan and cash advance providers in Canada. In Ontario alone there are approximately 700 quick payday loan storefront offering prospective borrowers in Ontario these short-term cash advance services.

Payday Loans in Manitoba

In November 2006, Manitoba entrenched quick cash loan regulations, also called payday loans and cash advanced, into law. According to the Manitoba payday loan and Manitoba cash advance regulation, a quick cash loan provider can charge a maximum of 17% on loans up to $500. Additionally, Manitoba payday loan cash advance regulations also require that quick cash loan operations in the province also be licensed and bonded. This is in place to ensure that the fast payday loan providers operating in the province follow the regulations and to also ensure that they are credible. Once a instant payday loan has been processed the customer now has 48-hours to cancel their pay day loan, whereas before the borrower could not cancel.

Payday Loans in Nova Scotia

Furthermore, after Manitoba enacted its payday loan legislation in 2006, Nova Scotia adopted their own set of payday loan regulations. In August 2008, the provincial government enacted Nova Scotia payday loan legislation. According to the legislation, physical quick cash loan locations must not charge a prospective payday loan cash advance borrower more than $31 per $100 borrowed. Furthermore, the faxless payday loan and faxless cash advance provider must also be transparent, whereby the payday loan operation will provide full disclosure to the Utility and Review Board.

Just by examining the payday loan cash advance regulations in both Manitoba and Nova Scotia, a trend begins to emerge. Although the crux of the quick cash loan legislation in these two provinces is the similar, the maximum amount of fees a fast payday loan provider can charge varies from province to province. Essentially, one can surmise from this, that there is no general consensus among provinces pertaining to the maximum amount an instant payday loan provider can charge on a short-term cash advance.

Prohibiting Quick Cash Loan Providers Will Have Disastrous Consequences

Undoubtedly, there needs to be payday loan legislation in Canada to ensure that the pay day loan operations that are unethical (these are the people that have given the payday loan industry a bad name) are not able to operate. However, to ban payday loans from operating in Canada or to cap the amount a payday loan provider can charge very low would force payday advance loan operations to close, which would be disastrous to the consumer.

Bounced Cheque Fees are More Costly Then Pay Day Loans

The Canadian payday loan industry has watched a handful of States in the US prohibit cash advance and quick cash loan providers from operating within their jurisdiction. As we have seen in the US, if payday loans in Canada did not exist, potential borrowers would be in a dire state. For instance, in each state where payday loans have been prohibited in the US, foreclosures have risen, meaning that people had to leave their homes because they did not have enough money to pay their bills. A pay day loan could have gotten them the cash loan they needed to pay their bills. Moreover, there has been a dramatic increase in the amount of bounced cheques, which ironically cost the individual more in NSF fees from the bank then it would to receive a payday advance loan.

It is clear that the continued presence of Canadian cash advance providers is very important, but at the same time, regulation of the pay day loan industry is not necessarily a bad thing as long as the regulations are fair to both the consumer and the Canadian payday loan cash advance industry.

The Process and Benefits of Getting Online Cash Loans

People have financial problems that put them under a huge burden and they need some ready solution. They can opt for online cash loans to handle these problems. Getting online loans is easier than people think. Not only is it less time consuming, but also provides you various alternatives to match your needs. You may need cash for meeting urgent needs or unforeseen expenses. For this you can apply for online instant personal loans also known as online cash loans. You can apply these loans almost effortlessly without much documentation and get cash immediately.

It is much easier to meet the minimum requirement for getting an online cash loan. You should be minimum 18 years old. You should have a regular job and reasonable income to repay the loan. A bank account is where loan check will be deposited. The financial institution will need the documents in proof of above to be submitted before approving your online cash loan. After scrutinizing and assessing your documents, the bank will approve a reasonable amount of loan in your favor as an emergency cash help.

You can easily get a personal loan up to $1000 online. The interest burden is more than the principal amount of loan. Once you have obtained the loan, you will be required to repay the first installment within one month.

You can apply for internet loans. The application process for online cash loan is very fast and easy and the applicants do not require traveling to the lending office. The lenders provide simple application forms on their websites. You can fill these forms in less than half an hour and submit. After your application is reviewed and loan is approved, the loan amount will be credited to your bank account. You will get information on phone or by email. You have to pay the loan back in time. You should apply online cash loan in case you really need it and at the same time go for that much loan only which you can repay easily.

Online personal loans provide a great way to the people for borrowing immediate cash. People with bad credit also can avail this as there is no check on credit history. Lender gets only a copy of the pay slip of the borrower. People with bad credit score do not struggle here and there. They go for these online loans. The online cash loans have opened a new mode for getting personal loans for the people with bad credit as it does not need much documentation.

In most ways, online money loans are identical to conventional loans. The borrower is lent a specific amount of money according to his repaying capacity on mutually agreed terms. The loan amount is to be repaid, along with interest, within a specified time. You should pay off your online cash loan in time to avoid getting into a huge debt.

These unsecured online money loans provide major support to the people in need of money in any emergency according to their repayment capacity.

Online Cash Loans – An Easy and Hassle-Free Way to Obtain Instant Cash

A variety of loans are available in the market. These cash loans vary in the time period of processing and interest rates. Every one of us knows about the low rate loan for personal loans and car loans. But very few of us are aware of the option of online cash loans. This discussion describes the pros and cons of cash in loans, comparing them to the low rate loan.

For people in an urgent need of big money, online cash loans could be the best way to satisfy those needs efficiently within a short period of time, even overnight. Here are some of the benefits of this loan type compared to personal loans.

1. Safe and secure: many people hesitate to use online loan processing out of fear of disclosing personal information to unauthorized personnel. These fears can be forgotten with online cash loans, as all the processing is done through electronic transfer of information. Hence, there is no room for illegal activities. However, loan seekers have to know about the lender. User reviews are the best way to judge the authenticity of the lenders.

2. Faster processing: unlike other cash loans, loan seekers do not have to visit the physical stores to hand over the documents. Obtaining online cash loans is very simple. All anyone has to do is to fill out an online application form from the comfort of home, and approval could arrive overnight.

3. 24 hour services: with the help of online support groups associated with online cash lenders, needs can be satisfied and questions answered at any time of the day or night.

4. Easy access to services from any part of the country: it is possible to shift to a new location in the middle of the loan period. In such cases, making loan payments from any part of the country is feasible, as all of the processing is done online.

5. Zero paperwork: while applying for personal loan, people are asked by the lender to fill out a number of forms and submit a number of documents as a surety to repay the loan. All the hassle of paperwork is reduced to one single online application form in the case of online cash loans.

Separate from all of the above benefits offered by online cash lents is the fact that they help in hiding a critical financial status from family members and friends. With with cash from online loans, all of the information is shared online. Hence, no documents pertaining to loan payments are sent to the house.

However, online cash loans do have a major disadvantage. Because the loan seeker’s needs are being satisfied in a hassle-free way within a short period of time, the processing fees as well as the interest rates of these loans are very high. Thus, people who miss making their payments continuously will be caught in the lent cycle for a very long time.

As the above discussion reveals, online cash loans should be used only when a person’s cash needs are of a high priority. A low rate loan is recommended if those needs can wait for the period of time it can take for regular loan processing to complete.