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New Payday Loan Companies

Today in Canada, new payday loan companies are making it easier and faster than ever before to take out a short term loan. This is helping more, and more Canadians access quick cash when they need it most, without the hassles and stress associated with traditional loans.

New payday lenders have changed the game by using technology and a focus on customer service, to deliver a purely customer-centric lending experience. Until recently, the only source of small money loans in Canada was the conventional brick-and-mortar payday loan provider. These stores were typically only located in major population centers like large cities. They often would have limited hours of operation and limited options for borrowers.

All of that has changed; however, with new payday loan companies that operate online, Canadians can borrow up to $1,500 with a quick loan without ever leaving their home!

Not to mention, there was minimal support or customer service, where there would often be long waits to get approved for a loan. On top of all that, they were usually located in dodgy areas of town, which wouldn't exactly give customers a sense of security and safety.

Every aspect of obtaining payday loans from direct lenders online is designed to leverage digital technology to make life easier. In many ways, these new payday lenders are trying to make obtaining a loan as on-demand and straightforward as the rest of our digital lives – no more complicated or time-consuming than purchasing on an e-commerce retailer's site.

The core features of the loans available from brand new payday loan lenders are similar to those of their brick-and-mortar loan store counterparts, of course. Quick loans don't require collateral and provide cash funds to borrowers.

The loan is outstanding for a set time, the loan term, which can range from a few weeks to 62 days, all depends on the borrower's income schedule. After this loan term is up, the loan must be repaid, along with an interest or finance charge.

When someone is approved for a payday advance loan in Canada, the funds they receive are unrestricted in terms of how they can be used. Unlike home loans or auto loans, private loans are not contingent upon the purchase of a particular asset, nor linked to that purchase in any way. This allows borrowers to use emergency loans from new payday loan companies in Canada the way they see fit.

The most common uses for these loans focus on an emergency or unplanned expenses, such as home or auto repairs, medical/dental/veterinary expenses, family emergencies, appliance repair or replacement, rent/utilities/food supplementation, or otherwise helping to make ends meet between pay periods. New payday loan companies leave consumers in control, with both the freedom and responsibility to improve their personal financial situation.

New Payday Loan Company

Best Rated Online Payday Loan Companies

The best rated online payday loan companies set themselves apart from their traditional loan store counterparts in almost every aspect of the lending experience. This is even more apparent when comparing online lenders to banks, which provides the starkest difference in the areas of ease of access, speed, availability, and customer service.

It is these areas that primarily differentiate online lenders and make them the preferred choice of many Canadians for easy loans today. At their core, online loans retain the same features as traditional loans and loan store loans. The lending process itself and all that surrounds it is where the biggest differences can be seen. That's where many of the benefits and advantages of new online payday loans shine.

To start, conventional loans often require a trip to a loan place. They may need an appointment, a good deal of travel and lots of waiting around once you arrive. That's the exact opposite of how things work at the best rated online payday loan companies.

Customers can apply online at any time, day or night, 24/7/365. All it takes is a smartphone, tablet, or computer and a working internet connection. There's no travel required, no appointments, no lines – everything can be done from the comfort of a customer's home or office, on a schedule or time table that makes the most sense for their busy lives.

Next, because everything is online and digital, there's no paperwork required to get a loan. Long gone are the carbon copy forms, pages of tedious paperwork with too-small boxes or lines to write out all the requested information. With new online payday loan lenders, the entire application and approval process takes place online, with online forms – there's nothing to fax, mail, or scan and nothing to fill out by hand, either.

Online personal loans also have a clear advantage in the speed department. The best online lenders have short online applications that take just minutes to complete. They also offer instant approval decisions in about a minute – eliminating the long, stressful waiting game typical of traditional lenders. If approved for an express loan, most customers receive same day funding, too. In some cases, online lenders provide funding in just minutes after completing the lending process!

At the same time, online lenders don't skimp on safety and security. By using industry-standard encryption technology, robust data protection policies, and best practices for security, all of the application information remains confidential and secure. Funding and repayment take place using established electronic transfer technology in use by all of the major banks and financial institutions, too.

Last but certainly not least, when customers get new payday loans online in Canada today, they also gain access to top-notch customer service. Most lenders have self-service knowledge bases to help answer basic questions, as well as a fully-staffed customer service team, available via phone, email, live chat, or all of the above. They can help answer questions, resolve issues, and make the application, approval, funding, and loan management process as smooth as possible for borrowers.

New Payday Loans in Canada

For customers in need of a new payday loan in Canada, it's as simple as choosing an online lender and logging on to their site or using their money lending app. The qualification requirements and other aspects of the lending process are typically outlined there, which should be reviewed before applying.

