Payday Loan With Absolutely No Faxing For Appliances – B.C.


no fax loan for appliances vancouver Payday Loan With Absolutely No Faxing For Appliances   B.C.Back out on the West Coast in Vancouver British Columbia Angela was looking for a payday loan online for the first time, and she wanted a no faxing approval process. She had been through every possible angle she could think of in order to come up with the cash she needed, but there was no way of getting around it – she didn’t have any options left, so she had to settle for a PDL. The total request of her loan application was $1000 and she wanted the money deposited directly into her savings account because she had no checking account set up at the time at the Royal Bank in downtown Vancouver.

Now there is the no faxing aspect of this loan to discuss. There isn’t much to say, except that Angela had been told by somebody that using a faxing type payday loan company can be sort of a hassle getting off your information. She was told by her friend to find a no fax payday loan online. She did is likely that, and I will get deeply into what no fax payday loan is here, because we already have a post with detailed information on exactly what that is.

What makes this loan someone unique is the fact that Angela is a first time borrower, and that plays into the actual amount of for loan request at $1000. There is not a single payday loan company anywhere in Canada (yet) that will lend out “a stack” ($1000) to a first-time customer. There are some payday lenders online that adhere to a strict policy of only lending out $300 or less to first-time borrowers. There are some companies in Canada that will lend out as much as $500 to a first-time customer if they can verify an extremely solid employment record and monthly income history. Not all payday loan companies can be stamped the same way. They all have different policies if they are direct lenders, but if they are franchise payday loan stores they will more often than not have their policy set by head office in Toronto, Montréal, Ottawa, Vancouver, Calgary, or Edmonton. I know there are some payday loan in offices that have been located in some of the smaller cities, such as London Ontario, but eventually they were all moved to the larger centers. Enough said – just know that your first loan approval with a  payday loan company anywhere in Canada will have a 99% chance of being somewhere in the $300-$500 range. If you manage to pay off that loan on time, with no “hiccups”, you will be able to borrow more next time. Some lenders will provide cash loans between $1000 and $1500 to repeat customers.

We calculator DTI (debt to income ratio) at .83 which means that she would’ve been categorized as a high risk borrower from the Royal Bank. You would be hard-pressed to find any major Canadian bank that would extend credit to a borrower that had a DTI that high. Most conventional lenders want to see a DTI of at least .5 or lower before they’ll even consider the customer for the final application approval. Some loan officers I have spoken with in Canada have told me that the overall risk factor taken into account with Canadian consumers varies from year to year and bank to bank. But just know that the amount of money you spend each month and the amount of cash you earn each month is carefully weighed out by lenders. It’s not just a matter of your fico score, although that is a great deal to do with the approval process.

This applicant in Vancouver cited the reason for their loan request. She needs to buy some used appliances pronto. We have no other information on the purposes of this payday loan, and that’s just fine considering we want to move along to the mathematics of this small consumer loan instrument.

She had down a monthly income of over $3500 and a paltry two months of employment with the same employer. This length of employment is actually acceptable (regardless of whether or not I consider to be a “paltry” amount of time or not) with most payday loan companies in Canada. The usually want to see a couple of months worth of pay stubs or bank account deposits. She is a successful new software designer and has worked on many animated projects in the Vancouver digital editing and movie industry. Nonissue as far as getting a loan course. Just saying that gainful employment is not a problem for this borrower.

Although Angela stated that she needed the money for buying some used appliances, she also pointed out that this was a nonemergency situation, and she wasn’t in a big panic the of the money that very same day or even by the morning of the next day. This is unusual to say the very least. You can also see that she did enter in her vehicle make and model, which is normal an hour basic loan applications, but we could actually remove that information because she is applying for a payday loan and there is no requirement for any kind of collateral, as you know.

Angela was approved for a loan, but it was for $300. Below is the calculation of that loan, and application from submission;

Actual Approved Loan:

Maximum legal limit for fees per $100 in British Columbia for a payday loan is 23% of the principal. The lender charged her exactly that. Her $300 loan for 14 days cost her $69.00. This is an a APR of 599.63%. It’s always good to, you know……do the math.

Loan Application Submitted:

  • Total Requested Loan: $1000
  • Your Calculated DTI: 0.83
  • City of Loan Request: Vancouver, B.C.
  • Country of Loan Request: Canada
  • Reason For Loan: Appliances
  • Loan Period: 3 weeks
  • Your Monthly Income: $3,571
  • Time With Employer: 2 month (85 days total)
  • Employment Title: Software Designer
  • Level of Urgency: Non-Emergency
  • Total AE Debt: $7,563
  • Other Debts: N/A
  • Car/Truck Model: Hyundai i30
  • How Much Owing: $11,890

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