Simply fill out our fast online payday loan application, our website will let you know instantly how much cash you qualify for.
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*Subject to appoval
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The Blue Hog helps Canadians with emergency and short term financial needs. Fast, same day, no hassle, no fuss online payday loans on our internet website. Pay cheque or direct deposit? Finances short? Negative cash flow? NSF's?
Get approved today; in Ontario, Alberta & British Columbia we give dollars to cover your debt with comparable interest rates. Need available funds advanced today, before your pay day? Try our quick & easy virtual online application; no store, no hassle; problem free loans. Instant pre-approval cash advance in Canada with no credit check. We transfer the money directly to your personal or credit union bank account; either savings or chequing.
Terry Henhoeffer, president and owner of Zippycash.ca, is pleased to announce the birth of thebluehog.com. This is a welcomed addition to the online payday loan industry.
The new website will allow Canadians to receive an instant response to their online payday loan needs. Now clients will be able to login to their account and request additional funds, update personal information, view the next payment scheduled, in addition to many excellent service options. This was created in response to client's needs and protection opportunities, as a consumer now has access to their account online. This user friendly website is a great addition to what people look for in a payday loan company.
Thebluehog.com has an established a code of conduct along with many customer friendly options. The strength of the businesses reputation is the cornerstone of their future in the online payday loan business.
Welcome to thebluehog.com!
Welcome to our outlet for random facts, tips, interesting tidbits and news on everything payday loan related.
The hog is your stop for all your payday loan needs
Tuesday February 16, 2010
People often wonder why a payday loan cost is higher than a bank loan. The Blue Hog is here to make sense of this question for you.
Payday loans are short term loans (usually a week or two) that are intended to help get you through until your next payday. These loans are approved and the money is deposited into your bank account, in some cases, the loan is deposited the same day, at the latest the next business day. A payday loan is an unsecured loan that you qualify for without a credit check. These types of loans are intended for short term borrowing and are to be paid back in full on your next payday making the interest rate higher than the traditional bank loan. If you are able to pay your loan back before your next payday your fees are adjusted, making the loan more affordable.
A bank loan has a longer approval process. You do not get the cash immediately and it could take weeks before the money is in your hands. These types of loans are not intended for a short period of lending, the borrowing term is generally 2 - 5 years. The administrative fee and interest rate is calculated over this period of time. Also, if you pay this loan off faster, in most cases, the interest rate is not adjusted.
When considering which type of loan fits your need, you should be looking at more than just the cost to borrow the loan. If you are in need of cash today and can pay it back on your next payday, then a payday loan from The Blue Hog may be the right choice for you.
The Ontario government is putting together a Bill of Rights to protect the consumers in Ontario when they apply for a payday loan/cash advance. Ontario is putting a cap of $21.00 for every $100.00 that a consumer borrows. Payday lenders cannot charge more than $21.00 no matter if the consumer has the loan out for 3 days or 14 days; the fees will always be $21.00 on every $100.00.
There have been many different stories on what is going to happen and on what dates. Quoted below is from the Ministry of Small Business and Consumer Services Website. Their website is www.gov.on.ca/mgs/en/ConsProt/267398.html and under the Title "Limits on the total cost of borrowing" this is the message they have stated.
"Ontario has set a maximum on the total cost of borrowing that payday lenders can charge consumers who enter into a payday contract. Payday lenders can charge no more than $21 for every $100 that a consumer borrows."
"Note that this maximum will not come into force until after Ontario receives designation from the federal government under the Criminal Code of Canada."
Blue Hog will make sure that we follow every rule once all the rules are in place. We want our customers to be able to still borrow for those emergency needs or for having a little bit of cash in their pocket until payday.
With payday loans growing ever so popular since first entering the market in the mid 1990's, it was only a matter of time before changes needed to be made since the only set of rules to abide by was the Criminal Code introduced a decade earlier.
Currently, the provinces and territories of Canada want to regulate the payday loan industry and amend the Criminal Code to better suit the needs of today's consumers. With the proposed legislation, each payday loan company is required to be licensed in the province and provide full disclosure of all fees involved with borrowing the funds. There are already certain provinces that have legislation in place.
The legislation will provide enhanced protection for consumers in ensuring that they are not being over charged by the payday loan company.
As for the payday loan company itself, the legislation enforces inspections of each location and anyone found breaking the laws can face prosecutions and license suspensions.
Here at the Blue Hog, we truly believe in the upcoming payday loan legislation and what it can do for our customers. By providing knowledge and assistance, we feel that we can keep ahead of the legislation and ensure that our consumers are getting the best possible experience from a payday loan company.
