Payday Loans Ottawa
- Unforeseen expenditure
- Overspending at the end of the month
- Utility payments
Why Is Cash Depot a Top Choice for Payday Loans in Ottawa?
Many companies will lend you short-term loans, including banks, credit unions, payday lenders, and even certain shops. The question is, why should you choose Cash Depot as your payday lender? Some reasons include:
- Easy application form: While banks make you fill in hefty applications and undergo thorough background checks, Cash Depot asks you only a few questions in a straightforward application
- No background checks: With traditional lenders, background checks are more thorough. Cash Depot won’t dig deep into your financial history
- Fast decision-making: Since only your application and salary information are at the base of our decision, Cash Depot has a 24-48 hour application turnover
- Trusted and licenced lender: Cash Depot has been around in the industry for more than 12 years. It’s a licenced Ottawa payday lender with a positive track record among its customers
How To Qualify for a Payday Loan
Since payday loans in Ottawa are quick and should be covered with your next paycheck, we don’t ask much from you, just that you submit:
- Proof of regular income (for at least three months)
- Bank account number (for the company to take out the required amount when the payday arrives)
- Proof of address (for extra security)
- Your ID with a photo
The only thing we check is if you can cover the money you’re borrowing. We base our judgement on your income amount and regularity. During your application process, we also ensure that your existing advances aren’t too hefty already.
How Much Do Payday Loans Cost?
We’ll be honest; getting payday loans in Ontario is more expensive than any other loan type. Still, the law regulates the upper limits of what can be charged. As a result, you’re in good hands once you decide to borrow from Cash Depot.
Here’s what you can expect:
- In Ottawa, the maximum cost of the loan can’t exceed $15 per $100.
- You can cancel the loan within two days after borrowing without fees or providing a reason.
- We don’t sell you other services adjacent to the payday loan.
Due to the amendment of the Payday Loans Act, 2008, from 2020, lenders can charge no more than 2.5% non-compounding interest rate on the outstanding principal amount. The only immediate amount is a maximum of $25 may be collected for “bounced” repayments (depending on your contract).
Repaying the Loan
Spending more than you can afford might be a dangerous rabbit hole, but with a plan, paying your payday loans Ottawa back will be easier. Cash Depot loan agreements mention the exact repayment date and amount. Ensure that you account for the principal amount and the interests. At the same time, don’t forget about any service fees that might apply. We don’t hide any fees; that’s why you won’t get any surprises at the end of the month. With confidence in our service transparency, you’ll be able to solve your current financial situation. Think about the next month’s expenses and pay back the payday loan.
Ask for the Licence
There are numerous scams out there. Due to this, it’s crucial to look out for the lender’s licence during the consideration phase. We are a licensed credit facility that complies with the Payday Loans Act, 2008. Search for us in the government registry or ask our agents to show you the certificate. By trusting your short-term expenses to Cash Depot, you’re making the best decision possible. Our decade-long journey in loans, expertise in personal finance, and positive customer reviews give us the credibility you need from a payday loan company.
Why Choose Cash Depot?
Many Canadian families face unexpected financial shortages before their next paycheck. Cash Depot aims to ease the burden of the unknown by providing professional services to those who need them. No hidden fees, a straightforward application, little-to-no credit history check, and top-quality customer service make Cash Depot your first choice for payday loans Ottawa. Trust your problem to us, and we’ll solve it in no time!