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How to get an Online Loan with Bad Credit

How to get an Online Loan with Bad Credit

Apply With Us

Fill out our online application form -- it'll take about five minutes. Then submit your banking details so we know where to pull the repayment from.

Get The Contract

Once your application has been approved by our system, you'll get an e-mail with a downloadable version of the contract. There will also be an electronic signature box. Once you've read the contract, submit your signature.

Deposit The E-Transfer

Within about 5 minutes you'll receive an e-Transfer with your money. You can deposit it instantly into just about any bank in the Canadian banking system. If you have auto-deposit set up already, it will just drop into your account without you having to do anything.

Bad Credit Payday Loans

While you've tried to stay on top of your finances, a couple of rough spots in the road have damaged your credit rating. Some time back, you were late with a few payments due to a temporary work layoff or some time spent recuperating after a hospital stay. Even though you are caught up and working hard to regain your good credit rating, the task will take some more work. This is where utilizing a bad credit payday loan can come in very handy if some sort of unanticipated financial crisis should arise.

Avoiding Late Fees

One of the more common reasons for people to work with lenders who offer online payday loans is when and unexpected expense arises at a most inopportune time. For example, the brakes on the car you use to get to and from work fail. Unfortunately, that failure occurs a couple of weeks before you'll receive your next paycheck and the money that's in your checking account is already allocated to making payments on other bills. If you use those funds to pay for the car repairs, those other bills will fall behind. That means accumulating a bunch of late fees that you can ill afford to absorb.

Choosing to take out a payday loan to cover the costs of the brake repairs eliminates the problem. Even allowing for the interest that you pay on the loan itself, you will still come out way ahead by avoiding all those late fees and penalties. Best of all, you keep your current creditors happy and don't run the risk of a fresh batch of negative comments finding their way to the major crediting reporting bureaus.

Preventing an Increase in Interest Rates

Using the same basic scenario, assume that some of those debts that you must pay while still managing to have the brakes repaired happen to be credit card accounts. If you are late with making at least the minimum payment due by that due date, the damage will likely be greater than simply incurring some sort of late fee. There is also a very real chance that the credit card company will increase the rate of interest that applies to your open balance.

In this scenario, bad credit payday loans help consumers to avoid situations that end up costing them more in interest payments over an extended period of time. Think about how much more you would pay over the course of a year if the interest rate on a few of your credit cards increased by five percentage points. That additional interest will only add to the time it takes to settle those balances in full, making it harder for you to get out of debt. Why place this additional burden on your shoulders when a payday loan would allow you to prevent this from happening?

Keeping Your Finances in Order

There is no doubt that you've put a lot of hard work into overcoming past financial issues. Slowly but surely, those efforts are paying off. While your credit score is still low, it is better than it was a few months ago. You want to maintain that momentum, even in the face of some sort of unanticipated expense. In the long run, this will help to ensure that your rating gets back to a reasonable level and that your current debts are eventually paid in full.

Seeing payday loans as a financial tool that helps you keep moving forward is very important. Prudent use of these small loans to deal with situations that would undermine your efforts will mean you are always moving forward, not backward. Further, establishing a solid track record with a local payday loan lender will mean that you can get a loan whenever you like. Most lenders of this type maintain a history of your past loan activity. This means that if you've been diligent in repaying the loans on time, you can walk in, ask for a short-term loan, and have the money in hand in a matter of minutes.

Bad Credit Q&A Time

If you have a question that isn't covered here, check our main FAQ, or contact support. We'll be sure to answer any question you have to the best of our ability.

Q: Can I get a bad credit payday loan?

Yes, it's definitely possible. We are in this business to provide credit to people who might not get a successful application from a regular bank.

We do this by looking at different factors, primarily your current income. We only need to determine whether you can make your next payment in order to decide to issue a loan.

Q: What if I don't have any credit at all?

This isn't a problem either. We often issue no credit loans. We can do this buy basing a large part of our decision on your bank account. If we can see that you are making regular, dependable income, then that gives us a lot of certainty about whether we can issue a short term loan.

Q: How safe is the online application?

Your personal information is protected using AES-128 encryption over TLS1.2. You can be sure that nobody will observe it in transit. We also do not sell your personal information to third parties, so your privacy is ensured.

Q: Why should I get a bad credit payday loan with My Canada Payday?

There are many reasons why My Canada Payday is the best choice.

  1. Fast, reliable service. You won't have to wait around to get a loan.
  2. Flexible acceptance criteria.
  3. Open 7 days a week.
  4. 100% Canadian owned business.
  5. Great reviews from hundreds of satisfied customers.

Licensing Information

BC Payday Loan License # 52546
Ontario Payday Loan License # 4721539
Alberta Payday Loan License #342618
Nova Scotia License # 211843061
Saskatchewan License # 100055
Manitoba License # 67816

Interest Rates

Online payday Loans are high cost loans. Loan amounts are subject to net pay and other qualification requirements.
Ontario: We charge $15 per $100 borrowed. On a $500 loan for 14 days, the total cost of borrowing is $75, with a total amount owing of $575 and an APR of 391.07%.
British Columbia and Alberta: We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total amount owing of $345 and an APR of 391.07%.
Manitoba and Saskatchewan: We charge $17 per $100 borrowed. On a $300 loan for 12 days, the total cost of borrowing is $51, with a total amount owing of $351 and an APR of 517%.
Nova Scotia: We charge $19 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $57, with a total amount owing of $357 and an APR of 495.36%.