Direct Lenders Only – Payday Loan in Calgary, Canada – $300


300 direct lender payday loan Direct Lenders Only   Payday Loan in Calgary, Canada   $300This Canadian resident living and working in Calgary wanted approval for a payday loan with a direct lender only. We had no problem getting him approved for the loan as it was only $300. He was clearly “fussy” about finding a direct lender though as he wasn’t going to except any other kind of payday loan company – I bet he was surprised to find out that his APR in the end wasn’t one percentage point better than any other operator or cash advance center in Calgary (or anywhere else for that matter).

We sent him to our recommended lender from this very web site and he was approved within minutes of applying. At the time of this online application our main company was a no Teletrack company, and they didn’t require the faxing of the applicant’s information either. They did ask for a few things though – man, they have got to get some kind of proof of employment, age, etc.

The reason for the $500 loan was for, all things, a surround sound system. The reasoning was cute actually. Heartwarming to be honest about it. the borrower was recently divorced and didn’t really “have a pot to piss in” at the time, but yet his son was coming over to visit for a week in August. His son plays in a local band in Calgary, and had recently finished recording a CD of 12 songs. The father had never applied for payday loan in his life, and knows how expensive they are, but he went ahead and got he loan anyway. Why? He no longer had a stereo system because his wife had it at their house, and they had not even finished a divorce settlement yet. So basically, he needed the extra $500 cash advance so he could a better system. He simply wanted to play his son’t music through a REALLY smokin’ setup.

You would think there was an easier way to dig up an extra five hundred bucks for this reason, but it wasn’t to be. I mean, I’m sure there are some stores that sell systems like these on an installment plan. I do know though that this guy didn’t have any credit all, so he couldn’t even make a down payment – so perhaps this was his only way out. Or should I say “in”.

This PDL provider goes by the requirements of the Alberta PDL Regulations under the Fair Trading Act of Canada. The most the Calgary lender can charge is a total APR of 23%, AFTER all expenses included in the agreement. So obviously for every $100 your borrow, they’re charging $23 dollars. Below is the actual payday loan laid out for you to see the math on it;

Principal Loan = $300
Amount Charged Per $100 = $23
Total Fees For Loan = $69.00
Effective APR = (wait for it……) 599.64% And you wonder why the BFC writers always recommend finding non-payday loan alternatives for getting quick cash. Clean up that credit score/rating, and get things back on track as soon as you can.

Anyway – no harm, no foul – he got the money, bought the gear, and moved on. He paid the payday loan store back as soon as his paycheck went through as planned. His kid had a great time, and they “cranked that mother up”. Just sayin’

Below you can read the quick data from this borrower’s application, and as usual we have kept back the private information to protect all concerned. Unless of of course you can figure out who it is some other way. Good luck on that one.

Loan Application Submitted = Money To Borrow: $300, The Monthly Payment You Can Handle: $125, Equifax Rating: 520, Your Calculated DTI: 0.73, App Location: Calgary, Alberta, Applicant’s Country: Canada, What Is Loan For: Surround Sound System, Period of Loan: 14 days, Earning Each Month: $3,800, Employed How Long: 8 Yrs., Job: Teacher, Last Job Paycheck: $3,800

Urgency of Loan: Important, Combined Visa Debt: $50,000, Current Debt Liability: $50,000, Vehicle Type: Lexus Coach Rx300, Owing on Vehicle: $12,530

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