$850 Dollar Loan In Ottawa Ontario, Canada – Non Teletrack


payday loan in ottawa no teletrack $850 Dollar Loan In Ottawa Ontario, Canada   Non TeletrackDaniel from Ottawa applied for a very specific $850 payday loan with no Teletrack checking. We are still posting the loans requested without the use of the Teletrack qualification modeling software package.

The borrower needed the money for a true emergency situation.

He is a father and husband, with a 6 year old boy who is a hemophiliac (If you don’t know what this condition is, you can read more about it here – we have to move on to the loan application, and the pressures our borrower was feeling at the time of the cash advance application – with this condition you always have to have a way to get medical attention QUICKLY).

In this case it truly is a critical and urgent need having quality transportation when someone in the family has a life-threatening condition like this, whereby you may have to speed to a hospital at any time.

Understanding the importance of having a properly and safely maintained vehicle in Canada can’t be overstated. Especially for urban living in the bigger Canadian cities, and on the fastest roads and highways. Daniel has to drive highway 5 North every day for work, so that’s another reason for the dire need of the loan.

We get quite a few of these small loans being requested for vehicle repair being emailed in. Last one was for a transmission repair and this one is for a timing belt. We understand the critical nature of this applicant’s loan and what you might be thinking…..”did he get the damn loan!” Yes, he did. His fee per $100 was $20, which is one dollar lower than most of the lenders that use our site. We can do a complete rundown on this loan at $850 dollars now. Below is the math;

Loan Approved By Payday Loan Company That Uses Teletrack Verification;

  • Principal Borrowed = $850
  • Term Length = 21 days
  • Fee Per $100 Dollars Borrowed = $20
  • Total Fees For This Loan = $170
  • Effectual APR = 520%

Loan Approved By Payday Loan Company in That Doesn’t Use Teletrack;

  • Principal Borrowed = $850
  • Term Length = 21 days
  • Fee Per $100 Dollars Borrowed = $30
  • Total Fees For This Loan = $255
  • Effectual APR = 780%

Now considering these equations are for payday loan lending in Ontario, with lenders in Ottawa, do you see what’s wrong with this picture. Take a good close look at the fee structure for the second equation. Do you see it yet….

It’s the $30 per $100 dollars borrowed line. In Ontario payday lenders could never charge that much. The highest they can go is $21 per $100 borrowed. I have a sneaking suspicion (as my Dad would say) that the Provincial Government of Ontario will be raising that limit in time because the actual Canadian Government Federal limit for payday loan lenders is 60% APR, after all fees and administration costs are added in.

Now the only caveat in my theory laid before you is this – due to the high level of competition in the Canadian payday lending industry, some of the lenders are beginning to offer no Teletrack loans AND keep their fee levels more reasonable. It’s a tough go though for those companies, because they “leave allot of cash on the street” – meaning they get a higher percentage of customers defaulting on their loans.

For Daniel however, he did get approved for his $850 bucks and he got his vehicle back on the road. A sigh of relief, and two weeks after paying the lender their principal and interest, he was given $10,000 from his grandfather who lives back west in Vancouver. All is well that ends well, the saying goes. Now we see why payday loans can sometimes be a worthy consumer option – rare to be sure. As many of our visitors are surprised to find out, after reading some of our Canadian payday loan borrower/lender exchanges, the staff here at BFC does not encourage you to get a payday loan. The costs make the lending product somewhat of a bummer, and some customers end up getting in a very bad cycle of black-hole interest payments when they start getting frequent loans. But in the same breath, we don’t think payday loans should be illegal. We do see a need for these small consumer loan instruments when we have cases like the one described in this post.

Actual Loan Request From Above:

  • Money To Borrow: $850
  • FICO Score: Don’t know it – N/A
  • Debt To Income Ratio: 0.60
  • City/Town of Application: Ottawa, Ontario
  • Country of Application: Canada
  • Purpose of Money: Vehicle Repairs
  • Period of Term: 21 days
  • Monthly Earnings: $3,580
  • Job Time Period: 2 years 4 months
  • Job Field: Device Calibrator
  • Level of Urgency: Critical
  • Owing On Visa Card(s): $7,213
  • Current Loans Out: N/A
  • Car: Volkswagen Jetta
  • Owing on Vehicle: N/A

Applicant’s Extra Notations: I want to use a payday loan company in Ottawa that doesn’t use Teletrack. I’m looking for a guaranteed approval as I have been decline many times already. Thanks, and I hope to hear from you soon regarding this loan.

