No Teletrack Payday Loans With 6 Month Installments – Vancouver, Canada


no teletrack payday loan 1500 No Teletrack Payday Loans With 6 Month Installments   Vancouver, CanadaWe now embark on the no Teletrack payday loan journey across Canada. As usual we are going to start of with an borrower applying for a payday loan in Vancouver, BC (just in case you didn’t know already the we deal mostly with Canadian lenders) and work our way east from their. Why? Because I grew up in BC (Terrace, Prince George, Vancouver, Victoria, Smithers, Prince Rupert, and Port Hardy – Dad liked to move around allot).

So our applicant was a 28 year old female by the name of Andrea, and she was applying for a $1500 cash advance payday loan, BUT she really wanted to have no Teletrack checking, and on top of that, she wanted the loan to be paid back in monthly installments over a six month period (term). At this date, I have not found any lenders in Canada that offer personal loans to be paid back in installment payments. Only conventional banks usually allow installment payments on personal loans, and they don’t usually approve loans under 4-5 thousand dollars. Of course, this could all change in the next few years, and then this loan entry would be obsolete (oh well, I can come back and delete this loan app if that happens – lazy right).

At the time of this underwriting there was no such thing as a lender in Vancouver that approves loans of this exact description, so the only choice we had for this client was to steer them towards a payday loan they could afford. When you look closely at an online PDL application, you can see that there are specific fields that need to be filled out in order to submit successfully. We’re discussing this because the borrower made it sort of clear that she couldn’t pay back the entire $1500 in under just one month (hence the request for installment repayment), and obviously deep down in side she knows that her current Debt-To-Income Ratio (DTI) makes it pretty much impossible to pay off a $1500 loan that quick.

Below is a typical list of queries found on a Canadian lender’s online loan application;

First Name
Last Name
Address
PO Box#
City
Postal Code
Work Phone
Home Phone
Mobile Phone
Email Address
Gender
Social Insurance Number
Driver’s License (sometimes optional)
Birth Date
Do you Rent or Own Your Home?
Your Primary Income
Employer Name
Employer Address
Employer City
Employer Province
Employer Postal Code
Employer Phone
Is your paycheck deposited directly into your bank account?

Source of Income;

  • Select Employed
  • Canada Pension (CPP)
  • Child Tax Benefits
  • Disability Income
  • GST
  • Social Assistance
  • Canadian Government Assistance
  • Other

How often do you get paid?;

  • Weekly
  • Biweekly
  • Monthly

Net Paycheck Each Pay Period
Next Paycheck Date
Second Paycheck Date

Bank Account Information;

  • Branch Transit Number
  • Financial Institution Number
  • Chequing Account Number

Notice how there isn’t enough questions there to determine the applicant’s actual DTI? Notice how the lender can’t really tell if the customer can ACTUALLY pay back the loan at all. This is a problem with the payday loan industry in Canada right now – PDL companies need to start asking a few more questions when taking applications – they need to find the true DTI of the applicant, and if the DTI is too high, then NO LOAN. It’s bad business for all concerned when lenders lend money to people that have bad credit in Canada. Everyone loses: the bank loses, the borrower loses, and the community loses as a whole. Does the Wallstreet crash of 2008 ring a bell anyone!!!

In the end we helped Andrea clean up here conventional credit record by clearing off some late payment and defaulted payment points on her record with Equifax, and directed her to simply get a $1500 overdraft. An overdraft credit is MUCH cheaper money.

No Teletrack Payday Loan (Data) = Total Requested Loan: $1500, Monthly Installment You Will Pay: $170, Your Fico Score: 516, Submit Your DTI: 0.65, Origin City of Loan: Vancouver, B.C., Origin Country of Loan: Canada, Purpose of Money: General Debt, Length of Term: 6 Months, Month Income: $1,920, Mo. With Job: 38 weeks, Your Employment: Food Preparation Worker, Recent Employer Payment: $1,500

Urgency of Loan: Help Me, Visa Debt Level: $200, Other Liabilities: $30,000, Car: Isuzu 117 Coupe, How Much Owing: $1,420.

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!


6 Loan Requests

  1. WENDY applied for the following loan:

    Loan: 1500

    Speed: ASAP

    Credit: POOR

    Location: elmvale

    Income: 1030

    Reason:

    EMERGENCIES HOME IMPROVEMENT EMERGENCIES

  2. Jennifer applied for the following loan:

    Loan: 2000

    Speed: Necessities

    Credit: Good

    Location: Thunder Bay

    Income: Child tax- $646.36 Trillium-$49.32 Ontario Works- $947

    Reason:

    Id like to pay off my three payday loans & buy neccessary baby items for my child.

  3. Marlene applied for the following loan:

    Loan: 1500

    Speed: ASAP

    Credit: 519

    Location: Pickering

    Income: Child tax 1296.32

    Reason:

    To pay bills that needs to be paid ASAP

  4. Rosie applied for the following loan:

    Loan: 200.00

    Speed: thurs sept 7th 2017

    Credit: bad

    Location: Victoria

    Income: $980 per month Medical Income Assistance $450 per month Child Tax Benefit

    Reason:

    I need to food for myself and my daughter to last until Sept 20th when I receive my monthly payments. Please Help. I cannot borrow from Money Mart as I used to work for them.

  5. Marlene applied for the following loan:

    Loan: 1500

    Speed: ASAP

    Credit: Poor

    Location: Pickering

    Income: 1296.00 child tax

    Reason:

    I’m moving in 2 months and need to use some of this money for the down deposit. Getting kick out because I brought kittens home.

  6. Anonymous applied for the following loan:

    Loan: 3000

    Speed: today

    Credit: fair

    Location: Barrie

    Income: odsp 1160

    Reason:

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