No Teletrack Loan in Hamilton Ontario – $300 Payday Loan


hamilton ontario payday loan No Teletrack Loan in Hamilton Ontario   $300 Payday LoanNot to long ago here at BFC, we listed all the payday loan stores in Hamilton, Ontario, and today we are going to post an actual borrower application, and the lender’s terms of the note.

In this application the note was 300 dollars, and the borrower wanted to make sure to do business with a payday loan company in Hamilton that doesn’t use Teletrack. At the very bottom of our introduction, you can read the loan application. Our applicant’s name is Frankie and has lived in Hamilton for the past 2 years, but was originally from Ottawa, and after that he lived in Toronto with his family. Frankie’s loan app is not that much of a desperate situation, it’s not like he needs a loan for emergency reasons – it’s actually more of a want or desire.

He made the application for the $300 for one reason only – he wanted to buy some software for his PC. I would recommend he switch to a Mac, but once again, that is none of my business. My business is documenting Frankie’s payday loan, and in the process, demonstrate why payday loans are an “emergency only” small consumer loan product – NOT really built for prime-time.

Now, before I go any further, we have to discuss some of the reasons why Frankie doesn’t have any credit left, and has to employ the services of a cash advance service. Below in the app listing you can see it shows an Experian credit agency score of 555. That’s a triple nickel you don’t want to have, and if your credit score number is below 600, you should be taking every step possible to clean up your “financial act”, settle up with your creditors, and start climbing that number back up as high as you can.

Personal Note: My personal credit score used to be 530 and at one time I claimed personal bankruptcy – I am from the same land as Frankie – I’m 3rd generation Canada raised, but not Hamilton, Ontario. I grew up in Vancouver and Victoria British Columbia.

no teletrack loans in canada No Teletrack Loan in Hamilton Ontario   $300 Payday LoanSo back to Frankie’s request for a no Teletrack payday loan. His credit score that he cited was with Experian, but that was just one element of the actual FICO number for him. After checking Equifax and TransUnion we found out that Experian was the lowest score, but they were both higher, and his effectual FICO was actually a 610 – not wonderful, but better.

This is why you should never check with just on credit agency, and get your true overall Fair Isaac score. Regardless of these finding however, Frankie certainly would not get approved for a higher line of credit, credit card limit, or overdraft protection. Back to the payday lenders.

So for the loan was taken out successfully, Frankie borrowed $300, as already stated. Below we are going to show you the difference in effectual APR between two different Canadian payday providers – one used Teletrack, and one does not use Teletrack. See the numbers for more;

Borrowing $300 Dollars From Lenders That Don’t Use Teletrack;

  • Loan Amount = $300
  • Fee Per $100 = $30
  • Length of Term = 7 days
  • Total Cost of The Loan = $90
  • Effectual APR = 1560%

Borrowing $300 Dollars From Lender That Does Use Teletrack;

  • Loan Amount = $300
  • Fee Per $100 = $15
  • Length of Term = 7 days
  • Total Cost of The Loan = $45
  • Effectual APR = 780%

The primary difference between lenders who don’t use Teletrack, and the ones that do, is the APR they charge (the fees they charge). And the real kicker is that the companies that charge so much more in fees, and claim not to use Teletrack, are using other criteria to qualify their customers. In other words – you are paying ALLOT of cash for your money just because of marketing and advertising ploys.

Of course for the example above we used quite a wide extreme in APR just to show the difference more dramatically, but these days the new reality is the most all payday loan companies in Canada are charging the most money they can under the law. And that brings us to what lenders in Ontario actually charge in fees.

The cost of borrowing in the Province of Ontario with most PDL companies is based on the ORA (Ontario Resident Agreement). The legal limit Ontario based payday lenders can charge their customers is $21 dollars for every $100 borrowed. Guess what most companies in Ontario charge in fees? You guessed it right – the maximum amount. So for the real-world mathematics on this lending instrument, we proceed as follows (you are following right);

  • Loan Amount = $300
  • Fee Per $100 = $21
  • Length of Term = 14 days
  • Total Cost of The Loan = $63
  • Effectual APR = 780%

These are the numbers that Frankie ended up paying – $21 for every $100 bucks. Pricey.

BFC Customer App:

  • How Much Do You Want To Borrow: $300
  • Experian Score: 555
  • Submit Your DTI: 0.66
  • City of Loan Request: Hamilton, Ontario
  • Country of Loan Request: Canada
  • Loan Reason: Office Software
  • Loan Period: 7 days
  • Your Monthly Income: $2,332
  • Length of Employment: 21 months
  • Job: Shoe Machine Operator
  • Last Paycheck Amount: $2332
  • Urgency Level: Medium
  • All Visa Debt: $4,243
  • Personal Debt Level: $13,000
  • Truck/Car Model: Kia Potentia
  • Owing on Vehicle: $6,060.

Do You Need A Personal Loan?

Legitimate lenders use BFC to find borrowers they can lend money to. We screen them all to make sure they are legal and trustworthy. All fields must be filled out, or the pre-app will not be processed. Thanks for your understanding. NOTE: Lenders generally DO NOT RESPOND to one sentence requests for a loan. They take action if the borrower provides details regarding why they need the money, their Province location, income, outstanding debts in detail. The more in depth your information, the more lenders respond.

Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


5 Loan Requests

  1. Ben applied for the following loan:

    Loan: 250

    Speed: March, 8th 2012

    Credit: Im not sure

    Location: Hamilton, Ontario, Canada

    Income: I work 40 hours a week at 11/hr I make 750 after taxes biweekly and that would regulate to about 1400 a month. Give or take time taken off due to illness or what have you.

    Reason:

    The point of this loan is for me to get my car back on the road, replace the battery and a few other things, I’m no car expert my cousin is.

  2. Rosanna applied for the following loan:

    Loan: $20,000

    Speed: ASAP

    Credit: Not Sure

    Location: GTA, Ontario, Canada

    Income: Total family monthly income...$5000 CAD.

    Reason:

    TO pay off father and father in law, pay off credit card, and pay off consumer proposal. I’d like to have one monthly payment.

  3. Mike applied for the following loan:

    Loan: 5500

    Speed: Motorcycle

    Credit: Not bad I don't have any

    Location: Wainwright Alberta

    Income:

    Reason:

    I am in the army infantry and just got back from Afghanistan do really want to get a bike to ride and relax this summer

  4. Mike applied for the following loan:

    Loan: 5500

    Speed: Motorcycle

    Credit: Don't have any

    Location: Wainwright alberta

    Income: 58000.00 get payed twice a month

    Reason:

    I just got back com Afghanistan and would like to buy a bike to ride and relax on this summer

  5. Traylynn applied for the following loan:

    Loan: 500

    Speed: Asap

    Credit: Not the bestn

    Location: Hamilton ontario

    Income: 699.97

    Reason:

    Need money for my kids

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