Payday Loans in Canada
Payday loans in Canada offer immediate financial help to people who need fast cash right away. They provide you with instant funds, which are usually due on your next paycheck.They are a valuable form of short-term cash financing, for which many Canadians can qualify.
These short term loans provide an alternative way of borrowing and offer some distinct advantages over conventional options. Despite this, many people remain unfamiliar with the details of what these loans are, how they work, and how they can be used.
How do payday loans work in Canada? It is simple; payday loans work just like most other kinds of loans. Borrowers go through an application and approval process, and if they are approved, they can borrow as little as $100 and up to $1,500. Borrowers then have those funds to use for a period of time, after which they must be repaid, along with interest.
The loan term ranges from a few weeks to 62 days in duration. It varies based on the income schedule of the borrower and is tailored to make it as easy as possible for them to repay the loan. Those repayments can be in the form of a single lump sum repayment or, in the case of installment payday loans in Canada, throughout a few payments*.
Unlike conventional bank loans, there's no requirement for borrowers to put up collateral. That makes the entire process of obtaining a fast loan much speedier and easier than with bank loans.
Due to the relatively short term of the loans, along with the relatively low dollar amounts involved, many people can complete their application and get their loan funds in a day or less – compared to multiple days or weeks with conventional loans.
Also, funds from payday loans are unrestricted. Where conventional loans like a mortgage or auto loan is linked to the purchase of a specific home or car, respectively, cash advance loans don't have that same linkage. Customers can use the funds from their loan; however, they see fit – for one or more bills, expenses, or purchases – to best manage and improve their financial situation.
Most people who successfully get payday loans in Canada use them for a few key categories of expenses. The important thing to remember is that these loans are designed to serve as a temporary solution for financial problems, and the best way to use them responsibly is to keep them in that context. The most common uses include:
• Handling family or personal emergencies, including travel and lodging expenses for those emergencies.
• Paying for urgent home or auto repairs.
• Getting a broken critical home appliance repaired or replaced (e.g., heater, air conditioning, refrigerator/freezer, oven/stove, etc.).
• Paying for essentials (rent, utilities, food) to make ends meet in between paydays.
• Covering unplanned dental, medical, or veterinary expenses.
Loans in Canada
These days, there's no shortage of reasons why people may need loans in Canada. From time to time, most people experience financial hardships in their lives. Unexpected bills and expenses pop up that must be paid – typically at the most inconvenient times.
Economic volatility, a changing job market, rising housing prices and cost of goods, and relatively flat wages all can conspire to make it difficult to save money. Indeed, many Canadians report they could not successfully pay for a $400 unplanned expense with what they have saved.
As a result, the demand for loans in Canada has never been higher. Fortunately, there are also many new payday loan companies in Canada today, operating online, to help meet that demand. They make it easy for Canadians to access fast cash loans with easily met qualification requirements, and outstanding service.
We offer loans in amounts of up to $1500. Customers can apply online, any time day or night. The simple online application can be completed in just minutes and requires no paperwork or documents. Uniquely, we offer citizens of Canada, loans with instant approval, meaning there is no long or stressful wait after submitting a loan application. Customers get a decision in about a minute.
Most people seeking loans in Canada get their funds the same day. Funds can be delivered even faster when customers choose the email money transfer option – often in just minutes after completing the lending process. When it comes time to repay the loan, that too is simple – it's automated, with direct debits from a customer's bank account. So, there's no worry of forgetting the repayment date and incurring late fees as a result.
For many customers in Canada, loans are a complicated and often overwhelming topic. That's why we have an outstanding team of customer service personnel ready to help. From the application process to loan management, repayment, and technical issues, customer service helps ensure that the lending process goes as smoothly as possible.
Unlike many loan stores in Canada, with us, you can get approved for even with bad credit. There's no minimum credit score to qualify, and we will never reject an application based on your credit history.
With no collateral required, high approval odds, and speedy service, there is no faster way to get a loan in Canada today than with us.
Bad Credit Payday Loans in Canada
Bad credit payday loans in Canada are often the only option for many people to borrow money. They have far less onerous requirements than bank loans to qualify, especially when it comes to credit score and credit history.
Traditional lenders like banks have a very low tolerance for lending risk. They want to ensure that everyone to whom they loan is very likely to repay the loan, on time, and in full. As a result, they tend to set very high bars for borrowers to get approved – especially when it comes to credit scores.
Credit scores (and credit history) act as a short-hand for a borrower's risk and therefore are heavily relied upon by most traditional lenders. They end up rejecting as many as 70-80% of all applicants, mainly based on credit scores that are average or below. That's not the case, however, with loans for bad credit.
Instead, these loans rely on different metrics for determining borrower risk. Bad credit payday loans in Canada today generally look at income and stability to make an approval decision. They are less concerned with credit score, to the point that many lenders have very low or even no minimum credit score requirements to obtain a loan.
When combined with the short loan term and relatively small loan amounts, most lenders offering cash advance loans know that borrowers can be responsible and repay the loan. Even if banks have rejected them in the past, have a poor credit score, or limited or no credit history.
While most Canadian lenders offering personal loans for bad credit will perform a credit check during the loan approval process, it is not meant to assess a person's credit score. Instead, the credit check helps to verify a borrower's identity and validate some of the information they have provided on the application form.
If a lender offering payday loans for people with bad credit doesn't have a minimum credit score requirement, there's no reason to fear the credit check aspect of the application process.
Of course, no lender can truly offer payday loans for bad credit with guaranteed approval in Canada – they must all reserve the right to reject applicants they deem too risky. But, because of the lack of collateral requirements, alternative means used to assess borrower risk, and other factors discussed above, many lenders provide such high approval odds that it is virtually a guarantee. As many as 9 in 10 applicants receive approval at leading poor credit loan lenders today – even with poor credit scores or no credit history.
Bad credit payday loans in Canada are a useful and valuable tool for people who are most in need of fast cash. Those who have been rejected for bank loans, have credit scores too low to qualify for conventional loans, and who have limited means of accessing credit, can get the advantages of loans for bad credit.
Fast Payday Loans in Canada
When you apply for fast payday loans in Canada with us, the process is simple, quick, and efficient. All you need is a handful of information, and you can get on your way with your application within minutes.
But before you apply, make sure you meet the following minimum requirements.
• Be at least 19 years old at the time of your application.
• Be a Canadian citizen, and a resident of Ontario or Alberta, British Columbia, New Brunswick, Manitoba, Nova Scotia, or Prince Edward Island.
• Have been receiving the same source or mix of income for at least the past three months.
• Have a net income of at least $800/month.
• Have a Canadian bank account that has been open for at least three months and has access to online banking features.
• Have a valid mobile phone number, email address, and home address.
Once you have gathered the information you need to apply, here's what you do to get a payday loan fast in Canada:
1. Start by
signing up on our website or by downloading the
iCASH loan app on your tablet or mobile device.
2. Complete and submit the application form.
3. Wait for us to review all the documents and perform a credit check.
4. Receive an approval decision within 5 minutes.
5. Sign your loan agreement and submit it to us.
6. Receive your loan funds via email money transfer within minutes.
When time is essential, there's no faster way to get the best payday loans in Canada than with us!
