Payday Loan FAQ

Payday Loan FAQ

We’ve done our best to cover them all, but if we haven’t answered your question below, please feel free to contact us.

+ WHAT IS A PAYDAY LOAN?

A payday loan (cash advance loan, payday advance) is a short term loan designed to help you pay your way until your next payday. When a home emergency or a unexpected bill leaves you scratching your head, a payday loan makes a good last-resort for getting the money you need. Cash advance loans come with much higher fees than other loan options, and this is why they should only be used when absolutely necessary.

+ HOW DO I APPLY FOR A LENDEE PAYDAY LOAN?

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.

+ HOW LONG WILL I BE WAITING AFTER I’VE BEEN PRE-APPROVED?

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 week days.

+ COULD I GET APPROVED FOR A LOAN OF A LOWER AMOUNT THAN I’D APPLIED FOR?

That is possible. 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.

+ HOW QUICKLY CAN I RECEIVE MY PAYDAY LOAN?

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.

+ HOW MUCH CAN I BORROW?

Our payday loans range from $100 to $1500. Please note that there are a variety of factors that we consider when reviewing your payday loan application. In order to find out how much you qualify for, you will need to submit an online application.

+ WHAT DO I NEED IN ORDER TO GET A LENDEE PAYDAY LOAN?

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

+ DO I NEED TO BE EMPLOYED?

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.

+ CAN I GET A PAYDAY LOAN IF I AM NOT A HOMEOWNER?

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.

+ DO I NEED A BANK ACCOUNT TO GET AN ONLINE PAYDAY LOAN FROM LENDEE?

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!

+ WHAT PERSONAL INFORMATION DOES LENDEE NEED?

Lendee considers personal contact information, employment information, and banking information when reviewing online applications for payday loans. All information collected is held in strict confidence in accordance with user information and security guidelines. View our online payday loan privacy policy.

+ DOES LENDEE PERFORM CREDIT CHECKS?

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.

+ WHAT IF I HAVE BAD CREDIT?

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.

+ DO I NEED TO GIVE A REASON FOR MY APPLICATION?

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.

+ WHAT IF I AM ALREADY IN DEBT?

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, Finance 101, for valuable personal finance insights.

+ WHEN WILL I NEED TO PAY BACK MY LOAN?

If you take out a Lendee payday loan, it’s due on your next regularly scheduled pay date unless your next pay date is in the next two days, in which case it’s extended to your following pay date.

+ HOW SOON CAN I BORROW AGAIN?

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.

+ HOW DO I PAY BACK MY LOAN?

On the agreed date, Lendee will automatically withdraw payment directly from your bank account. If you wish to make alternative payment arrangements please contact Customer Service at least two business days prior to your repayment date. Reach customer service by email customerservice@Lendee.ca.

+ WHAT HAPPENS IF I CANNOT PAY BACK ON TIME?

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.

+ HOW DO PUBLIC HOLIDAYS AND WEEKENDS IMPACT LENDEE SERVICE?

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.

+ WHAT IF I’M DISAPPOINTED BY LENDEE’S SERVICE?

We want your Lendee experience to be easy and enjoyable. If it is anything less, please let us know right away by completing the feedback form or contacting us so that we can make things right.

+ DO YOU HAVE ANY RETAIL STORES?

No. We operate solely online because we understand the need for super fast service and the desire for privacy.

+ IS THIS SITE SECURE?

Yes. All of your information is transferred using the latest 256 bit SSL (Secure Socket Layer) encryption technology.

+ I’M A NEW CUSTOMER. HOW MUCH CAN I BE APPROVED FOR THE FIRST TIME?

We offer loans to approved new customers of up to $500 on their first loan with us.

+ WHAT IS THE MAXIMUM I CAN BORROW FROM LENDEE IF I’VE BEEN WITH YOU FOR A LONG TIME AND HAVE REPAID EVERY TIME?

You may be eligible to borrow up to $1500.

+ WHAT WILL A LENDEE LOAN COST ME?

$15 per $100 borrowed. There are no fee surprises! Exact fees are always disclosed on your application page, as well as on your actual loan agreement. However, should you fail to repay your loan within the specified term, you will incur a one time missed payment fee & interest will continue to accumulate on your outstanding balance until paid in full. This will affect your Lendee Trust Rating.

Representative example: We charge 15% of the principal. For a $300.00 loan for 14 days: Total cost of borrowing = $45.00. Total to be repaid = $345.00. Annual Percentage Rate = 391.07% This information meets the requirements of the Business Practices and Consumer Protection Act.

+ WHY DID I GET AN NSF CHARGE?

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 NSF fee. In that case, your bank may do likewise. The provinces have their own designated NSF charges: British-Columbia $20 Alberta $25 Saskatchewan $50 Manitoba $20 New Brunswick $20 Ontario $48 Nova-Scotia $40

+ CAN I VISIT YOUR OFFICE TO GET A PAYDAY LOAN?

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 customerservice@lendee.ca

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