WHY CHOOSE ICASHLOANS ? : When you need cash quickly you want to work with a service that is reliable and experienced in the payday loan industry - iCashLoans is both. We pride ourselves on connecting our customers with the best payday lenders to meet their needs. Why waste time visiting dozens of websites trying to figure out which lender will serve you best? iCashLoans is the only site that you need to visit when you’re looking for a fast, secure payday loan.

Cash Loans: "We Search 100+ Lenders Money in Your Account Next Day"

About Us:

Our services are designed to help you find a reputable payday lender to work with. iCashLoans has a large number of lenders in our network, and we are confident that we can assist you in obtaining the best payday loan to meet your needs. Everyone hits a rough patch financially at some point, and payday loans are a great solution for short-term cash flow problems. You don’t have to worry about how you are going to pay an unexpected bill, or cover an emergency expense, between pay checks - iCashLoans is your source for finding payday loans. Using iCashLoans is 100% free to you - we do not charge any fees for our services. When you use iCashLoans you will save time and money. All you have to do is provide us with basic information and we will instantly search our network of lenders to find you the loan that meets your needs. At iCashLoans we pride ourselves on working with lenders that are fair and honest in their lending practices. Our main goal is to provide you with a great experience when searching for a payday lender. All lenders in our network are required by law to follow all of the rules and regulations related to payday lending. Don’t drive around town to visit payday loan shops, and forget about looking at website after website trying to find a loan with fair terms. iCashLoans is the only place you need to go to find a payday loan. We will search our vast netowrk of lenders instantaneously to find you the loan that you are looking for.

Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Saturday, September 28, 2013

New Rules and Regulations Simplifying Canada Payday Loans

New Rules and Regulations Simplifying Canada Payday Loans
Ontario alone has over 50% of total Canada payday loans in Canada. According to the 2007 directives issued by the federal government, provincial or state governments have to take decision regarding regulation of payday loan businesses. Such steps are needed for effectively managing these businesses. If you are looking to take a short term loan a good understanding of these regulations becomes quite essential.

Increasing dissatisfaction among borrowers for various lending companies is a prominent reason for issuing above mentioned guidelines. The government's decision is a reflection of its will to have a concrete and transparent system for the business. There are many shortcomings in present system that can be corrected only with the right approach and by making clear rules. With a commitment to make Canada payday loans much transparent and easier, the government came up with the Payday Loans Act, 2008. The act provides for better measures to protect all you consumers. Some of the key provisions of the act are mentioned below. To understand the rules clearly, these provisions shed some useful light.

Compulsory Licensing System

From now onwards brokers as well as lenders would require license to carry out their short term loan business. At the same time it is their responsibility to furnish all important information online. Moreover, their license should be clearly seen at their store.

No Requirement for Wages Assignment

New regulations ban the practice of requiring wages assignment. Now the lender is not allowed to ask you to furnish such documents for obtaining a Canada payday loan.

Ban on Rollover Practice

Rollover of debts means obtaining new loans despite not repaying the earlier ones. Under new regulations no lender can resort to this practice.

Discontinuance of Harassing Tactics

The practice of recovering funds through coercive measures such as using threat calls, threatening language and hiring goons cannot be used. Now your lender cannot put you under unbearable pressure.

Disbursement of Entire Amount

Usually, lenders do not credit the full loaned amount into your bank account. They tend to deduct administrative charges and processing fees right in the beginning. With new regulations in practice, lenders cannot to resort to such dishonest tactics.

Maximum Time Duration of One Hour

If you apply for a payday loan Canada over phone or through the internet, the lending company must not take more than one hour to make the credit available.

No Penalties on Cancellation of a Loan

Generally, companies charge you heavy penalties for cancelling a loan at the last moment. Now with new enactments in place, lenders cannot do so. They will have to give you a reasonable time period of at least two days to cancel or return the loan without any penalty. Lenders cannot ask for any explanation either.

Education Fund

This is a noble provision of the act wherein a lender will be responsible for making a contribution to the Ontario Payday Lending Education Fund. The proceeds of the fund would be utilized for educating consumers on different payday loan aspects. This step was inevitable because of growing ignorance of consumers about such loans. It will aware them of various available alternatives to seek financial relief.

Upper Limit on Borrowing

All agreements for obtaining short term cash will now have a maximum cost amount limit of $100. The minimum cap for the same has been pegged at $21. Now you cannot pay more than as cost for seeking a loan.

As a sincere consumer you must know all above mentioned new guidelines. In fact, the new act is very comprehensive and covers almost everything about this growing Canada payday loans business. A good understanding of these guidelines may get you the best possible deal.

Canada payday loans. With the passing of new act, Canada payday loans have become more clear and concrete. The government has made a sincere effort to simplify the entire loan obtaining process. Now consumers can easily access all important information online on the ministry's website.


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