True Payday Loan Review: The Pros, Cons, Requirements and All

This article will discuss the True payday loan review consisting of its pros, cons, requirements, and all.

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A true payday loan is a short-time loan option offered by True Loan Incorporated for one’s usage.

True Payday Loan Overview

True payday loan is issued by True Loan Incorporated to help individuals needing urgent funds.

This specific loan focuses on assisting consumers in getting some money to utilize until their next paycheck. True payday loans are usually of different kinds, with an individual able to loan up to $500.

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One of the benefits of a True payday loan is that there are no credit checks, and one can suitably make installment payments to cover the loan.

True Payday Loan
Photo credit: Check City

Is True Payday Loan Legit?

True payday loan assists individuals with funds to make urgent use of before their paycheck arrives.

Despite the benefits involved in getting these loans at a fast pace level, there are reports that the loan company is not licensed to engage in payday lending.

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The Pros of True Payday Loan

True payday loans are loans issued on a short-term basis with the need for repayment once an individual’s paycheck is confirmed. Below are some of the pros of a True payday loan.

  • Easy to Access

One benefit and advantage of a True payday loan is the ease of accessing it. It’s pretty fast and easy for individuals to get these loans paid directly to their bank accounts, and it’s an excellent option for those requiring money to sort out emergencies.

  • Fast Approval

Another positive advantage of True payday loans is the pace at which loans are instantly approved. The loan company does not necessarily consider one’s credit score before approving a loan request.

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  • Fewer Requirements

Many borrowers are attracted to True payday loans because of their lesser requirements in applying for a loan. The lender issuing this loan does not demand much before one can get a payday loan.

  • They are Quick and Easy

The loans offered by True payday are quick and easy for one to apply for and get to handle urgent needs. One can comfortably apply for and get loans without worrying about their credit score.

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The Cons of True Payday Loan

Even though loans are offered easily, and one can get them without a credit score requirement, some disadvantages are still associated with this loan. Some of the cons of a True payday loan include;

• They are Relatively Expensive

One of the disadvantages of True payday loans is that they are costly to repay, and it is challenging for one to come up with the vast repayment fee which is expected on the next payday.

• They Have Access to Your Account

Another wrong side of True payday loans is their access to one’s bank account details. They don’t necessarily need one to make payments because they can deduct their repayment directly from your account.

• They are Highly Predatory

Predatory lending involved imposing wrong and unfair loan terms and conditions on borrowers, including high fees and interest rates.

True payday uses various tactics to deceive borrowers into getting loans that could be too much for them.

• It Could be a Debt Trap

One of the negatives of these payday loans is that one could end up unable to make repayments.

This is where borrowers are exploited and left in a cycle of debts that becomes too difficult to handle.

True Payday Loan Address

The address of True payday loan is 101 St, Edmonton, Alberta, T5J 3S4, Canada.

True Payday Loan Phone Number

The phone number which one can use to access or reach True payday loan is 1-587-317-4499

How to Apply and Get a True Payday Loan

Applying for and getting a True payday loan can be very easy, and one can register and apply for a loan online. Below are the steps to applying and getting a True payday loan.

#1. Visit the True Payday Loan website

The first step is to visit the True payday loan official website and create an account with the loan service. Ensure to get the correct address and search for it on your device.

#2. Fill Out Your Information

Once you have accessed and reached their official website, navigate and select the option to get a payday loan. Once you have selected this, you must provide your personal information.

#3. Provide Proof Of Income

The next thing you would need to do is provide your proof of income. You need to provide proof that shows you are gainfully employed and that you can make repayment on time.

#4. Enter Your Bank Details

True payday would require you to provide your bank details on the platform so your loan can be quickly processed and deposited into your account. Fill in your bank details and submit.

#5. Agree to Terms Offered

Once you have fully completed the application, you need to review the terms offered by True payday. If you find everything okay and comfortable with the terms, proceed by selecting “Submit” to complete your loan application.

You will get a response from True payday if you have been considered and your loan approved.

Requirements to Apply for True Payday Loan

Before one can qualify to apply for a True payday loan, they must fulfill some basic requirements. Below are some of the requirements to apply for a True payday loan;

  • Be at least 18 Years

Before you can be eligible to apply for a True payday loan, you must be up to 18 years old. The lender does not consider or offer loan services to underage individuals; it’s strictly for 18 and above.

  • Have an Active Account

You need to have an active bank account before you can qualify to apply for a True payday loan. Ensure your bank account is active and functioning.

  • Proof of Income and Valid Identification

Lastly, it would be best to have proof of income and a valid means of identification before applying for a True payday loan.

FAQs

Below are some frequently asked questions and answers on True payday loans.

What is True Payday Loan?

True payday loans are short-term loans offered by True Loan Incorporated, a leading lending company.

How do you know if a Payday Loan is Legit?

You must research and get vital information on a particular lender offering a payday loan. Also, check if the necessary loan agencies have authorized them to offer loans to those seeking these loans.

What Happens if you Don’t Pay a Payday Loan Back?

If you refuse or don’t pay a payday loan, the lender will forward your details to a collection agency. Once your account information is sent, the collection agency may damage your credit.

How Long do Payday Loans Stay on Your Credit Report?

Payday loans stay up to 6 years on one’s credit report if they ensure repayment with no problems. However, this duration may vary depending on the Credit Reference Agency.

True payday loans are helpful loans that one can apply for and get to handle emergencies. It would be best if you made repayments on time to avoid issues with your credit worthiness.

We hope this article provides much information on this True payday loan. Kindly visit our comment section for your views and opinions.

 

About Author

True Payday Loan
Victor Akpan
I am a content writer with over 2 years of experience in content writing. I create quality and highly researched content on cryptocurrency and forex.

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