Looking For Direct Lender Payday Loan in Vancouver, Canada – $1000


direct lender payday loan canada Looking For Direct Lender Payday Loan in Vancouver, Canada   $1000This applicant in Vancouver, Canada was looking to find a direct lender payday loan. Basically, another poor young soul doesn’t quite understand that there really is’nt such an animal. Anyway, he was applying to borrow $1000 dollars with a payday loan store in Vancouver (down near Hastings and Cassiar way). He actually lives in North Vancouver, but there was a couple of PDL stores on his route from the Sea-Bus, to the Granville street bus, and then down to the West End where he works at a little pizza place on Davies street.

As with all of our applicants, this young man (name protected now) REALLY thinks he has to have his cell phone or he can’t function, so he needed to get a quick loan approved so he pay Telus what he was in arrears for. This is a really expensive way to do this, and we’ll get into the cost of the payday loan right quick.

Amount Borrowed = $1000
Fee Per $100 = $20 (100% online lender with no faxing or teletrack)
Payday Loan Term = 21 days (three weeks)
Fees Paid On Loan = $200
Effective APR = 346.67%

As you can see this borrower ended up getting his payday loan in a hurry and wound up paying close to the highest fees possible. In Canada there is a legal limit to how much you can charge if you run a payday loan store or website. In Canada the legal usury limit for payday loans is an APR of 60% [Source], but for British Columbia the payday loan laws prohibit lenders from charging more than 23% per annum [Source].

Our applicant paid 23% APR and you can see what it cost him. However, he was late on his return payment and bounced the PDL companies cheque. So the bank charged him (Bank of Nova Scotia) for the bounced cheque, the lender charged a late payment penalty, and a penalty for bouncing the cheque as well. In British Columbia the maximum amount a payday lender can charge on bounced cheque is $20 (one time only), and the most they can charge for a late payment is $30 (also a one time penalty allowed only). Below is a list of his penalty costs;

Bank NSF Cheque Fee = $35
Bounced Cheque Penalty fee from PDL Company = $20
Late Payment Penalty fee from PDL Company = $30
—————————————————————–
Total Penalty Fees = $95

So when you add up the fees on the initial principal it’s $200, and the penalties $95. So just shy of $300 in total cost for this payday loan. Let’s throw in the last $5 for the vehicle gas, or bus tickets so he could get down to the store and back a couple of times.

Pretty expensive way to get your phone turned on.

The Borrowers Application For A Direct Payday Loan

Emailed Loan Application = Amount of Loan: $1000, What Is An Affordable Payment For You: $260, Equifax Credit Score: 550, Submit Your DTI: 0.35, City/Town of Application: Vancouver, Country of Application: Canada, Purpose of Loan: Cell Phone/Other, Period of Term: 50 days, Monthly Earning: $3,100, Job Time Period: Twenty years, Job Description: Textile Worker, Paycheck Amount: $3,100

Level of Urgency: Desperate, All Visa Debt: $500, Personal Bank Liability $8,500, Vehicle Model: Suzuki Ignis, Amount Owing: $15,540, Automobile Year: 1983

Special Comment from Borrower: Please pass this along to your list of direct lenders. I don’t want to get a loan through some middleman. Only direct companies please.

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