Payday Loans Up to $1500

Payday Loans

A payday loan is a short term loan that can help you cover immediate cash needs until you get your next paycheck. You can borrow up to $1,500 in Canada. Depending on the province you live in, you can repay your loan with interest in one or multiple installments*.

Easy payday loans are given out for smaller amounts and are generally more accessible than traditional bank loans. At one point in time, we’ve all probably found ourselves in a tight spot financially. While some of us can turn to our friends and family for help, many Canadians do not have that option.

That is where new payday loan companies can help by offering loans that can assist Canadians to pay for unanticipated expenses.

Regardless of your credit score, you apply and get instantly approved for an easy loan, as most lenders will let you borrow money even with a low credit score. That is because payday lenders look at different aspects, such as income to debt ratio.

Local provincial laws highly regulate modern direct lenders. They have policies in place that protect borrowers and make it safe to get an easy payday loan.

How Do Payday Loans Work?

Payday loans work the following way:

If you’re applying with a direct lender online, you’ll be asked to provide them with an email address. This is so that funds can be sent to you via e-Transfer once your loan application has been approved and the agreement has been signed.

If you are applying at a store in person, you will be provided with cash or check on the spot. While there still are loan stores where borrowers can go in person to apply, most of it is now done online, providing ease and flexibility to Canadians. An added plus being there is no risk leaving a physical store with cash on hand!

When applying for a quick payday loan with a direct lender, look for the following on their website:

Types of Payday Loans

Not sure what type of payday loan is right for you? We know it can be overwhelming with so many different loan options to choose from.

That is why we have compiled a list of all of the safe payday loans we have to offer in the table below:

Payday Loan Interest Rates

Payday loan interest rates are determined by the province you live in, varying from $15 to $25 for every $100 you borrow.

According to provincial regulations, short term loan companies must apply a fixed rate on the amount borrowed.

For example, if you reside in Alberta and want to take out an emergency loan, it will cost you $15 for a $100 loan. Alternatively, the same loan will cost you $19 in Nova Scotia.

Here is a quick breakdown on what are the interest rates and fees of payday loans in Canada:

Since fast payday loans are issued for a short period, interest rates are usually expressed in a dollar amount rather than a percentage. It is also essential to keep in mind that some lenders may also charge annual interest rates or service fees.

If you happen to change your mind and want to cancel your loan, you can make do so in the grace period, also known as the cooling-off period. With us, you usually have two business days to terminate your loan agreement. The cancellation period varies by province or territory.

It is crucial that you understand and review your instant payday loan contract before agreeing to the terms. Direct, trusted lenders clearly specify the total cost of borrowing money in their loan agreement and indicate when, where and how much they will withdraw directly from your bank account.

Pros of Payday Loans

Payday loans have a significant number of advantages. Below are some of the reasons why people prefer to use them over other types of loans.

Fixed rates: Our same day loans come with a fixed fee and interest rates, so you are not surprised with added costs when you are trying to pay it back.

Easy application process: Modern lenders, like us, know you need money fast, so we do not want to slow you down during the application process. We made our requirements easy to meet.

All credit scores accepted: If your credit score is poor, or you have zero credit history, you can still be eligible for a loan for people with poor credit. Since we analyze several aspects of your application, you will not be turned down simply because your credit score does not reach a certain threshold.

Fast process and approval: With us, you can get instantly approved and receive your loan through an e-Transfer within 2 minutes.

Flexible repayment options: Depending on the province you live, you can pay back in multiple repayments*.

Multiple income sources welcome: We accept numerous income sources such as salary, government benefits like EI, child tax, disability, or a pension.

Who Uses Payday Loans?

Individuals who use small payday loans come from all walks of life but have one thing in common — they have encountered an unexpected or emergency expense and turn to payday installment loans for help.

According to the Canadian Government, people who are most likely to take out an loan till payday are:

When asked why they need small payday loans, most respondents of the survey replied the following:

How to Get Approved for a Payday Loan?

To get approved for a payday loan, you must meet the following minimum requirements:

How to Pay Back a Payday Loan?

To repay your small payday loan, you will need to provide us with the authorization to withdraw the funds directly from your bank account on your due date, as agreed upon in your loan agreement.

In case you want to repay your loan early, you would need to contact us to check if it is possible.

Every lender will have different repayment terms, so be sure to check your loan agreement to see the payment terms and conditions. Whether it is an online company or a place to loan money, you may have a few options to pay off your debt.