The happiness index of a country is basically the average of its citizen’s happiness on a scale of 1- 10 where 1 is the happiest and 10 is the least happy. Canada ranks 9th on the UN’s World Happiness Report of 2019, a downfall of 2 places from the 7th position according to the report of 2018. Even after this the country is in a very good position and is quite the ideal country to live in. A particularly intriguing factor is the online payday loans of the nation which are helping them keep a financially stable lifestyle, which plays a huge part in a person’s happiness. So what makes these payday loans so special? Let’s find out.
High acceptance rate offered by online payday loans in Canada
Getting a loan is not easy in any country. It is a formal transaction of money that requires you to fulfill certain eligibility criteria to have your loan application accepted. Private companies that provide payday loans have a lower rejection rate than banks. So you need to first ask yourself “are you eligible for payday loans online in canada?” before actually starting filling up forms. Well, the main cause of rejection is mostly your credit score but in this case, these companies work with private lenders who do not check the credit history of a person. So there is a high chance that your loan request will be accepted. With the worry of facing rejection out of the way, you will be much more confident and happier with your life.
Convenience through speed and technology
Usually when you go to a loaning agency you are made to sign multiple forms, submit countless documents and sit with agents for hours. The multiple trips to the branch of the agency or bank can leave you exhausted. Even after all this charade, such an institution can take 2 weeks to actually send you the requested amount. This is why people of Canada simply take the faster and much more convenient option. Online payday loans, as the name suggests, have their application process online, with an application form that merely takes 2 minutes to fill up. The money is then sent to you within 24 hours straight to your bank. Such ease and speed cause you to rely on such systems with complete faith.
Exclusion of harsh measures to secure loans
Banks and a lot of orthodox loaning agencies will ask for a mortgage from you before they grant you the loaned amount. The mortgage is simply an asset of the loan applicant taken by the company which is only returned on the repayment of the loan. This is quite a harsh and inconvenient way of dealing. You would hate to take up another reason for stress when you’re already under a financial crisis. Online payday loans don’t include any form of mortgage collection to undo this very stress-causing factor. You would anyway select such a payday loan where there is no danger to your assets.
Online payday loans do play a huge part in the happiness index ranking of Canada. An effective, quick and fair loaning system has become the backbone of many households in a financial aspect. A financially stable country is mostly prone to be happier.