In these unprecedented times, it’s not uncommon to need quick access to a bit of extra cash. Whether you have an unexpected expense, need some help paying your bills this month, or need a little flexibility with your finances, a payday loan can get you through to the end of the month until you get paid again.
Our loan application process at Blue Copper Capital is quick and easy, designed to give you access to cash as soon as possible. However, there are some things to remain aware of when it comes to payday loans.
What Is a Payday Loan?
Simply put, payday loans are like a cash advance on your paycheque. They’re short-term and high-cost loans designed to help you cover emergency expenses. They cost $15 on every $100 you borrow, and you can borrow up to $1,500. However, we’re not legally allowed to lend you more than 50% of your last pay cheque.
In Alberta and BC, you may have up to 62 days to pay back your payday loan. If you can’t pay your loan back on time, there are additional fees, so it’s important not to rely on a payday loan unless you know you can pay it back on time.
To apply for a payday loan, we don’t run a credit check, and you only need:
- Employment income: We like to see your current and previous pay stubs from an employer you’ve been with for at least 90 days.
- An active bank account: We also like to see your banking history and require a pre-authorized debit agreement.
- Government-issued ID: You must be at least 18 to apply for a payday loan. We’ll ask you to provide 2 pieces of valid ID, one of which must be a photo ID.
Can I have 2 Payday Loans at the Same Time?
The short answer is no. You can’t take out more than one payday loan from the same lender at the same time. In Alberta and BC, you also can’t extend or rollover your loan.
However, there’s no limit to how many times you can take out a payday loan, as long as you’re paying them back on time.
If you find yourself in need of multiple payday loans to make it to your next paycheque, then you may benefit from one of our other products. We also offer personal loans and lines of credit with longer terms, lower interest rates, and higher amounts. We value our personal relationship with you, so as you establish a solid history with us, we can offer you larger and longer-term loans.
What Is a Personal Loan?
A personal loan is a loan customized to your needs. They can be good for many uses, like buying a car, renovating your home, travelling, or covering emergency expenses.
Personal loans are a fixed amount—anywhere between $1,000 and $100,000—and are paid back in installments, including any interest or associated fees.
There are 2 types of personal loans.
Secured Term Loan
Secured term loans use an asset—something you own, like a car—as a promise that you’ll pay back the loan. In the event that you can’t repay, the lender can take that asset from you.
While this sounds like a bad thing, securing your loan to an asset can actually allow you to borrow larger amounts with lower interest rates.
Unsecured Term Loan
In contrast to secured loans, an unsecured loan isn’t tied to any assets. Because there’s no collateral on this type of loan, unsecured loans are usually for smaller amounts and may come with higher interest rates. But this loan may work best for you if you don’t have any physical assets.
What Is a Line of Credit?
A line of credit is a loan for a specified amount but isn’t limited to a specific purpose. You can use as little or as much of the loan amount as you need, pay it back whenever you want, and only pay interest on the funds you use.
Our Blue Copper Club line of credit helps your money go further and offers better rates and terms than a payday loan. It’s an excellent solution for those who find they’re always relying on payday loans to get by or small business owners who need fast access to capital.
There are many types of lines of credit. We do things a little differently at Blue Copper Capital and offer 4 lines of credit to choose from. When you join the Club, you’ll receive discounted rates and flexible terms on your loans, free access to money management tools, and exclusive perks and promotions.
Both personal loans and lines of credit will help improve your credit when used responsibly and paid on time.
We also work with debt consolidation and offer varying amounts based on your circumstances. If this is something that interests you, please contact us or visit one of our locations in Vancouver, Edmonton, or Calgary to learn more about your options.
Our mission at Blue Copper Capital is to help you reach your financial goals by providing personalized attention and informed decision making. No matter your financial need or situation, you can rely on our team to find the solution that fits your needs.