Edmonton Direct Lenders For Payday Loans – $1500


edmonton direct payday loans Edmonton Direct Lenders For Payday Loans   $1500Today’s applicant wants to find the best direct lenders for payday loans in his area. His city of choice in Canada is Edmonton right now. He used to live in Montreal for a few years recently, but he’s back home in Edmonton again. So he wants to get a direct deal with a lender that charges an effective APR of less than 15% – that is the bar he has set for himself. Our affiliated lenders sometimes charge as low as 10%, but that’s usually for preferred customers (repeat customers). This fellow wanted to borrow a total of $1500, but he’s not in a huge panic – he would like to have the funds deposited into his chequing account at the Royal Bank (a downtown Edmonton branch).

Our borrower in this case, had just moved back home and he had very little in the way of furniture and appliances – he needed to buy a fridge and stove. But, like I said, he wasn’t in a big panic. If he got the stuff within the next two weeks he would be very happy with that.

We referred this client to a payday loan company that does business in Edmonton. They are a franchise PDL company and they do small loans for $500 and under, and they also do loans up to $1500 for return clients. What he did was, because he had absolutely no credit at all with any of the three major agencies, he got a small loan for $300 and paid it back in a week. He could hold off on his purchase of the appliances another week so he could borrow the larger amount of $1500. Now, the only issue with this borrower is, CAN HE AFFORD TO PAY IT ALL BACK!

If you are robbing Peter to Pay Paul, and you are paying an APR of 15-20% the interest is going to start killing you. Payday loans can cycle out of control, so you must be careful about how much you use them.

But that is not the biggest problem with this loan. The big problem with this applicant is his time of employment. Since he just moved back to Edmonton, and he had only been working 18 days at the time of the application. He had a letter of intent (LOI) from his employer so he could do some financing with the Royal Bank, but that letter didn’t do a damn thing because his credit rating is bloody bad. His FICO came in at 551 on the computer query. With such a low time period of employment, he couldn’t get approved for this loan with any lenders we sent him too. We did warn him that it was very unlikely that any payday lender in Canada would grant him the cash – even for as low as the first intended loan of only $300.

Payday loan companies are very leery of applicants who have just moved to a new address from another Province or City. They have to be careful they don’t lend money to payday loan “skippers”. This loan was ultimately denied.

Below is the data this borrower brought to bear for his loan request.

Customer Request For Funds = How Much Needed: $1500, Please Tell Us Your Affordable Monthly Payment: $180, What Is Your Fico 551, What is Your DTI: 0.63, Location Of Loan App: Edmonton, Alberta, Country Of Loan App: Canada, Loan Reason: Stove and Fridge, Term Length Period: 3 weeks, Per Month Earning: $2600, Length With Employer: 18 days, Job Field: Printing Press Operator, Last Salary Payment: $2600

Requirement: Very Quick, Owing On Visa: $3,000, Current Liability: $200, Truck/Car Model: Jeep Liberty, Debt On Vehicle: $1,220, Auto Year: 09.

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One Loan Request From This Page

  1. Andrew applied for the following loan:

    Loan: $1000

    Speed: As soon as possible. As in yesterday.

    Credit: Terrible. As in completely trashed.

    Location: Edmonton, Alberta, Canada

    Income: I earn $16/hr, and work, on average, 9.5 hr workdays (no overtime), 5 days a week. This places my gross earnings at approximately $3040. I began working for this company on October 26, and was paid in full for the 26th-28th. My first full payday will be February 11. I would like to pay half of the loan on this date, and the other half on February 25th (I get paid every second Friday).

    Reason:

    I was unemployed for nearly 2 months (September – October) and I recently began working for a flooring company. My roommate has covered rent, but we have fallen behind on utilities (We owe slightly under $700 on power and cable/internet combined), and we need to purchase groceries as well. I have no collateral/equity, no ID, and no bank account, so I cannot go through normal channels to acquire a loan.

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