What
is a Payday Loan?
Simply put, a Payday Loan is a short-term, small amount loan intended
to provide just enough money to help take you through until your
next payday. Typically, the amounts are between: $100-$1500 and
are used for a two week period.
Is a Payday Loan the right option for me?
When used responsibly, this type of loan can be extremely helpful
to provide financial assistance in a very short amount of time.
Some common uses are:
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To pay bills |
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To help cover sudden and urgent expenses |
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To ensure a cheque will not bounce |
When choosing which payday loan company you will use, it is important
to consider both:
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The company practices responsible lending |
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You will use the payday loan responsibly |
How does RedLeafLoans.ca practice responsible lending?
At RedLeafLoans.ca, we ensure you are not taking more than you
are able to repay. Your first loan will not exceed 30% of your
net income, which means your entire pay cheque will not go to repaying
your loan. Once you have consistently repaid your loans on time,
you will become an established customer and your loan limit may
be increased. The amount you are able to borrow will always depend
on the amount of your net income.
Some payday loan companies offer rollovers or refinancing on their
loans. This turns a payday loan into a long term and very expensive
type of loan. What happens is that each time a loan is rolled over,
the interest gets paid, but the principal remains the same. In
the end, you will have ended up paying much more in interest and
only fall behind. We do not want to cause a bigger financial burden
for our customers. This is why RedLeafLoans.ca has a strict
no rollover policy.
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RedLeafLoans.ca will always notify everyone, two full
days prior to their repayment date. This is sent so that
arrangements can be made to ensure the funds will be available
and avoid NSF charges from the bank. A reminder will also
be sent on the actual repayment date. |
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You can always be assured that there will never be any
hidden costs of fees with RedLeafLoans.ca. We are very
upfront about our fees, and they are also displayed on
our website, with nothing to hide.
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RedLeafLoans.ca will only enter into a business relationship
with those who have the means to handle the costs and conditions
of this type of loan. We will not loan to those who are
receiving pension, disability, Employment Insurance Benefits,
on Maternity or medical leave, paid by commission only,
substitute teachers, and independent contractors as their
financial stability is uncertain. Many other Payday Loan
lenders have been accused of "preying" on these
groups of people.
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Along with ensuring your business with us remains discreet,
RedLeafLoans.ca goes above and beyond in ensuring all customer
information is collected and kept completely confidential.
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RedLeafLoans.ca customer service representatives are
able to address your questions or concerns, via email,
online chat, and phone. |
How can I ensure I am using my payday loan responsibly?
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Never use this short term solution for a long term financial
challenge. |
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Never borrow more than you know you will be able to
pay back, in full, on your scheduled repayment date. |
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Never borrow money from a company that does not disclose
responsible lending practices. |
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Choose a company who provides world class customer service,
where your best interest clearly comes before making profit. |
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