Dollars Direct has been in business since 2009, and provides short-term payday loans for sums between $100 and $1,500.
DollarsDirect operates in cash advance lending in the provinces of Alberta, British Columbia, and Ontario, for the residents of those provinces.
Their primary financial service, payday loans, are designed to provide fast, convenient, and straightforward alternative lending for short-term, small-dollar amount needs.
According to industry research, typical uses for these loans include unexpected expenses and emergencies, such as car repairs and medical emergencies, although some use the funds from cash advance loans to avoid late payment fees and overdraft charges.
Payday advances are not intended to be used as a source of long-term funding for money problems, as they carry very high costs of borrowing, as measured by annual percentage rates (APRs) of interest.
In order to be eligible to apply for a payday loan from DollarsDirect, you need to meet a few requirements, including that:
you must have an active bank account,
you must be at least 18 years of age
you have to be currently employed for more than two months with the same employer, and that
you are a resident of Alberta, Ontario or British Columbia.
The company will run credit checks as part of the loan application processing, through Equifax and TransUnion, but you may apply for a payday advance even with less-than-perfect credit score.
To apply for a cash advance, you have two options. You can complete the service's online application, or alternatively, you can call their customer service toll free (available from 8 AM to 8 PM ET, Monday through Friday).
As a new customer, you can qualify for up to $500, while returning customers may be able to borrow up to $1,500, depending on their lending history with the company and other credit considerations.
When your loan is approved, your funding status will be updated on your online account with the company, but the status may not be up-to-date until the next day from when the funds where actually transferred.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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