310 LOAN Review: If you are facing a financial emergency and need instant access to cash, 310 LOAN is a payday loan that promises a quick turnaround in payday loan approval and financing up to $1,500.
However, be careful with payday loans. They are extremely expensive and should only be a last resort.
If you are considering applying for a personal loan through 310 LOAN, here is a 310 LOAN Review and the key points about this loan:
Consider using 310 Loan if you are looking for an online payday loan that can approve your loan application and fund your personal loan on the same day.
310 LOAN says you can transfer your money in 30 minutes or less after being approved.
Choose something else if you’re trying to avoid payday loans or need more than $1,500 in funds. 310-LOAN is also not available to consumers in Quebec.
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310 LOAN Review
If you are looking for a quick way to apply for a personal loan without a credit check, 310-LOAN is a viable option. The online lender makes the application process easy and accepts applicants with bad credit or no credit history at all. As long as you have a stable source of income from work, you should be able to qualify.
Applicants must not be bankrupt, have made a consumer proposal, or have enrolled in credit counseling. Nor can they use income from social assistance, employment insurance or the CPP. You can apply by phone, making the loan accessible to borrowers who are not so tech-savvy.
Borrowers should be careful when it comes to payday loans. While they are a convenient way to access the financing you need, they have sky-high interest rates and incredibly short payment terms. Make sure you have a clear exit strategy for paying off your loan by your next payday.
How does the loan through 310 LOAN work?
You can apply for a personal loan of 310 LOAN completely online and the money will be sent to you via direct deposit or electronic transfer via INTERAC.
In a nutshell, payday loans are loans up to $1,500 (this is the maximum in all counties) that are advanced to you and must be repaid on your next payday. Most payday loan lenders have a lower maximum amount for starters. This also applies to LOAN 310: new borrowers can borrow up to $300. If you qualify for more than this amount, you can borrow more money after you have paid off your first loan.
In which provinces is 310 Loan available?
This lender is available in all Canadian provinces and territories except Quebec. That means you can apply for a loan in the following areas: MB, BC, NB, NL, ON, AB, SK, NS, NT, NU, PEI, and YT. What are the benefits of a 310 LOAN personal loan?
The benefits of 310 Payday Loan
These are the main benefits of applying for a loan from this online lender:
1. Anyone can apply.
Whether you have poor credit or no credit history, you can apply as long as you have proof of earned income to pay off your payday loans. There are no credit checks involved.
2. An online application process with a fast turnaround time
You will receive a decision on your loan application quickly and once it has been approved and your details verified, you can receive your money in just 30 minutes.
3. Use the money for any purpose
Once you are approved for a 310 LOAN loan, you are free to use the money as you wish as long as you use the money for legitimate and legal purposes. 310-LOAN does not determine how you use your loan.
4. Flexibility in how much you can borrow
Consumers can borrow $50 to $1,500 in $10 increments. The amount you qualify for depends on your net income and other employment information.
5. Unsecure
Payday loans are unsecured, so you don’t have to put up any collateral.
What to pay attention to with a loan of 310 LOAN?
Borrowers should be careful with payday loans. Here’s what to look out for before proceeding:
· Beginners cannot borrow more than $300.
Even if you qualify for more money, you can’t borrow more than $300 with your first 310 LOAN Personal Loan.
· Incredibly high interest rates
Payday lenders follow provincial regulations and can charge between $15 and $25 for every $100 borrowed, depending on where you live. That’s an annual rate (APR) of 400% or more, making payday loans an incredibly expensive financing option.
· Short repayment terms
Payday lenders, including 310 LOAN loans, prepare payday loans so that they are due before your next payday. The time limits are generally limited to 62 days. Make sure you can easily cover your payments with your next paycheck before applying.
· Limits on how much you can borrow
310-LOAN payday loans are limited to $1,500, so if you need more cash, this may not be your best option.
· Government benefits do not count towards your income
310-LOAN only accepts earned income as a source of income on your application. This means that income from EI, CPP, WAO, Kinderkorting and other government support are not eligible.
