Low Fee and No Fax Payday Loan In Merritt, B.C., Canada

payday loan for thanksgiving no faxing Low Fee and No Fax Payday Loan In Merritt, B.C., CanadaThis borrower applied from a basement suite in Merritt, B.C. for a sum total of $500. A very normal payday loan amount when you look at the statistics for Canadian small consumer lending. The only thing not normal about this application is the fact that they were anxious about getting it through a no faxing payday loan company.

We’ve never been out to Merritt before in Western Canada for a lending and borrowing consideration, so this is how the application went.

So Andrew from Merritt British Columbia was still living with his parents in their basement and didn’t really have much of a job, because it was part-time and he was just working in a local Mac’s convenience store in town. Because he didn’t have full-time hours, he barely met the criteria set by the majority of payday loan companies in Canada. He was 21 years old, so he met the legal requirements were getting a payday loan in British Columbia – so that wasn’t even an issue.

He didn’t want to use a fax machine, and he didn’t want to use a payday loan store whereby he would walk in – he wanted the loan to be processed 100% online. The reason is he didn’t want anybody knowing where he got the money from, is because most people believed he didn’t have any extra money in his pockets, and he was about to embark on a new thing for him. He was going to surprise his family on Thanksgiving. (This would be the Canadian Thanksgiving)

The payday loan company he ended up getting approved with had a minimum requirement that borrowers had to earn each month, being $1000. Andrew earns just over $1100 per month because it is part-time work at the store, so he barely qualified to be a customer. His credit rating was fairly weak at the time as you can see by the Equifax credit score below (610), and his DTI was not really applicable to this particular cash advance model.

Of course his debt to income ratio does matter as far as he’s concerned, but for the sake of argument payday loan companies never really cared about your DTI.

Now the way this loan played out. Andrew needed three weeks to pay back the money to the lender, and you’ll see this in the payday loan calculation below.

Andrew pointed out in his pre-application that he needed the money urgently, and that was because he was running out of time to get ready for his Thanksgiving dinner surprise. What was happening was his Aunts and Uncles were coming in from Vancouver (one couple from Burnaby and the other couple from Langley) and he was planning to purchase some small gifts for everybody, and put on a huge dinner for the family through a caterer.

The caterer he was going to use was his girlfriend’s parent’s restaurant in the town of Merritt. I hope that we’re not giving away too much information as we are trying to protect the privacy of all concerned. Suffice to say that Andrew was willing to take on a high APR lending instrument, and pay the high PDL fees associated just so he could surprise his family. Not a bad motive for sure.

So now we want to do the mathematics on Andrew’s payday loan and that’s very simple using a handy-dandy, super-duper, payday loan calculator. We have built one for our staff to use and we will soon be posting our calculator online so that any of our visitors and users (perhaps you) can crunch the numbers on any payday loan they wish. The calculator we have coded calculates the effective APR of any payday loan after you have entered in the different fields of data. Those fields of data are as follows;

  • amount of payday loan
  • the fees charged per $100 borrowed
  • length of term
  • rollover(s) if applicable
  • bounced cheque (NSF) cost total (bank fees and payday lender’s fees)

After you have entered the above three fields, the calculator goes into action when you click the submit button. The calculation presented shows three different results;

  • the total fees paid on the loan
  • the total pay back to the lender (principal plus interest)
  • the effective APR

Our payday loan calculator also calculates what your cost would be (approximately +/- a dollar or two) if you defaulted on the payment, or if you rolled over the loan. No other payday loan calculator does that online. Very unique. We will launch the web version for our users by the end of this year. We have allot of content to record first ;-).

Below is the results of Andrew’s payday loan;

  • Loan fee per $100 borrowed = $20
  • Amount Borrowed = $500
  • Payday Loan Term = 21 days
  • Amount Paid in Fees = $100
  • Amount Paid Back Total (fees and principal) = $600
  • Effective APR = 1040.00 %

Mmmmm……hope that was really good turkey boy!

Customer Request For Fund:

  • Sum of Loan: $500
  • Equifax Score: 610
  • What is Your DTI: 0.51
  • City/Town of Application: Merritt, B.C.
  • Country of Application: Canada
  • Loan Purpose: thanksgiving holidays
  • Period of Term: 28 days
  • Gross Monthly Earning: $4,900
  • Time With Employer: Two years
  • Amount of Last Paycheck: $1100
  • Urgency Level: Urgent
  • Combined Credit Debt: $16,893
  • Other Loan Debt: N/A
  • Vehicle: Jeep XJ
  • Debt Still Owing: $17,540

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.

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One Loan Request From This Page

  1. jeff applied for the following loan:

    Loan: 5000

    Speed: down payment for consolodation loan

    Credit: kinda ok own a house

    Location: simcoe,ontario,canada

    Income: i make 2400 a month


    I am getting a personal loan to pay off my truck and other debts i need this for a downpayment, I will be able to pay you back with in 3 days if you can help me i would appreciate it. I have 3 children and i do not want to loose my house.

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