Payday loan FAQ
Payday loan FAQ
Looking for help with payday loans? Whether this is your first time applying, or if you’re simply interested in learning more about your financial options, you may have a few questions about how Lendee works. It pays to be well-informed before making a decision about any financial matters, which is why Lendee is committed to providing our customers with as much payday loan information as possible. We believe in providing honest, easily-accessible answers to help you borrow responsibly.
Here, you will find lots of payday loan information. We tell you what you need to apply, how the payday loan process works, and how to repay, among other things. Use these frequently asked questions as a learning tool before taking the next steps toward applying for your first payday loan.
We’ve done our best to cover them all, but if we haven’t answered your question below, please feel free to contact us.
A payday loan is a short-term loan of up to $1500 that must be repaid on your next payday. Payday loans are offered through a business and not a bank. Although payday loans are a convenient way to get fast cash, they are a high-interest loan and should only be used in a financial emergency. Payday loans are also called cash advance loans or check advance loans.
Lendee is direct to consumer online lending company that provides safe, secure loans to Canadians. To learn more about Lendee visit (What is Lendee Page)
Easy! Click the blue “GET A LOAN” button and follow the simple application through to completion. If approved, you could see your funds in as little as an hour. The process takes just 5 to 10 minutes is quick and easy. Within seconds of submitting your application, we will let you know if you have been pre-approved.
Should we need any additional information from you, we’ll be in touch promptly by phone or email. If approved, we will use the industry’s fastest tools to transfer your online payday loan as soon as possible. Our Vancouver based Customer Service team is available to help along the way should you have any questions or concerns.
Up to 50% of your net income to a maximum of $1,500.00
In British Columbia and Alberta, we charge $15 for every $100 you borrow, paid back on your new pay date.
Your loan will be due on your next pay date unless our next pay date is in the next two days, in which case it’s
extended to your fong pay date.
We understand that unexpected financial situations arise in life – that’s why we offer our service! However, as part of our commitment to responsible lending, we require full repayment on your next payday, when you apply for your loan. Roll-overs are not permitted.
The payment will automatically be withdrawn from your bank account on your loan repayment date
Pre-approval means the system validated your application and our Credit Team still has to review some of your information. They’re at the job everyday to provide you the fastest response possible. Normally 1 to 2 hours will be enough – though if they’re dealing with high volumes of applications that day it could be up to 4 hours. And that applies to weekends as well as weekdays.
That is possible as loan regulations restrict you from borrowing more than 50% of your paycheque. Our automated process aims to find the amount that is right for your circumstances. Sometimes that will be less than you’d hoped to receive. This is our way of trying to help you. We don’t want you to take on a repayment burden which will exceed your repayment capacity. That wouldn’t be the ethical lending practices to which we’re committed.
Lendee partners with the most reputable financial institutions and uses the fastest tools in the industry to ensure you get the speediest payday loan possible. Your loan is quite literally on it’s way to you once you receive an email from us confirming it is in transit. Lendee funds payday loans by direct deposit and email money transfer. Actual time to receive your funds depends on your financial institution and the time of your application. Once your application has been funded, our Customer Service Team will be happy to provide an estimated delivery time for your cash advance.
To get a Lendee payday loan, you must: -be a Canadian resident over the age of 18 -have an open bank account with a Canadian bank or credit union -get paid by direct deposit -have your own, valid email account -provide us with your home or cell phone number -be actively employed or receiving income from CPP and/or a private pension
In order to get a Lendee payday loan you must be actively employed or receiving income from CPP and/or a private pension. We do not currently lend on disability, employment insurance (EI), child tax benefits, old age security, welfare, or social assistance.
Yes. Renters are welcome. As long as you can provide a current address, details of a regular income, and a guarantee to repay your payday loan, we’re happy to consider your application.
Yes. To take out an online payday loan with Lendee, you must have an open bank account with a Canadian bank or credit union so we have somewhere to deposit your funds!
Lendee may conduct a credit check as part of our automated decision making process. It is likely this will have no impact on your credit score, though this does depend on your credit history. Please keep in mind that we consider much more than just your credit when reviewing your application. To give yourself the best chance of acceptance, make sure you provide accurate information on your online application. If you’re an existing customer, you can always update your information with us by contacting Lendee Customer Service at customerservice@Lendee.ca.
Credit is one of the many factors our automated system considers when reviewing a loan application. Lendee will not necessarily decline you if you have poor credit. To give yourself the best chance of acceptance, please make sure you provide accurate information on your online application. Please note that if you have any items in collections with other payday or short term lender our system is significantly less likely to accept your loan application. Should we need any additional information from you, we’ll be in touch promptly by phone or email. If approved, we will use the industry’s fastest tools to transfer your online payday loan as soon as possible. Our Vancouver based Customer Service team is available to help along the way should you have any questions or concerns.
No. We do not need to know how you plan to use the money. As long as you borrow responsibly and are able to pay your loan back on time, we are happy to bridge your cash flow gaps.
Lendee strives to be a responsible lender. Our service is not intended to be part of a long-term financial solution, and should not be used to repay existing debt. We ask that you apply for a Lendee loan only if you are confident in your ability to pay it back within the specified time frame – without incurring further debt. Please borrow responsibly, and be sure to visit our learning centre for valuable personal finance insights.
Since Lendee is committed to responsible lending, our policy is that you must repay your current loan with us in full before applying for another. Once your payment clears, you are free to apply again! If you have any questions or concerns about your long-term financial security, please check out our Learning Centre.
If you fail to repay your loan within the specified term, we will contact you to arrange payment. Please note that additional fees may apply and will be outlined in your Lendee Loan Agreement. Your account will be handled by our professional collections team. They will do their best to help you manage repayment. If our collections team is unable to recover your past due balance within a reasonable time frame, we will forward your account to an external collections agency. We will all do our best to help you figure out a solution. If, however, you fail to cooperate, your credit score will be impacted for up to six years, as will your relationship with Lendee.
A loan may only be deposited into your financial institution if it is open for business. For regular hours and details of bank holiday closures, please consult your financial institution. Also, please note that Lendee will be closed on bank and statutory holidays.
No. We operate solely online because we understand the need for super fast service and the desire for privacy.
Yes. All of your information is transferred using the latest 256 bit SSL (Secure Socket Layer) encryption technology.
We offer loans to approved new customers of up to $500 on their first loan with us
You may be eligible to borrow up to $1500.
We offer you the convenience of automatic debiting repayment from your bank account on the date stipulated in your loan agreement. However, if there’s not enough money in your account to cover the repayment, we do charge an $20 NSF fee.
No need to visit us! All applications for payday loans are collected and processed online. As such, we do not accept in person applications or dispense cash at our office locations. If you wish to get an online payday loan you must complete an application here. If you have questions along the way about your application for an online cash advance, send us an email at email@example.com