2. What are Online Payday Loans?
a. Definition of payday loans
Online payday loans in Calgary, Alberta are short-term, unsecured loans designed to provide quick cash to borrowers until their next payday. These small loans are typically used for emergency expenses or to bridge financial gaps between pay periods. Focus Cash Loans, a direct lender operating since 2008, offers online payday loans to eligible Calgary residents who need fast access to funds.
b. How online payday loans work
The process of obtaining an online payday loan in Calgary through Focus Cash Loans is straightforward and convenient. Applicants can apply 24/7 through the company’s website, providing basic personal and financial information. The eligibility criteria include being at least 18 years old in Alberta, having a minimum monthly income of $1,200, and possessing an active bank account where income is deposited.
Once the application is submitted, Focus Cash Loans uses instant banking verification to assess the borrower’s eligibility. No credit check is performed, making these loans accessible to those with bad credit or no credit history. If approved, funds are typically transferred via e-transfer within 30 minutes during business hours, providing almost instant funding for urgent financial needs.
Repayment of the loan, including fees, is automatically debited from the borrower’s bank account on their next payday. The maximum loan amount is either $1,500 or 50% of the borrower’s paycheque, whichever is less.