Payday loan is a small short-term temporary provision of money that lets you borrow up to $1000 against your next pay check. A pay day loan is also called a payday advance. It is comparatively a new product in the consumer finance market. Payday loans can serve as a helpful aid for a fast and easy borrowing at the time of emergency in case if there are no other financial alternatives. This type of financial instrument is a good solution for anyone who needs fast, easy and confidential way of getting emergency cash. Payday Loans in Canada can be approved very fast because approval is not based on your credit score and you can get instant cash to cover your unexpected expenses within minutes. Lenders will tell you that poor credit ratings don't matter to them because cash advances are secured by your paycheque. The entire process of applying for a cash advance is very easy and hassle free. The repayment of the pay day loan is expected within two to three weeks, which is an average term. Paycheque advances are payable in full when due, but many lenders will let borrowers to just pay the finance charge to renew the loan for another pay period. The loan amount with lenders fees will be automatically withdrawn from your checking account on it's due date.