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Online Payday Loan Cash Advance Articles
Date: 9/2/2008
The guidelines for the limitation of faxless payday loan and faxless cash advance services in Nova Scotia were outlined in a 105 page report which was released by the regulatory agency. Contained in the report is that the maximum penalty a borrower of no fax payday loans can receive for defaulting on a Nova Scotia payday loan cash advance is a $40 fee and a maximum cost of credit of 60% on any outstanding no fax cash advance or instant payday loan. Moreover, the Board indicates that this will provide complete disclosure by fast cash loan and payday loan online providers. This is in conjunction with the Consumer Protection Act in providing full disclosure regarding all costs, which is not limited to online payday loan and cash advance loan providers. Furthermore, the report also indicated that prospective payday loan borrowers should not be required to disclose their personal financial information when attempting to ascertain a pay day loan and its associated cost. The report also recommends that payday loan Nova Scotia providers file annual reports regarding the amount and size of the faxless payday loans that were provided as well as the number of borrowers who defaulted on their cash advance loans.
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Faxless Payday Loan
Limit on Faxless Payday Loans in Nova Scotia
On July 31, 2008 the Utility and Review Board in Nova Scotia announced that it has limited the amount that payday loan and cash advance providers can charge. According to the Utility and Review Board, payday advance providers in Nova Scotia are able to charge $31 for every $100 of the short-term cash advance including all fees and expenses.The guidelines for the limitation of faxless payday loan and faxless cash advance services in Nova Scotia were outlined in a 105 page report which was released by the regulatory agency. Contained in the report is that the maximum penalty a borrower of no fax payday loans can receive for defaulting on a Nova Scotia payday loan cash advance is a $40 fee and a maximum cost of credit of 60% on any outstanding no fax cash advance or instant payday loan. Moreover, the Board indicates that this will provide complete disclosure by fast cash loan and payday loan online providers. This is in conjunction with the Consumer Protection Act in providing full disclosure regarding all costs, which is not limited to online payday loan and cash advance loan providers. Furthermore, the report also indicated that prospective payday loan borrowers should not be required to disclose their personal financial information when attempting to ascertain a pay day loan and its associated cost. The report also recommends that payday loan Nova Scotia providers file annual reports regarding the amount and size of the faxless payday loans that were provided as well as the number of borrowers who defaulted on their cash advance loans.
Credible Faxless Payday Loan
Serve U Cash is Canadian provider of online payday loan and online cash advance services in Nova Scotia and across Canada. Getting approved for fast payday loan or payday advance loan is easy and quick. All that is required to receive a faxless payday loan or faxless cash advance is the completion of a straightforward application that is completely online. Serve U Cash�s no fax payday loan and no fax cash advance services saves prospective borrowers a lot of time as they can receive a instant online cash advance from their home without ever having to leave to find a fax machine or looking for their pay stubs. Once approved by Serve U Cash for a cash advance online, the approved loan amount is electronically deposited into the borrower�s bank account within hours for fast and easy access.Reasons for Using Payday Loan Companies
A report by the Financial Consumer Agency of Canada (2005, p.11) outlines why people faxless payday loan and fast cash advance services. At 25%, the most common response was that people obtain faxless payday loans and cash advances because they are faster and the borrower needed the money immediately. 19% of the respondents listed their reason for obtaining a faxless payday loan as other. 18% indicated that they receive faxless payday loans because they are more convenient and their hours of operation (evening and weekends) suit their needs better. 10% said the convenience (unspecified) of payday advance loans was the reason as to why they chose to obtain faxless payday loans. 7% said they receive obtained a pay day loan because they have bad credit or had declared bankruptcy, which one can assume resulted in them being declined for loan requests from Canadian banks. Also at 7%, because they did not have a bank account they, turned to payday advance loan services. 5% of respondents indicated that the payday loan provider had a convenient location, which is why they obtained a pay day loan. 5% also said that they received a faxless payday loan because of cheque cashing and 5% also said they obtained a faxless payday loan because do not know/refused.Frequency of Use of Payday Loan Companies
It is unclear as to whether the Consumer Financial Agency of Canada took into account online payday loan and online cash advance providers in their tabulations, but they released a report on the frequency of use of payday loan companies (2005, p. 13). 48% of the respondents indicated that they receive one of less faxless payday loans per year. 20% said that they receive one or two payday advance loans per year. 12% said that they receive a payday loan about one a month. 10% indicated that they obtain a faxless payday loan or faxless cash advance more than one a month and 9% said they will use a payday loan company every few months.Back to Payday Loan Articles
