Red Leaf Loans is one of the more popular online payday lenders in Canada, lending out sums up to $1,500. The firm is a member of the Canadian Payday Loan Association.
The company has a lot of competition in the online payday lending industry.
Some of the other major internet services in Canada that Red Leaf competes with being such names as Zippy Cash, 310-LOAN, DollarsDirect, and PayCheck Plus.
One of the online payday lenders competitive advantages is that you can apply for a loan from your home, without the need to visit one of the cash advance storefronts.
And because many of the systems in these online lenders have been automated, you can expect both fast loan decision as well as rapid payments of the approved funds to your bank account.
Before you apply for a cash advance loan though, you should familiarize yourself with your state's payday advance laws, and how they apply to your situation.
Another thing to consider are the alternatives to payday lending, such as getting a credit card cash advance or a small consumer loan from a credit union. Often, the APR costs of borrowing on these other choices are much lower.
Red Leaf is 100% online payday lender, and you have to fill out the online loan application to get a loan.
There are some requirements for you being qualified to apply for a loan, and these requirements include that:
you are a Canadian Citizen,
you are employed,
you are at least 18 yrs old,
you are paid by direct deposit from your employer, and that
you make at least $667 per month.
Even though the company does a credit check as part of the application processing, bad credit is not basis for immediate disapproval of your loan application.
The company website's FAQ section states, in fact, that "bad credit score, or no credit score at all does not mean you will not be approved."
If your application is approved, the firm will transfer the funds directly to your bank account, typically available the next morning.
As for paying back the loan, Red Leaf will automatically debit the loan amount (along with the fees) directly from the same account that the loan was paid into.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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