John’s Payday Loan With No Faxing – Toronto, Ontario


850paydayloan ice fishing ontario Johns Payday Loan With No Faxing   Toronto, OntarioJohn grew up his whole life in Canada, and the one thing that he loved to do most was go ice fishing in northern Ontario. After all of the pain and suffering that goes along with the divorce, he just wanted to get away and have some fun with his friends, maybe have a few drinks, and just get away from the city for a while.

Unfortunately for John, his credit rating was so bad, he couldn’t borrow a dime from any conventional bank.

His bank of choice is the HSBC in Mississauga because that is where he actually works during the week. The HSBC flatly denied him any kind of credit, whether that be on a credit card or line of credit.

They were not going to approve him on any condition whatsoever. It’s just not like the old days when the banks would sometimes come through for you if you had a long-standing relationship with them as a customer. Yes, those days are long gone.

No, the banks would rather invest money in the back door of payday loan stores and charge you enormous APR on the dollar. So John tucked his tail between his legs and got himself onto his computer and started shopping for an online solution to alleviate his temporary financial shortfalls. There was no way he was going to miss this trip just because he didn’t have an extra $875 to spend on it. There is no way he was going to miss out on hanging with his friends this winter, and being stuck listening to his ex-wife and his spoiled brat kids as they tried to milk him for every dollar he’s got.

I have to admit being a little bit biased on John’s behalf, as I was divorced, bankrupt, in debt, and just plain unhappy. I never did get a payday loan or cash advance where I was living at the time and Saskatoon, but I tell you this, I didn’t have a pot to piss, in or two nickels to rub together. I was working night shift and there were many times when I thought about just quitting my job altogether, because it didn’t seem like there was any real hope of climbing back out of the debt trap called a bad marriage.

In John’s particular case, he decided not to use any of the cash advance stores in Toronto, or in the Mississauga area. He chose to use the Google machine and find a company that would lend him the money online.

When he did some research he checked out many lending sites, and read into some of their stipulations and rules for lending. He didn’t like what he saw. He didn’t like what he read either. He noticed that the fees were completely outrageous when he considered that he wanted to borrow the money for a period of three weeks, and the amount of $875.

You see, John is actually pretty darn good at math, and he knows when he is being taken down “the yellow brick road”. He could see that the resulting APR of this small loan was going to be nothing short of highway robbery, but even so, he has way too much pride to ask anybody he knows for the money.

John was approved for the $850 as he reluctantly took the loan out. He requested from us that the lender approve his loan and have it deposited into his chequing account within 48 hours, because he was hitting the road just after that amount of time. That was complied with 100%. The reason he was approved so quickly for this loan wasn’t because he was a repeat customer or anything like that – it was because he has a good job and has been with the same employer’s business for over seven years.

He was borrowing well in the legal limit as stipulated by the Ontario provincial government in regards to how much payday loan lenders can lend to their customers. The fee per $100 borrowed was the maximum you can charge in Ontario at $23.

John didn’t like it, but he said the hell with it, and got the loan anyway. He also paid the loan back on time because there was no way in hell he was ever going to allow them to charge him for a rollover charge. There was no way he was going to let his check bounce and suffer all of the damages and penalty fees that go along with such an action.

When you look at John’s information you can see that he has some debt that he is carrying already. He owes over $12,000 to American Express on his credit card, and he owes $5000 to the HSBC for a personal loan. He also owes some money to a hot rod store for parts on his 1975 Corvette. His only pride and joy, and frivolous toy.

As it turned out, John’s payday loan cost him a lot of cash in fees, but I am sure he believes at the time it was worth it. I suppose if somebody doesn’t make a habit of using these kinds of consumer loans they can be all right and not get stuck in the vicious cycle of debt to paycheck, debt to paycheck, and more debt.

Heck, the amount of money he spent on the fees could’ve easily been spent having a good time in a bar somewhere and not feeling that great in the morning for it. This money enabled him to catch up with his buddies, unwind, relax, and just take it easy.

Payday Loan Costs and Effective APR:

  • Total Paid Back to Lender: $1045.5
  • Total Fees Paid to Lender: $195.5
  • Total Effective APR on Loan: 398.67%

We encourage you to seek out an alternative to a payday loan or cash advance, due to the extremely high interest and penalty fees.

Loan App Via Email:

  • Sum of Loan: $875
  • Experian Score: 451
  • Enter DTI Here: 0.66
  • Origin City of Loan: Toronto, Ontario
  • Origin Country of Loan: Canada
  • What Is Loan For: Ice Fishing Trip
  • Length of Term: 3 weeks
  • Month Income: $4,000
  • Mo. With Job: 7 Yrs.
  • Urgency of Loan: In 48 hours
  • Total Amex Debt: $12,543
  • Other Loan Liabilities: Personal loan for $5000 with HSBC
  • Vehicle Type: Buick Gran Sport
  • Debt Still Owing: N/A

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2 Loan Requests

  1. Natasha applied for the following loan:

    Loan: 250

    Speed: Tonight

    Credit: Very bad

    Location: Kitchener, Ontario, Canada

    Income: I work for cash on the side as I am a student. I make about 600 a week.

    Reason:

    I am need of this loan so that I am able to buy food for myself until I am paid in two weeks. I have no support from the financial aid office with the school and my parents and friends and family are unable to help me

  2. Ron applied for the following loan:

    Loan: 3000.00

    Speed: 48 Hours

    Credit: very poor

    Location: Toronto, Ontario Canada

    Income: Full time - three years with company paid monthly $5,170.00 by Cheque

    Reason:

    To clear up outstanding Bills.

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