No Faxing Needed Payday Loan for Dryer – Campbell River, B.C.

campbell river paydayloan 660 dollars No Faxing Needed Payday Loan for Dryer   Campbell River, B.C.Dennis applied for a loan of $660 (no, payday loans don’t always come in multiples of 100 exactly) with a no fax lender that does business purely online. The reason he wanted to find a company that didn’t use fax machines is because he was in a big hurry to get their laundry dryer replaced. His wife has been getting on his case for months now to get their dryer fixed, and when he tried to fix it himself he discovered that it was damaged beyond repair. His wife is getting really peeved because she had been down to the laundromat more than a few times in the last month and she was just about to lose it.

Dennis and his wife went over to The Brick on the Island Highway and found the dryer that they can use quite handily for just under $600. After taxes, they’re going to be paying $650 because of the HST (harmonized sales tax) that is applicable British Columbia. Unfortunately, he had no real choice left is first thing up some extra money for a almost emergency situation. Is only option left was a cash advance or payday loan company that operated in Campbell River somewhere. You told his wife that he was going to have to use a PDL company and she said that she really didn’t care – she just wants to get their family’s clothing clean again without having to go to the laundromat.

So for this applicant we will be testing out our own custom-made payday loan calculator which we specifically coded to calculate loans that ranged in amounts right down to the penny. Instead of the cash advance always being in multiples of 100 dollars, we can now calculate oddball amounts with ease. We will do so at the bottom of this post. As you can see by the credit score of this applicant at a FICO of 515 there is no question why he has had to resort to a high-yield and expensive loan product.

There are many choices for lenders online, and any Google search will give you millions of results to choose from, but only a handful of those results will provide actual companies that lend money to people with bad credit. Where I can make a big list of all the PDL companies on Vancouver Island, because we have done that already here at BFC. We are going to lay out this borrower’s somewhat emergency situation for you to see. Believe it or not, our readers do get something of value from reading about others who are in similar situations whereby they don’t have a good credit rating and the need to borrow some fast cash.

This payday loan is for a seven day (one week) term, which carries with it the highest APR you could possibly find in the lending industry. The more weeks in the term of a payday loan in Canada and the United States, the less the actual effective APR is. It doesn’t mean it’s a good idea to borrow money for 28 days, from a payday loan company – we just wanted to point out facts about APR. Anyway, you can see all of this in the calculations below.

It’s always helpful to understand the borrower’s financial situation a little bit better when we assess their chances of qualification. And in this case we can see that is monthly earnings are only a gross of just under $3000 dollars. That’s not a lot of money these days. With that in mind, take a look at how much credit card debt, and personal loan debt this person has right now.

It totals over $11,000 which in the grand scheme of things really isn’t that bad when you compare the average personal debt load for Canadians. If this family could get their act together and find a way to make more money per month, and stop spending so much money every month, they could very well find themselves in a secure position financially. Here we certainly hope that they can do just that.

Dennis was approved for this loan for $660 and they did manage to buy the dryer they needed. He did get the money deposited directly into his chequing account, but it was not overnight. He had to deal with somebody on the phone, and he ended up scanning all of his documentation (employment pay stubs, last two months of bank statements, and personal identification in the form of a drivers license) at home and e-mailing it to the lender. So technically this was a no fax loan, but really it didn’t save them a lot of time.

Payday Loan For $660 Dollars (calculations):

  • Loan Amount = $660
  • Fee Per $100 = $23
  • Term Length = 7 days

Payday Loan Costs and Effective APR:

Below is the cost of this payday loan – TAKE NOTE of the effective APR.

  • Total Paid Back to Lender: $811.8
  • Total Fees Paid to Lender: $151.8
  • Total Effective APR on Loan: 1196%

We encourage you to seek out an alternative to a payday loan or cash advance, due to the extremely high interest and penalty fees.

Consumer Loan Submission:

    • Loan Amount: $660
    • Equifax Credit Score: 515
    • Enter DTI Here: 0.35
    • App Location: Campbell River, British Columbia
    • Applicant’s Country: Canada
    • Purpose of Money: Replace Dryer
    • Period of Loan: 7 days
    • Earning Each Month: $2,945
    • Period With Employment: 1 year
    • Requirement: Overnight
    • Total Credit Card Debt: $4,734
    • Other Debt Load: $6,875 (personal loan)

Borrower’s Comments: I’ve been trying to this money from a Canadian online lender all day now, and I’m starting to lose all hope of finding a bank or company that will help me. I have a broken down dryer (and the washer isn’t that good either) that won’t even spin at all anymore – just sort of makes a grinding noise now. I have to get a new one and I found one in town that is brand new and for a good price.

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