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Payday Loans in Mississauga
Monday, 09 March 2020

People in Mississauga can apply for a payday loans Mississauga no credit check if they need cash quick to make payments that may arise from financial emergencies. Payday loans are very useful and convenient for those people that have either no or poor credit score. Applications may be made online and the process is fast and straightforward. Traditional lenders such as banks and financial institutions won't let money if the person doesn't have a proven track record of repaying his debt on time. They always do credit checks and if you apply to several banks or financial institutions your credit score will be negatively affected because of these checks.

Being a metropolitan city, Mississauga is located just outside of Toronto and has a population of more than 700,000 people. Mississauga is the 6th largest city in Canada and in terms of population is the largest suburb in all of North America.

With payday loans in Mississauga, the credit rating is not required. Payday companies lend money based on the person's ability to repay the funds in terms of his employment condition and salary earned. One of the few requisites is earning an income paid via an active bank account. If the payday loan is approved, the money is debited from the customer's bank account on a monthly basis when the person gets paid by his employer.

Payday loans are also known as cash advances since the money lent is lent in the form of cash instead of credit. It is an unsecured type of loan, meaning, you don't have to have a collateral supporting that loan.

Payday loans in Mississauga have become a promising way to supply people's financial emergency needs. Legislation was passed in Ontario in 2017 that lowered both interest rates and fees on those types of loans. Disclosure requirements, and repayment terms among others were issues that were also looked at.

Who Can Qualify for Payday Loans in Mississauga?

Any person that is Canadian living in the country and has either a job or a business in Canada can qualify for payday loans in Mississauga. You can check out our website and apply online if needed. Income earned must be steady on a monthly basis and not be underage. The payday company won't ask for the financial history of the individual. Even if you have no or a poor credit score you can qualify for payday loans in Mississauga.

What Should Payday Loans in Mississauga be Used for?

It is recommended that payday loans should be used for financial emergencies such as illnesses, hospital bills, medication costs, car and home repairs, Unusually high utility bills, or a job loss (either yours or your spouse's) are all examples related to needed cash fast. Going through a difficult time financially speaking can be stressful. This stress can be partially alleviated by payday loans. Discretionary spending, meaning, those expenses related to luxury shouldn't be paid with the cash from payday loans. This is because payday loans tend to have higher interest rates than traditional loans.

Other financial emergencies include:

- Moving out
- Dental emergencies
- Pet care emergencies
- A car replacement that is unexpected
- Unexpected travel expenses
- Etc.

Payday loans is a very popular alternative to traditional lending. In fact, the Canadian Payday Loan Association states that almost 2 million people get payday loans in Canada every year. Other interesting facts in the Canadian payday loan market include:

- 28% of people that got payday loans had a household annual income of less than $32k.
- 37% of people reported having 2 to 5 payday loans in the last three years.
- 27% of people that had a payday loan approved were 35-44 years old.
- 55% of payday loans given were from $1-$500, while 20% were from $501 to $1,000, and 7% were from $1,000 to $1,500.
- 70% of people have paid their payday loans with the paycheque while 13% took it from their savings account.
- 45% of people have used payday loans to pay for unexpected expenses such as home or cair repairs while 41% have used them to pay for necessary costs such as rent and utility bills.
- 64% of payday loan users have a budget.
- 45% of payday loan users sometimes ask for financial advice.
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