Don’t believe in the instant payday loan hype! It has been realized that some time desperate money need make people overexcited towards instant solutions consisting of superlative claims that may be made by lenders, affiliates and respective sites through their websites, ad space, social media and a variety of other online resources that help them promote their offers; e.g., “payday loans online no credit check instant approval” is such kind of searching phrase that receive thousands of monthly searches made by related and desperate borrowers on one of the best search engines online, it clearly indicates that a person in need is looking to get an instant cash relief, where listings that appeared in top search engine results are those websites or links that has been optimized especially for the said keyword phrase or alike, don’t you think it looks like an ATM machine to the desperate people who are looking for instant payday loans online. That’s not the way payday loan works.
Although unfair, deceptive, and or misleading advertisement doesn’t make the legit lending business look like a scam but it’s not a fair practice and in the light of upcoming changes to the payday loan rules and regulation there is a great need to control and reconsider all the sugar-coated promotional language into responsible and factual language that should start using now at TV, newspapers, magazines, classifieds, store display boards, online portals and all the other sources that are used for advertisements.
The payday loan industry has grown rapidly because of fast and high returns to payday lending business, due to its easy accessibility to cover up emergency expenses to the consumers has made it overgrow, larger and larger in due course. As it holds an expensive nature that to be repaid over a short term, or until “payday” has made a negative impact on several households and communities that take it lightly and didn’t care to understand; how they can manage it from their next payday in case they don’t get savings accordingly?
Rapid growth in payday loans and other forms of subprime lending has created great competition among lenders, lead generating companies and affiliates, to get more and more business, these companies are using a different form of strategies and sugar coating to their offers to stay up and close to the consumers. To protect consumers, tougher regulation has been implemented in UK, USA, Canada and other countries. Payday lenders have been warned that tougher regulation is on its way, to safeguard consumers.
The Financial Conduct Authority (FCA) shows great interest in “affordability” and proposed that all borrowers should have an “affordability check” before being given a loan. Moreover, among other new rules, the FCA wants to put risk warnings on adverts and marketing material. That’s the reason most of the payday loan lenders and affiliate networks have been sending instructions to their affiliates and members respectively, to ensure that their websites, advertisements and other promotional activities should comply with all applicable federal and provincial laws, rules, and regulations to avoid violations.
Although if you don’t have credit cards then the quickest short time financial fix may only be a payday loan Canada that you can use to lift down your financial burden but it should not be considered as an alternative to instant cash where claiming to offer instant payday loans is not right. As this post is specifically written on the time framework that is an important triggering strategy that strongly makes an impact on our decision to apply; here are some of the special instructions that how fair practices should reflect in your content and adverts:
- Advertisements must be clear, accurate and practical that should not include sugar coating and superlatives phrases; substitute “quick” or “fast” for “instant”; quick or fast payday loans Canada is fine but don’t say, “instant payday loans”.
- Approved loan funds are available “as early as” or “as soon as” the next business day; do not use “same day”, “next day”, “in 1 hour”, or similar terms.
- As credit reports requirements may take time and effects approval that’s why correctly state whether participating lenders will perform credit checks or not with credit reporting bureaus or obtain consumer reports through alternative providers and being an affiliate if you don’t know then don’t say, “no credit check” or “no credit check loans”.
- Moreover, with all these delaying factors, there is also a possibility that consumers may not get a payday loan that’s why you should avoid using “100%”, “guaranteed”, or else.
These above are few advertising practices that should be adopted by all the lenders, advertisers, affiliates and members of lead generating networks. Please note, this should not be intended to serve as a substitute for legal compliance, because there are other laws and regulations applicable to affiliates, lenders and advertisers activities that are not covered herein. Beside it just covers an important aspect of payday loans, fast loans vs instant loans; Remember, any references to the time (day/minutes/hours) must be qualified so it’s not a guarantee or promise, and if you’re not a direct lender but a representative or an affiliate then it should also reflects in your content and promotions.
|“Get approved immediately [or in 5 minutes]”||“Get lender-approval in as fast as 5 minutes”|
|“Your loan will fund same day [or next day]”||“Your lender can fund your loan as soon as the next day”|
For more authentic and up-to-date information please consult The Financial Consumer Agency of Canada (FCAC) that offers an in-depth guide to understanding the cost of payday loans and discusses financial consumer issues to protect consumers of financial services while offering interactive tools, resources, and publications.
How fast you can get payday loans Canada generally depends on the time you apply for your loan at lenders or it’s representing website whether online or physically; weekends, holidays, working days, opening and closing office hours generally effects.
It’s logical to say it quick loans or fast payday loans in Canada because there are no other short-term loans that can compare fast accordingly but replacing it with instant payday loans Canada is not right. I strongly advise people who are looking to get payday loans in Canada; you should avoid preferring all those promotions that say instant cash advances and payday loans; because it’s a hype and unlawful, moreover, carefully compare between prior to taking your credit decision “what you need vs what you want”, and always go after financial burden that you can easily afford to repay in full and on time.