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At this moment we’re highlighting an authentic payday loan request submitted to one of our domains. These are invariably gripping on the grounds that they are in affiliation to a sincere borrower who became an applicant, and sooner or later an user. I of course care for the borrower and their confidentiality. So this paycheck advance application came in from a neighborhood known as Coventry Hills in Calgary, Canada. The applicant wants to borrow some dough by the following morning (at the time of the application).

Here is how the application form went;

How much do you have to borrow? — I need to get $1400

Why do you want this cash? — I have to get my convertible back together because it broke down recently and I without a doubt have to get some wheels or I won’t be able to get from point A to B, to and from work, take my family to school and back, and pick up groceries. This is a must fix for our family. I’m a divorced daddy and I very much need your cooperation to get this vehicle back on the street fast. The whole transmission has to be rebuilt.

Have you ever used a pdl business recently? — No – Never, but this is my only option this time.

What is your employment industry and how long in this field – detail please? — I work for an energy company as an accountant. I have been an accountant for 7 years now, and I have worked my entire life in Calgary Alberta.

Employment Position — Accountant

When are you paid? — Biweekly

What would you consider your credit rating to be – excellent, great, good, fair, bad? — Bad

How did you find us? — Googling for a payday loan in Calgary.

Bank name — TD Canada

How are you paid? — Direct deposit

Gross Amount Per Paycheck — $1600

This applicant was approved for the payday loan fairly quickly because he has perfect Teletrack rating, and he has a good job. He will have to make sure the lender is paid back on time and avoid the dreaded roll over which creates a high penalty fee and costs the borrower even more loss.

The cost on this loan was 10 dollars for every 100 borrowered, so the total cost on the loan is $150 for the two week term. The lender does longer terms which can cost even more, but the normal term is usually under 14 days. As you might expect, the normal payday loan is paid back when the customer gets their next paycheck. Some employers will actually give their own employees and advance on their next paycheck interest free so before you ever use a payday loan company, ask your employer if they can give you an advance. You don’t want to get involved in a very expensive payday loan unless absolutely have no other option available to you.

Payday loans are not ask popular in Canada as they are in the US, but they are starting to become more popular. Personally, I thought that payday loans would slowly becoming either illegal or unpopular, but I was wrong.

Brin Clinton writes about lending and borrowing in the U.S.A and Canada – today’s piece is in regards to payday loans in Calgary, Alberta, and this is part of a series of articles on cash advance loans in Canada.