Payday loans were created for people who need money quickly. Typically, their reasoning tells them, they are unable to wait for their next pay cheque. A payday loan type of company allows this person to get fast, easy money, to cover off these situations, that they have identified as an emergency.
Some other names the payday loans can be called are payday advance, salary loan, payroll loan, salary loan, payroll loan, small dollar loan, short term and cash advance loan.
The definition of a payday advance is “a small short term unsecured loan, regardless of whether repayment of loans is linked to a borrower’s payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Payday advance loans rely on the consumer having a previous payroll and employment records. Legislation regarding payroll loans varies widely between different countries, and in federal systems, between different provinces and states. [definition courtesy of Wikipedia]
This industry started in the mid 1990’s and has become one of the primary sources of lent money in Canada. More and more Canadians are using payday lenders. Continue reading “Direct Lender Payday Loans: Review”