If you only work part time then there are various loan options that you can explore as long as you can afford timely repayment. It won’t be tough for you to find lenders who will accept your loan application when you have a source of income.
Payday loans are typically short term loans available for amounts between $50 and $1,000, though some may go up as high as $1500. These short-term credit products are designed to be repaid within a few weeks to months and typically don’t have credit requirements. So, even if you are a bad credit holder you can still qualify for this loan. Though finding a payday loan with a part time job in Canada can be easy, this loan can be expensive and might not solve your money problems if you are already stuck in dept cycle.
There are several ways that a part time employee can utilise to increase the chances for approval.
- Before applying check the minimum income requirements of the lender so that you can make your application stand out.
- Most lenders also care about debt to income ratio as it will give them clear picture of what you can afford.
- The longer you have been employed the most stable your finances will appear even if you are doing part time job.
- Another best way to check everything before submitting your applications is to get in touch with the lender. It will reduce the risk of rejection and help you identify the area that you may need to work on.
- Avoid applying for multiple loans at a time as it can lower your credit score and make you appear as more of a risk.
- You can also build your savings, work for a year and then apply for a payday loan.
