Are payday loans quick to process? #infographic

When you need cash fast to pay for taxes, medical expenses or other emergency situations, it can feel stressful and difficult to manage. Luckily, there are a few options available, depending on your location, credentials and the amount of cash you're trying to get in advance. If you are currently in employment and are able to provide proof of income, fast payday loans may be the right choice for you and for your situation.

A payday loan is a loan given to a person who is currently in employment and who is able to show proof of income on a regular basis. Payday loans allow you to receive cash in advance to be paid back by a specified date for a specified period of time to avoid additional fees and penalties. In addition, payday loans require you to pay interest rates which are often determined by your credit or financial history and current situation.

Banks offer a wide range of credit products so their approval process must be highly flexible.  This versatility comes at a cost that adds layers of complexity.  Once your loan application reaches a typical bank's underwriting process, it will end up shuffling through multiple departments and appraisal officers before finding the right person.  That person will have to read the request and make a decision on their individual merits before forwarding it down the line.

All this work comes at a cost that can be quickly recovered from a $500,000 mortgage, but on a $200 loan, where they can only bill near the top, it can be more complicated.  Payday lenders are concentrated in a very small segment of the credit market, which helps them to streamline their processes to make small loans available. How good are they? In reality My Canada Payday provides practically instant loans. That's right, in just minutes after the authorisation, the funds arrive.

Are payday loans quick to process? #infographic

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