Final Comment: I remember being a young man myself, when the CIBC or the Royal Bank wouldn’t approve me for ANY credit at all. I was simply and positively SCREWED. No where to go, except to know where. Getting an emergency medication, or vehicle repair was out of the question. Back then (prior to 1993) the only place you could get emergency money was from a friend, employer, or family member. If you had burned all those bridges you were on your own.

But yet, for some unknown reason…….we survived. Have a good one today my friend.

1976 before payday loans existed in canada $850 Dollar Loan In Ottawa Ontario, Canada   Non Teletrack

Do You Need A Personal Loan?

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


7 Loan Requests

  1. Rafaella applied for the following loan:

    Loan: 100

    Speed: Now

    Credit: Very Bad

    Location: Ottawa Ontario Canada

    Income: 2000 A month

    Reason:

    I need to pay bills

  2. judy applied for the following loan:

    Loan: 3000

    Speed: asap

    Credit: poor

    Location: ontario

    Income: 4600 net from secure long-time employment 800 from CPP

    Reason:

    I am late on my car insurance — due very soon, and car payment, and rent.

  3. anthony applied for the following loan:

    Loan: 2000

    Speed: asap

    Credit: poor

    Location: ottawa canada

    Income: i make 2800 a month

    Reason:

    personal

  4. Michelle applied for the following loan:

    Loan: 5000.00

    Speed: ASAP

    Credit: Poor

    Location: Hamilton, Ontario

    Income: I earn 3000/month take home

    Reason:

    To pay outstanding taxes and family debt

  5. lori applied for the following loan:

    Loan: 800

    Speed: immediatly(emergancy)

    Credit: 651

    Location: aberdeen,nc usa

    Income: 2500 permonth,paid bi weekly next pay date 4/18/2014

    Reason:

    Emergancy medication for health conditions that require the body to function properly

  6. GW applied for the following loan:

    Loan: $10 thousand to $15,000

    Speed: Now - asap

    Credit: Poor

    Location: Ottawa, Ontario, Canada

    Income: Close to $5000 a month - this needed to be updated with accurate information before going forward to lenders.

    Reason:

    The purpose of seeking a loan at this time is twofold. The main reason is to payoff my current debt, build new credit, and position myself where I can meet with traditional lenders in the future. The second reason is to provide a small buffer of funds to allow me to live ‘ahead’ instead of in ‘arrears’.

    I am currently employed full-time with the Federal Government in Ottawa and have been since 2003. Prior to my Government career I was employed by the high-tech sector. The high-tech meltdown in 2001 resulted in being laid-off. My wife is self-employed and works from the home.

    We live with our daughter in a two-storey single home in a great community and have been here since 1997.

    Our biggest expense is by far our mortgage which absorbs the majority of my monthly income leaving my wife to pay utilities, groceries, upkeep etc. While we have been able to sustain this for many years, some life events and unplanned costs have added to our expenses. I lost my father-in-law to cancer in April 2014. His death came just 10 days after his diagnosis and hit the family hard. Unfortunately he had no insurance and as a result we have been forced to pay for funeral costs on top of our regular bills. As a result of these added expenses we find ourselves in a position where we must borrow money in order to stay ahead. Due to some debts that have yet to be cleared from my credit report (this has been ongoing for years), we are unable to secure funds through traditional A lenders. These too have impacted our ability to secure a more suitable mortgage and allow us to rebuild our credit.

    My wife and I have taken on a second job in order to increase our cash flow and get us back on track. Until then, I am looking to borrow 10-15k to be used to bring our current bills up to date, clear up the issues with my credit report and move us in to a better position to work with traditional lenders.

    I would welcome an opportunity to discuss our needs and future plans.

    Thank you for your time.

  7. kathy applied for the following loan:

    Loan: 200

    Speed: asap

    Credit: not to good

    Location: Guelph

    Income: 2500

    Reason:

    medical expenses.

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