Payday loans from Bluehog are a very respectable way to get a loan in today's failing economy. If you're in a pinch and need the funds for a short period of time, simply visit our website and hit apply from the privacy of your own home, you can have the cash deposited directly into your bank account. It's extremely fast, easy to use and very secure with our state-of-the-art software. Once you hit submit, the application is processed the same day and the money is deposited right into your bank account ready to use.
This method of borrowing is perfect for the short term unexpected finances that come up. For a few simply requirements, you can have the cash in your hand the same day. As long as you have access to a computer, a full time job and a Canadian Citizen, you can apply! The application process is so easy, it honestly takes a few minutes to sit down and fill it out. Once we can verify your income, your funds are deposited right into your bank account. Everything is done electronically so you don't even have to go out of your way into a store to pay us, it's electronic! A pre-authorized debit is set up on your next pay day and it's paid. When you're ready for some more money, go back to our website and fill out the members form. You can also log on at any time and see what your balance is and the date it's due. Of course you can always call and talk to our friendly customer service representatives who are always ready to help you out.
Everybody at some point in time or another needs a helping hand, and getting a payday loan from Bluehog is an easy way to help yourself.
A payday loan provides immediate funds for those with unexpected financial need. The purpose of this type of loan is the immediate access to cash but should be paid back on your next payday. There are higher costs associated with borrowing a payday loan so it is recommended to only borrow what you need and what you can afford to pay back.
A few things to consider before taking out a payday loan are the following:
Williams, Terri. (2008). Don't let payday loans become payday moans.
Wikipedia on the internet provides an extensive definition of the word usury. They refer to usury as:
"Usury (pronounced /ju ri/, comes from the Medieval Latin usuria, "interest" or "excessive interest", from the Latin usura "interest") originally meant the charging of interest on loans. This would have included charging a fee for the use of money, such as at a bureau de change. After countries legislated to limit the rate of interest on loans, usury came to mean the interest above the lawful rate. In common usage today, the word means the charging of unreasonable or relatively high rates of interest."
Meyers indicates that the definition of usury from a random Google search is:
"An exorbitant or unlawful rate of interest"
"Let's take "unlawful" first. States that permit payday loans also specify the maximum allowable fee and/or interest by statute. As long as a payday lender makes a loan within those amounts, the loans are lawful and therefore not usurious. And, as it happens, legitimate payday lenders, which comprise of 99% of the industry, follow those exact laws.
Let's define "exorbitant", per the same dictionary, as "greatly exceeding bounds of reason or moderation".
We must ask what "reasonable" means in the world of short-term unsecured credit.
If a lender charges a price he deems reasonable that the borrower thinks is unreasonable, the borrower will not take out the loan. After all, if lenders charged 2600% APR, or $100 per hundred borrowed, they would not get any customers. It's called "pricing oneself out of the market".
If the borrower wants a price he deems reasonable that the lender thinks is unreasonable, the lender will not make the loan. After all, if lenders charged 36% APR, or $1.38 per hundred borrowed, they would get many customers but the lenders would go out of business within a month because they would not generate enough revenue to make up for overhead and defaults."
Meyers, Lawrence. (2008). It doesn't walk like a duck, so it definitely is not usury.
Educating consumers in relation to payday loans is a high priority in the new legislation act that is currently being reviewed in Canada. Any individual interested in obtaining a payday loan should first concern themselves with the services and fees associated with each company.
Interest and fees associated with payday loans:
Each company has various fees for using their services. The legislation is currently reviewing the fees that lenders charge and are considering placing a cap on the legal amount they can charge. In Canada, illegal rates are those that charge above 60% annually on the principal loan. Visiting each website and researching the fees would give an indication of the charges associated with borrowing from that institution.
NSF charges or missed payments:
It would also be advised to find out what will happen if a payment is missed or comes back as an insufficient fund from your account. Each lender has various terms in which the consumer should educate themselves with before deciding to obtain a loan.
With this information at hand, individuals should weigh the pro and cons before deciding to obtain a loan. It is also a good idea to contact the lender directly and ask about their services, costs and procedures. If a consumer feels comfortable and satisfied with the information learned, then they should go ahead and apply for a loan if in financial need.
APR varies from 546.00 - 600.00% for a 14 day term and is based on province, loan term, loan funding date and other underwriting considerations. For further details on APR, please refer to the FAQs.
Implications of Non-Payment
What happens if I fail to make a timely payment on my loan?
Failure to make a timely payment on your loan can have several consequences, including the following: