$200 Dollar Loan in Mississauga, Ontario – No Teletrack Checking

200 dollar payday loan mississauga on ca $200 Dollar Loan in Mississauga, Ontario   No Teletrack CheckingSo we haven’t been out to Mississauga, Ontario for a long long time now, and it’s about time we discussed another lender and borrower transaction in that area, which is basically just another bedroom community of Toronto.

This particular borrower wants to get a very small loan for $200 approved before the end of the same evening that she made the application online. This does happen of course, but usually only if the borrower has had some past experience borrowing money from the same outlet.

Another stipulation that this particular client has pointed out, with concern and a sense of urgency, is that she wants to get her loan through a payday lender in Mississauga that doesn’t use Teletrack (in the payday lending world this is called a no Teletrack loan).

It’s all very well and easy to say that you want to get a loan from a company that doesn’t carry out any kind of teletrack checking before they lend their money out, but it’s a completely, and entirely, different thing to find an actual cash advance company that will lend out the kind of note.

We are almost coming to the end of our series on no Teletrack payday loans in Canada, and that is a very good thing, because personally I would like to move onto something else, such as the payday lending laws in Canada (in all Provinces).

The girl who made this application is a young woman at the age of 25 by the name of Michelle. Michelle works in a bar in the Mississauga area and I’m not going to tell you which bar that is so that we can protect her privacy. Let’s just say this – she makes pretty decent money and works a full-time ledger of hours each month.

Her gross earnings each month when you include all of her tips and all of her wages (which is just the base pay) is close to $4000. Not too shabby for somebody working in a hotel bar with no University education. There is a lot of money to be made in this industry if you work hard and get yourself in with a good establishment.

As you can read below, Michelle is very excited about buying an electronic reading device known as an eReader. For some unknown reason she is not willing to wait until she has enough money left over from her paycheck to purchase this item. With the amount of money she makes per month you would think that she would have enough money left over to buy such a small item.

This particular device only costs about $140, and with the accessories, taxes (GST and PST), she should only be spending about $200. So she has the right amount for the loan she wants to get, but this is a typical example of a borrower not willing to wait until their next payday to buy something. This is also a typical example of a plain ridiculous APR on a loan. I will be detailing the actual effective APR on her two hundred dollar loan a little further down the page.

As you can see in the application form that Michelle filled, she’s driving a Mercedes-Benz. For someone to afford a Mercedes-Benz, the maintenance, and the parts, they have to have some pretty good coin rolling in every month. Or, they have to have a wealthy benefactor, or a wealthy family member who can look after those costs for them. Michelle’s case is the latter – her father bought her the Mercedes brand-new and he pays for all of the maintenance and fuel on the car. Lucky girl.

This applicant, at her very nature is a big spender, and spends money like it’s going out of style every day of the week. As a matter of fact, her Visa bill has swollen up to an unacceptable level in the past six months and her father is getting extremely aggravated about it. I would too if I was the one that had to pay the bill. Her father doesn’t even know she is trying to get this payday loan approved for a measly $200 – just so that she can go spend a little bit more money. It is a sad state of affairs when consumers fall into the trap of “empty consumerism”.

There was no question that Michelle was going to get approved for this two hundred dollar loan. There is no question because of how much money she makes per month, and because of the fact that she had previous loans with the same company in Mississauga. She has been using payday loans for over three years now, every time she drinks a bit too much, and spends too much traveling or buying toys, clothing, gifts, etc.

So you pretty much get the picture. Below is a detailed account of what a small $200 loan looks like when you count in the fees and the effectual APR.

$200 No Teletrack Payday Loan Calculations

  • Loan Amount = $200
  • Fee Per $100 Dollars Borrowed: $20
  • Total fees on Loan = $40
  • Total Withdrawn From Account at Close = $240
  • Loan Term = 7 days
  • Effectual APR = 1040.00 %

Notice how the effective APR skyrockets over 1000% when you borrow smaller amounts, for 1 weeks terms – at least when you compare it with other payday loans we have calculated here at BucksforCanucks.com

Emailed Loan Application:

  • Total Loan Request: $200
  • TransUnion Credit Score: 420
  • Submit Your DTI: 0.61
  • Location Of Loan App: Mississauga, Ontario
  • Country Of Loan App: Canada
  • What Is Loan For: Kobo eReader and Accessories
  • Term Length Period: 28 days
  • Per Month Gross Earning: $3,900-$4,500
  • Length With Employer: 2 years
  • Job Title: Waitress
  • Requirement: Some time this week please.
  • Visa Card Debt: $5,937
  • Total Debt Load: $93,832
  • Vehicle Type: Mercedes
  • Existing Debt On Vehicle: Zero

Borrower’s Comment:

I would very much like to get a fast loan for $200 because I want to buy a really cool eReader down at my the local Best Buy store. I have been looking online to buy a Kobo eReader for the price of $139 ($140). I really need this for my work and for my hobby as well, as I read quite a bit when I am at home and when I am at work. I will use the remaining money from your loan to buy the extra warranty, a light case, and protective gell screen.

My credit is not very good so I can’t seem to get any way of finding a loan with my bank or with anybody else for that matter. I am willing to pay the extra interest and the fees involved with this payday loan, but I am trying to avoid companies that use Teletrack. I had a bad situation with a payday lender in town here and it has pretty much ruined my credit with Teletrack for a while – until I finally get my credit cleaned up. I would very much like to get this loan for $200 and I will pay it back to you at the promised time, when my employer sends me my paycheck via the Internet.

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One Loan Request From This Page

  1. Ryan applied for the following loan:

    Loan: 1000

    Speed: asap

    Credit: poor

    Location: mississauga,on canada

    Income: 800$ from Disability-400$ teaching yoga/meditation. Plus 100$ from a flexibility class I teach. Im hoping to own a yoga studio in the next 5 years or teach abroad.


    I am upgrading my drivers license to a DZ and spending the rest on furnishing my room that has nothing but a bed on the floor, Went through a break up last month and the ex took all the material goods. lol.
    I am basically starting from scratch and just need a financial boost to get going again.
    I am trustworthy person and I can afford to pay back the loan in monthly payments, I have no cell service right now but I can reach you by landline if needed using my landlords phone.I also owe the credit bureau some money from a phone bill, 350$ to be exact which would be nice to pay off since it has ruined my credit rating and I cant even get a new phone or a credit card. thank you

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