· Increases your chances of staying in a debt cycle
Due to their high-interest rates and fast payment terms, payday loans can trigger a debt cycle. This can also have a negative effect on your creditworthiness.
Is 310 LOAN legit?
Yes, the company has been around since 1999, based in Surrey, B.C. It has a customer service phone line and email that is open Monday through Friday from 9 am to 8 pm EST and Saturdays from 10:30 am to 7 pm.
Provincial payday loan laws require payday loan companies to obtain valid payday loan licenses. 310-LOAN prominently displays its licenses in the counties in which it operates on its website and as a warning before borrowers proceed with their application. It transparently describes all costs that borrowers have to incur for taking out a personal loan.
Am I eligible?
To be eligible for a 310 LOAN Personal Loan, you must meet the following requirements:
- Be 19 years or older.
- Not in bankruptcy, consumer proposal or registered in credit advice.
- Have an active checking or savings account with at least 7 transactions in the past 30 days.
- Have an active source of income from work: Income from government benefits does not count towards your income.
What are the requirements (documents) For 310 LOAN?
To apply for a personal loan through 310-LOAN you need the following:
- 1 piece of primary identification – This can be your passport or citizenship card.
- Verification of employment and income – This can be done via pay slips or bank statements.
- Proof of address – This can be done, for example, by means of energy bills.
- Bank information – This depends on the bank with which you have an account. Find more details below:
x – If your employer pays you by direct deposit and you have an online bank account with RBC, BMO, CIBC, PC, Nationale Bank, ING Direct, HSBC, Laurentian x x – Bank or ATB Financial, you only need to provide a specified bank account. Account statement for the last 30 days.
x – However, if you are paid by direct deposit and have an online bank account with another financial institution not listed above, you must submit an itemized bank statement from the past 30 days along with a voided check or pre-authorized payment. form.
x – If you are not being paid via direct deposit or online banking, you must present an itemized bank statement for the past 30 days, a voided check or pre-authorized payment form and proof of income.
x – Manitoba residents must submit a bank statement for the previous calendar month.
I got a loan from 310 LOAN. What now?
Once you are approved for a 310 LOAN personal loan, your financing must be submitted within the same business day, if not sooner. With a quick application and an even faster turnaround time, keep an eye on your loan due date, which is fast approaching.
Payday loans are usually paid off on your next payday, so make a concrete plan for how to pay back what you borrowed within that short period of time. 310-LOAN will withdraw the money directly from your bank account, so make sure the money is there by your due date. If you are not prepared, you will be fined and the 310 LOAN Delinquent Department will contact you.
310 LOAN Review – Frequently Asked Questions
How much money can I borrow with 310 LOAN?
You can borrow between $50 and $1,500 in $10 increments. The maximum amount you can borrow is based on your net income and other employment information. Keep in mind that if this is your first time applying for a loan with 310 LOAN, you can borrow up to $300. If you qualify for more than this amount, you can borrow more money after you have paid off your first loan.
What are the consequences of late payments or NSF?
310-LOAN says that if your payment is late or your account has insufficient funds, your delinquent loan will be subject to NSF fees. These vary by province: $0.75 per MB; $20 for BC, NB and NL; $25 for ON, AB and SK; $40 for DK; $50 for NT, NOW, PEI and YT. In addition, interest is charged on any unpaid balance at a rate of up to 30% per annum. Try to avoid the NSF fee and interest by making sure you have enough money in your bank account by the maturity date of your loan.
Can I qualify for a personal loan if I am unemployed but have a different income?
Not with 310 LOAN. Other payday lenders accept applications from people receiving government benefits, but 310 LOAN does not.
Conclusion – 310 LOAN Review
If you are considering applying for a personal loan through 310 LOAN, here is a 310 LOAN Review and the key points about this loan.
However, be careful with payday loans. They are extremely expensive and should only be a last resort. See post on reasons why payday loans should be your last resort