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Payday Loans in Canada

What Is a Payday Loan?

If you’re wondering what is a payday loan, it is a short term loan that provides you with immediate funds which are usually due on your next paycheck. Depending on the laws of the province that you reside in, payday loans may be available through physical locations of direct lenders or online.

Payday loans are not recommended as a long-term financial solution, they are meant to be used to cover unexpected expenses when a cash shortfall occurs.

How Do Payday Loans Work?

Compared to traditional bank loans, payday loans are easier to qualify for. You can easily get a loan by applying through a payday lender. Before conducting business with a lender make sure it is licensed in the province you live in. Direct lenders should clearly display their licenses and information, so consumers know they are properly qualified to lend money.

Since there is no collateral involved, cash loans are usually issued for small amounts. Canadian residents can apply for a loan of up to $1,500. The amount that someone can borrow is determined by the laws and regulations of the province you reside in, combined with the lender’s decision.

Money lenders will evaluate your eligibility and will determine the amount of your loan. Upon approval, you need to sign a loan agreement which indicates the cost of the loan, interest rate, fees, and repayment date.

A credit check is usually performed during the loan application process. Despite the fact many payday lenders do not ask for a minimum credit score, some of them do. However, this is typically lower than the one requested from banks; as a result, it allows most people to qualify for short term loans. In fact, for customers with bad credit, emergency loans can be one of the only kind of loans or credit products available for them.

A payday loan is usually paid back from your next paycheck or when income is received from another source. The repayment date is determined by the payday lender and it is specified on the loan agreement. Instant loans are usually issued for two to four weeks, even for more in some cases.

Upon signing your agreement, the payday lender deposits the money in your bank account or sends it via transfer. Payday lenders are usually provided with authorization to electronically remove funds from your bank account on the due date.

Cost of Payday Loans in Canada

In Canada, the maximum cost of borrowing money from a payday loan is established by the provincial laws.

According to the payday loans regulations, direct lenders must apply a fixed rate on the amount borrowed. For instance, the cost of borrowing $100 for two weeks in Alberta should be a maximum of $15.

Province Maximum cost of borrowing for a $100, 2 week payday loans Cooling off period to cancel the payday loan Maximum penalty for a returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours, excluding Sundays and holidays $20
New Brunswick $15 48 hours, excluding Sundays and holidays $40 (default penalty)
Nova Scotia $19 Next business day $40 (default penalty)
Ontario $15 2 business days n/a
Prince Edward Island $25 2 business days n/a
Saskatchewan $17 Next business day $25

Source: Financial Consumer Agency of Canada

Since, payday loans are issued for a short duration of time, interest rates are usually expressed in a dollar amount, rather than in annual percentage rate. In addition to the interest rate, lenders may also charge annual interests or service fees.

In terms of cancellation, you might be able to terminate your agreement within the established cooling off period. The cancellation period is applicable to same day loans and it depends on the province or territory in which you live.

Certain lenders may charge you a penalty for a retuned pre-authorized debit or cheque. This happens when the direct lender tries to withdraw the payment directly from your account and because of insufficient funds, the payment was not made.

It is important to review and understand your instant loan contract before signing it. Direct, trusted lenders clearly specify the total cost of borrowing money in the payday loan agreement.

How To Get a Payday Loan?

Here is a list of steps you need to follow to get a payday loan.

  • 1. Find a payday lender (brick-and-mortar or online)
  • 2. Review eligibility criteria (to ensure you qualify)
  • 3. Apply for a loan
  • 4. Get instant approval
  • 5. Review and sign the loan agreement
  • 6. Get the funds from your loan
  • 7. Repay the loan with interest by the agreed-upon repayment date

Please note that traditional cash loan stores may have a different lending process than online payday lenders. The requirements, loan application process, and repayment dates will depend on who you decide to borrow money from.

What Are Online Payday Loans?

Online payday loans are short term loans that can provide you with instant cash on the agreement that the funds will be paid back on your next payday. You can easily apply for a same day loan from the comfort of your home or office via online.

