Bridge Payday Loan has Launched a State-of-the-Art Online Payday Portal for the Residents of Canada

ROCKLEDGE, FL, November 02, 2012 (Press-News.org) Bridge Payday Loan has launched a state of the art online payday portal for the residents of Canada. The Bridge Payday Loan Canada lending network has multiple lenders that serve all provinces in Canada. Online payday loans in Canada have made it possible for consumers to get some quick cash in the middle of the month when their last paychecks have been exhausted and the next ones are too far away. It is important for people to live within their means. However, there are times when even the most financial competent individuals or the best financial planners need to spend a little bit more than they earn. Unfortunately, their paychecks may not be able to cover these additional expenses. When a financial emergency arises, you can always count on payday lenders to avail the cash you need in the shortest time possible.

Definition of Payday Loan

Simply put, payday loans are short-term unsecured credit facilities that are normally repayable in full at the consumer's next paycheck. The amounts that borrowers can get vary and typically do not exceed 1,500 dollars. The principal amount borrowed and the fee or interest must be repaid in full with the consumer's next paycheck or according to the terms of the loan contract.

How to Apply

Before the advent of the Internet, consumers had to visit the offices of the lender, fill out forms, and wait for approval. If approved, the lender gave the borrower the money in the form of a check. Nowadays, prospective borrowers do not even have to get out of their homes in order to procure these loans. All they need to have is a computer and an internet connection.

The first step to getting a payday loan is identifying the right lender. The second step is visiting their site to learn more about the requirements and application procedure. The third step is to fill out the loan application form on the site and submit it. Different lenders normally offer different rates of APR, so it is important to carefully read the loan agreement. The good news is that there are many companies on the internet that work as lending networks. They have partnered with numerous lenders who have given them permission to help them find prospective borrowers. After submitting a loan application with a lending network, prospective borrowers can expect an instant decision.

Requirements

Generally, all legal residents of Canada can apply. Prospective payday loan borrowers should be at least 18 years old when applying. Loan applicants must have a regular source of income from employment, self-employment, or any other venture. They must also have active bank accounts with Direct Deposit. Applicants must also fill out the prescribed loan application forms online providing all the required information truthfully and accurately.

Loan Processing

After submitting the online form, applicants can get a loan decision almost immediately. The details provided will then be verified before the money is credited into the bank account specified on the form. Generally, the entire process takes less than 24 hours, and borrowers can expect to have the money in their hands on the same day or the next business day; depending on the time of the application.

Advantages of Payday Loans

Unlike other lending institutions like banks, payday lenders do not usually carry out credit checks on prospective borrowers. Payday lenders do not also ask loan applicants to explain how they intend to utilize their respective loans. These features and many others are the main reasons why many Canadians are turning to payday lenders as opposed to traditional lending institutions.

You can start the process today at: http://www.bridgepaydayloan.ca/