Need Fast Cash Advance in Kingston, Ontario, Canada – No Teletrack Please


kingston ontario payday loans 500 dollars Need Fast Cash Advance in Kingston, Ontario, Canada   No Teletrack PleaseAnd again we have a borrower who thinks he will avoid “middleman” costs by finding the all elusive “no Teletrack” payday loan provider.

We will compare the rates of a payday loan company that doesn’t use Teletrack, and a company that does use Teletrack. (see below)

Mike emailed us on a Thursday morning from Kingston, Ontario. He is a Canadian citizen, but all of his family roots are down in L.A., and he needs a little push up the hill with a payday loan approved by the next morning so he can by a ticket on Air Canada.

He already has close to what he needs in cash to get the ticket, but he needs this extra $500 to finish off the ticket cost. Furthermore, he wants enough for other travel expenses when down in the States.

The payday lender he got the loan from was through our site, and the company at the time was charging a fee of $17.50 for every $100 borrowed, so we will do the math below as usual. Mike made sure he paid back the loan right on time with his employer cheque (which is a paper cheque), so he actually had to deposit it the old fashioned way – go down to the bank. Until recently, Mike never even used the ATM – he preferred to go right into his CIBC branch and do the whole “stand in line thing”.

As per the loan agreement he ended up paying a total of $87.50 for the entire deal. The law in the Province of Ontario deems that lenders cannot charge a per $100 fee rate greater than $21 dollars. In both of the payday loan APR calculations below we’re using the same term length that Mike did for his cash advance, with the same principal. However, we are changing the fee rates to coincide with the two different lenders – one being a lender that utilized Teletrack, and another lender that does not employ Teletrack – see the difference for yourself in the final effective APR.

Here is the math for effective APR on the loan he took out at the time (with Teletrack);

  • Principal Amount = $500
  • Fee Per $100 = $17.50
  • Loan Term = 21 days
  • Fee Cost Calculation = $87.50
  • Effective APR = 303.33 %

Here is the math for effective APR on the loan he took out at the time (without Teletrack);

  • Principal Amount = $500
  • Fee Per $100 = $30
  • Loan Term = 21 days
  • Fee Cost Calculation = $150
  • Effective APR = 520.00 %

Applicant Submission To BFC;

  • Loan Amount: $500
  • Credit Score: 480
  • What is Your DTI: 0.53
  • Area of Loan Request: Kingston, Ontario
  • Country of Borrower: Canada
  • What Is Loan For: Air Travel
  • Total Term: fortnight
  • Your Income: $2,500
  • Months of Employment: Fifteen Yrs.
  • Employment Description: Plumber
  • Amount of Last Paycheck: $3,100
  • Level of Urgency: Rush Please
  • Credit Card Debt: $22,456
  • Total Personal Debt: $9,476
  • Vehicle Type: Nissan Qashqai
  • Owing on Vehicle: $13,440

Borrower’s Comments: I would like this loan approved fast, because we’re planning to fly off in the next day and a half. I know my credit isn’t good, and I’m just letting you know now up front that I will pay you back on time or sooner.

I have never had a payday loan before, so I’m searching everywhere for lenders in Canada that will lend money to people who have bad credit – so far no luck finding any loan stores or companies that are willing to qualify me for approval.

I don’t get it either – because I have a great job, and as you can see, I’ve been working for over 15 years, and I’ve been living at the same address for over 5 years now (since my divorce was finalized).

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