Fast loans are some of the easiest and fastest financial products to apply for online. Since, there is no collateral involved, they are usually issued for a maximum amount of $1500. In addition, cash advance loan eligibility requirements are simpler than traditional loans. For example, even if you have bad credit, you can still apply for a loan. These small bad credit loans usually have a lower credit score requirement.

Traditional brick-and-mortar payday lenders may require paperwork and physical documents to be provided in order to validate your income, employment information and home address. However, cash loans online offer a simplified, easy and fast application process that requires only a few minutes.

Compared to the conventional application process, small loans can offer an instant approval and provide you with funds within 24 hours. For instance, online private lenders can give you an instant decision in less than 5 minutes and send the funds by e-transfer within minutes. Traditional loans may take days or weeks to move from application to funding.

Are Payday Loans Safe?

If you need a payday loan, you should know that they are completely safe and legal. However, before deciding to conduct business with a lender, you need to make sure you are dealing with lenders that are legitimate and fully licensed in the provinces and territories they operate, this way you will be protected by the law.

Reputable online direct lenders use advanced encryption technology which makes your personal and financial information safe and confidential.

Choosing a direct safe lender is not as simple as it looks. You need to search for a reputable and legitimate lender before deciding to do business with them.

Here is a list of things to consider when searching for a reputable lender

• Ensure that the lender has a license to operate in the province or territory in which you live.
• Make sure the lender provides you with their contact information in case you need immediate assistance.
• Check for the lender’s reputation online. Search for online reviews and with the Better Business Bureau for any complaints or widespread allegations.
• If possible, choose a lender that is based in Canada, as offshore or overseas jurisdictions can weaken consumer protections and provide consumers with limited resources in the case of a dispute.
• Ensure you understand your loan agreement regarding to the loan cost, interest rate, associated fees and repayment date. Make sure you understand the total cost of your loan.

When choosing a direct lender, you also need to evaluate which one meets your personal needs.

Here are a few questions you can ask yourself when evaluating a lender.

• Do you need to have access to cash immediately?
• Do you need to visit a physical location to obtain a loan or can you do it online?
• Do you need to pay your loan in one payment or are you looking for multiple repayments?
• Can you extend the term of the payday loan?
• What is the actual cost of the loan?
• Do they have a cooling off period in case you change your mind?

Advantages Of Payday Loans

If you need a payday loan, the two most widely cited advantages to using them is that they typically available even to those who have poor credit or limited credit history and they can be obtained quickly.

First, credit scores are often an impediment for people to obtain loans and credit of all types. This is especially true when dealing with banks and traditional institutional lenders. Most of financial institutions use credit scores to quickly identify the risk you present as a borrower and the likelihood you have of repaying the loan on time. As a result, they make their approval decisions based on the customer’s credit scores.

However, direct payday lenders are usually private companies, so, they don’t have the same kind of risk-averse lending criteria to maintain. Therefore, they can provide loans to a wider range of people. Many payday lenders have minimum credit score requirements, or don’t have any credit score requirements at all. This means that people who have been turned down from the traditional financial system can still have access to loans.

Typically, these types of payday loans are easy to apply for and therefore they allow you to have access to instant cash when you need it the most. Easy online loans in Canada are a quick solution when a cash shortage occurs, and you need to cover unexpected expenses.

In addition, you can apply for payday loans online in-person. Most direct payday lenders provide to customers a simple and fast process to obtain immediate cash. Nowadays, many money lenders can offer an instant approval and provide you with funds in less than a day. While traditional loans make take a few days or weeks to be approved.

What Do I Need To Get a Payday Loan?

The requirements you need to meet to get a payday loan will vary from lender to lender. The most common requirements are:

• A regular income or source of direct deposit income, whether from a job, insurance, government benefits or other. The amount required (either per week or per month in most cases) will vary.
• A Canadian account with a commercial bank, the associated routing and account information, along with access to online banking features.
• A permanent address in Canada.

