If you are one of those people who find managing funds difficult, MyCanadaPayday is the right app for you. It is an application developed to address your credit requirements. Irrespective of your credit rating, you can easily avail a loan through the app. So how exactly is this app different from the existing ones? For starters, it provides loans even to customers who have bad credit scores. So how do they decide who to give a loan? Well, they have their own algorithms running in the background which check for the credit history of the applicant. This algorithm analyzes the behavior of the person and determines whether he is worthy or not. It takes into consideration some of the factors not considered by the traditional credit score ratings.
MyCanadaPayday will predict whether a person will be able to repay the loan or not. Based on this analysis, they provide loans if the conditions are met. Some of the bad credit histories will be overlooked by this application. The maximum amount of loan you can avail is $1500. This is the upper limit but the actual amount will depend on your paycheck amount. You can avail only 50% of your paycheck amount as the loan amount. In some areas like Manitoba, you can only avail of 30% of your total salary as your loan amount.
The systems work all 7 days a week and customer support is also available for all the days of the week. Hence you can avail of a loan even on weekends. This facility is not available in the traditional banking system. This is an advantage present in this app. The application is fairly simple and the amount is disbursed within hours of approval of the application. It will be transferred directly to your bank account.
There is a feature where you can increase the loan amount after the disbursal. Say, you applied for an initial loan of $1000 but wish to take additional credit for $200, it is possible. The only condition is that the total loan amount should not exceed 50% of your paycheck. Of course, the total loan amount should not exceed $1500 at any given point. The customer service is excellent and any kind of queries or doubts are clarified in a very helpful manner by them. MyCanadaPayday is an app worth installing and is very useful to everyone.
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