Needing some quick money is a common thing that happens to almost everyone at some point in their lives. When it’s your turn, Mr Payday is as good a lender as any to turn to for help. Their loans may come at a high price, but it’s nothing exceptional for this type of product, and in return you can expect excellent speed from beginning to end. For a certain type of customer, that’s a dream come true; think about whether or not you might be one of them as you read our review of Mr Payday loans.
Learning the Details
Mr Payday tells you most of what you need to know about them right there in their company name. As you would probably be able to guess, they are a payday lending outlet, and that type of product follows a very specific mold that still applies here. Firstly, their loans are on the smaller side, though not as tiny as those of some other lenders out there. The maximum amount they will ever extend to you is $1,500, and this high amount is reserved for special cases that you will most not likely be one of. It’s more sensible and reasonable to expect to get just a few hundred dollars out of this process, like you might with any other payday loan.
Secondly, their interest rates are extremely high. This lender actually charges the highest possible amount they are allowed to under Canadian provincial laws, with each province in which they operate having a different but similar maximum number. This obviously means they will be extremely expensive when compared to other loans, but perhaps not as much as you might think. Since time is also a big factor in the final cost of a loan, the third defining characteristic of payday loans (which we’ll get to in a moment) will mitigate the impact of that rate a bit.
Lastly, these loans are very short-terms ones that you must be prepared to pay off quickly if you’re going to use them. Once you get your money and 2 full weeks have elapsed, it will be time for you to repay this loan in full including all interest charges that apply. If you don’t, you’ll face additional fees and even higher accruing interest over time. Since the costs of these loans were never low to begin with, it just makes sense to be extra vigilant about making that repayment happen on time and without issues. You won’t get out of your obligation to repay by delaying the matter, so it’s best that you don’t make things worse for yourself by drawing it out.
Money In Your Hands At Lightning-Fast Speeds
All payday loans are relatively quick and easy to access – they have to be, given that they must be repaid within so short a time frame too. Mr Payday takes this basic promise and stretches it to the extreme, delivering quicker service to their customers than most of their competitors are willing to claim. As is common now, it only takes a few minutes to apply Once you’ve made your submission, it shouldn’t take more than 30 minutes for your application to be processed and for a decision (and a loan agreement, if you’ve been successful) to be sent to you. It’s up to you to accept it or ignore it. In some cases, it will only take another 30 minutes after that to get the money in your bank account, but this will of course depend on when you apply and how many cases the lender is currently dealing with. To be safe, it makes more sense to expect to receive your money within 24 hours instead and take it as a happy surprise if it happens to come in sooner.
Some Limitations to Keep In Mind
Part of providing such a fast, smooth process to customers is streamlining some parts of the process that are likely to cause delays. That’s part of the reason why this lender does not accept applications from people whose income is not derived from a job. If you receive government assistance, work on a contract or own your own business, you are an example of someone who will not be able to borrow from Mr Payday. This is an unfortunately common stipulation that will probably cause you to have trouble accessing other kinds of loans too, but there is a certain logic to it; employment income is usually more consistent and more substantial than any other kind except perhaps investment income, and it’s rare that people have any significant amount of the latter kind.
Another restriction you might face is this lender’s very limited area of operations. Mr Payday only offers their products and services in Ontario, Alberta, and British Columbia – no resident of any other province can borrow from them, even if that person applies remotely through online means. These are some of the provinces with the largest populations out of all of them, so there will still be many people for whom these loans are an option. However, many others will simply never be able to do business with this lender regardless of how much they might want to. Although this lender may extend their reach to those other provinces in the future, as of right now, you might as well put them out of your mind for the time being. It’s a shame for you to have to miss out on the excellent turnaround times that they can bring you, but there isn’t anything to be done about that currently.
Coming to a Final Decision on Mr Payday Loans
Some people attempt to borrow money thinking that they will be able to pay only a little bit in interest to do so. In that case, look elsewhere; Mr Payday loans are never going to be a cost-effective option. What they can be instead is a quick and convenient one that will remain available to you even if your credit is poor. Check and make sure that you don’t violate the two major criteria (income source and place) that you’ll need to be accepted, but other than that, you can be relatively sure that submitting an application to this lender will get you the money you’re looking for in record time.
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