Additional requirements for a payday loan can also be:

• A phone number and/or email address.
• A minimum credit score threshold.
• A certain period that the bank account and/or income has been available, as a measure of stability.
• A certain amount of time you have been at your current job (if employment income is your primary income source).
• Age-related requirements, usually indicating you are at least of the age of majority in your jurisdiction, or older in some cases.

Most payday lenders specify their minimum eligibility requirements for lending. You should always review these requirements prior to starting a loan application. If you do not meet the requirements, then your application is likely to be rejected. By ensuring you meet all the lender’s requirements, you can avoid a disappointing experience.

FAQ About Payday Loans

Below you can find the most common questions regarding payday loans in Canada.
If you have additional questions that are not answered in this section, please feel free to contact us. We’ll be happy to help you.

How Much Can I Borrow With a Payday Loan?

The term and amount you can borrow from a lender may vary according to the laws and restrictions of the province or territory that you reside in. Canadian residents can apply for a loan of up to $1,500.

The payday lender will determine the maximum amount you can get based on your application. Having applied for a loan doesn’t guarantee you will be approved for the maximum amount available.

Can You Get a Payday Loan Without a Bank Account?

In general, payday lenders require you to have a Canadian bank account in order to obtain payday loans. Most of the times, this is the destination where lenders will deposit your loan proceeds and the same account will be used to debit your loan repayment(s). It also helps to verify your identity and information.

Since most people have access to an account in a bank, this is not usually a problem for Canadians who need to borrow money.

Maybe you need money fast, you are looking for a quick loan and the only obstacle is the lack of a bank account. You should be able to set up an account without any issues.

Can I Get a Loan When on Benefits?

It is possible to get a payday loan even when you are on government benefits. The availability of such loans will vary depending on the criteria of a given payday lender. Traditional payday lending stores are less likely to provide these kinds of loans than direct private lenders.

Several online private lenders may accept all kind of income sources such as:

• Income assistance
• Insurance benefits
• Government benefits, including Child Tax, Pension, ODSP, AISH

Provided they are received regularly and have been stable for at least a period of a few months, lenders can often count these benefits towards their income requirements.

Online payday lenders will usually offer a list on their website of other income sources they accept besides that which comes from a salary. If your benefits or other sources of income don’t count with one lender, then it doesn’t hurt to do some research and check out some other options available.

Can You Get a Payday Loan on the Weekend?

Thanks to modern technology, you can absolutely get a payday loan on the weekend. Traditional payday loan stores might not be open, but online payday lenders may be open 24/7/365.

With online loan applications, there’s no need to visit a store or a branch office; everything can be completed online with only an Internet connection and your preferred device.

The best online lenders use advanced, AI-driven software technology to process the application, perform a credit check, verify your identity, provide instant approval and funding on the same day. Since the process is automated and doesn’t require human intervention, it can take place any time, day or night – even on weekends.

By turning to a trusted and licensed online lender, you can avoid banker’s hours, long lines and paperwork. You can spend just a few minutes online getting your loan and enjoy the rest of your weekend.

How Can I Get a Same Day Payday Loan?

The good news is that many payday loans can be obtained the same day. Most direct lenders offer applications and funding within 1 business day. Some are even faster, taking 30 to 60 minutes at most from application to funding. It all depends on what application and approval methods the lender uses, and how they deliver the loan proceeds to customers.

Direct lenders typically leverage the benefits of technology to offer always-available applications, automated approvals and automated funding as well. This allows them to operate 24/7/365. Thanks to the speed of e- transfers and digital processing technology, it takes almost no time for funds to be transferred from the lender’s account to the borrowers. The best online payday lenders can deliver funds within 5-10 minutes upon reception of your signed agreement.

When you need a payday loan, money lenders know you need money fast. You can apply, get approved, and have your funds the same day.

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Minimum, maximum repayment period 62 days. Maximum APR for 62 days 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 $25 per 100.
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