Then, just follow the application process, which varies from lender to lender. Most online loans and lenders today will have an application process that looks something like what is described below.

First, customers will need to choose their desired loan amount. In some cases, they may also be able to select repayment installments, as some lenders offer multiple installment repayments* in addition to the standard lump-sum repayment at the end of the loan term.

This is a valuable feature for new payday loans in Canada, which can make it easier for borrowers to repay the loan without straining their finances even further.

Next, customers need to complete the application itself. This usually consists of a few pages of digital forms. Basic information such as identity and residence is required, along with income and related information.

This forms the basis of the profile that the online lender will use to determine eligibility, risk, and approval for a new payday loan. It's worth mentioning that many of the top lenders offering these loans have very low or no minimum credit score requirements to qualify and instead rely on the information in the loan application – though still may conduct a credit check to verify that information.

Then, customers hit submit on the application, and it is processed by the lender. While some lenders still use a manual review process, the top online lenders offering new payday loans in Canada today have automated, technology-driven approval systems. These can provide an approval decision in about a minute, no matter what time of day or day of the week it may be.

Once approved, borrowers receive a digital loan agreement to review. This specifies the details associated with the loan, such as the interest rate, repayment date and amount, and so on. It can often be signed digitally with just a few clicks and then is automatically returned to the lender. This typically triggers the funds' release process at most lenders.

In terms of funding, most lenders offer funds in about one business day. Some provide same-day funding or even faster methods. Utilizing email money transfer (e-transfer) technology, some of the top lenders offer new personal loans with funding available just minutes after the payday loan agreement is returned.

When it comes time to repay the loan, there's no stress or worry about that, either. Repayment is made automatically by debiting the bank account a customer provided during the application process. In the interim, borrowers can manage their loan online or through the lender's app. New payday loans in Canada today are finally bringing lending into the 21st century!

We are a top-rated online payday loan company in these provinces of Canada

in Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia and Prince Edward Island.

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Just use the simple form on our website – select the amount of cash that you want to borrow, your repayment plan*, provide some information and you’re on your way.

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Complete your loan application. You’ll receive an instant approval, so you can put your finances back on track. Fast, easy and reliable loans from a trusted licensed direct lender.

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Your funds will be sent via e-transfer in 5 minutes or less. Our transfers mean your money is available anytime you need it. Safe, urgent payday loans online with same day funding.

Minimum repayment period 61 days. Maximum repayment period 62 days. Maximum APR is 109,50%. For a $300 loan, the maximum total cost of borrowing is of $354. Interest fees: Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $19 per 100, Ontario $15 per 100, PEI $15 per 100. 372 Bertha Street, Hawkesbury, Ontario, K6A 2A8. iCASH only offers online services. Please note that we cannot accept customers or conduct any transactions from this location.

New Payday Loan Companies in Canada FAQs

What is the best new payday loan lender in Canada?

iCASH is the best new payday loan lender in Canada today. Serving the majority of provinces in the country, iCASH has become the leading source of short term online loans in just a few short years.

With a simple online application process, high approval odds, same-day funding, outstanding customer service, and even a cashback rewards program; we have a lot more to offer borrowers than just their quick loans!

Which payday loan lender is the best for bad credit?

Online lenders are the best choice for payday loans for bad credit. iCASH, is an attractive choice, as there are no minimum credit score requirements to be eligible.

Coupled with the lack of collateral required to obtain a loan and speed with which funds are available, most people find that they can easily qualify for a loan – even with bad credit – at iCASH. Approval odds of as high as 90% are common, regardless of a customer's credit score or credit history.

Can you get a brand new payday loan from direct lenders while on benefits or disability?

It is possible to obtain a brand new payday loan from money lenders like iCASH when your income is primarily government benefits or disability. Unlike conventional lenders, which often only consider employment wages as valid, online lenders like us take a much more expansive view of what qualifies as income for meeting their minimum monthly income requirement of $800.

This includes wages, retirement benefits/accounts, pensions, disability, child tax credit, and both federal and provincial social welfare benefits.

Are new payday loan lenders safe and secure?

While many people worry about new payday loan lenders who operate online and what that means for their personal data privacy, legitimate lenders like iCASH are perfectly safe and secure.

They use advanced encryption technology to keep your personal and financial information secure from hackers and bad actors online. That's coupled with industry best practices for data security and access controls.
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Get up to 20% in Cashback!

iCASH offers a unique Cashback program to reward its customers in Canada. You can get back up to 20% of the cost of borrowing paid once your loan is repaid and receive your Cashback direct into your bank account the same day. Real saving and real Money!*

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