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When you need to take out a loan, your first thought might be to head to your local bank or credit union. Most banks and credit unions only offer loans in high amounts, with typical loan amounts reaching $50,000 or more. That’s great news if you’re looking to take out a mortgage or start a business, but not so much if you just need to hold your bank account over until your next paycheque.
If you only need $500, where would you go to get a loan? How does a $500 loan work? More importantly, where do you find instant payday loans in Canada that aren’t going to lock you into months of repayments and interest fees?
Don’t waste your money—or your time—by taking out more than what you need! It isn’t always easy to find $500 or $1,000 loans in Canada, which is why we’ve broken it all down for you. Keep reading to see answers to common questions about $500 loans and everything you need to know—including where to get the best unsecured loans. You can also check out our guide to payday loans.
If you are looking for a quick, $500 loan that is convenient and dependable, MyCanadaPayday has you covered. Our loans (Different from personal loans you can get at the bank), are designed to make the lending process as simple and as straightforward as possible, from our quick approval process to our easy online application.
We are one of the top lenders for $500 payday loans in Canada, and our customer testimonials prove it. Check out what some of our recent reviewers had to say about borrowing with MyCanadaPayday:
Knowing that you have a strong customer support team to guide you through the process, answer questions and ensure that you have a positive borrowing experience can make all the difference when it comes to payday loans for unemployed on benefits. We’re proud to be leading the industry!
Getting a loan can feel intimidating, especially if you’ve never done it before. Here are some of the most commonly asked questions (and answers) about $500 rapid cash payday loans:
A short term loan is exactly how it sounds: it’s a loan that is designed to last for a much shorter period of time. Traditional loans vs one hour payday loans have higher amounts and therefore last for months or years at a time. With a short term $500 loan, you’ll only be paying on that loan for a few weeks, making it much more manageable in the long run.
Each lender will have their own set of rules and regulations, but here’s how the process works at MyCanadaPayday:
Step One: Fill out an application online, from anywhere that you have an internet connection—from your couch, a local coffee shop, or on your morning commute.
Step Two: Receive a confirmation email and sign the lending agreement.
Step Three: Decide on when you want to pay (your next paycheque or the following).
Step Four: Receive your money by the next business day (or sooner!).
Step Five: Breathe easy knowing that your bank account is covered.
There are tons of reasons why you might need to take out a $500 loan! The possibilities are limitless, but here are some of the most common:
Costs will differ from one province to the next. Depending on where you live, MyCanadaPayday charges an up-front fee of 15, 17, or 19 percent of the principal balance. That means that a $500 loan can cost up to $575, $585, or $595 in total. You will always know what your fee is, and that fee will be included in your total loan amount to make payments as simple as possible.
At MyCanadaPayday, we like to keep the lending process simple. We also believe that everyone should have access to the funds that they need—so we won’t deny you just because your credit score isn’t perfect, or if this is your first time getting a short term loan. All you need is to:
When you take out a $500 loan with MyCanadaPayday, you’ll be partnering with one of the top short term lenders in the country. Before you head online to fill out an application, here is everything that you need to know about MyCanadaPayday loans:
If you need a $500 loan, you want to make sure you are choosing the right lender. Choose MyCanadaPayday! Reach out to us at any time to get started or to send us any questions that you might have. Our customer support team is available every day by phone (604-630-4783) or by email (firstname.lastname@example.org). Let us show you what makes us one of the best payday lenders across Canada!