Emergency Loans

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Emergency Loans

Emergency Loans

Need cash fast to handle an emergency?

Emergencies can strike at any moment, they are naturally unpredictable. Whether it's a broken down car, a leak in your roof, or a emergency medical expenses, when you need to get some money fast you can't turn to a bank because they're just so slow. In this fast paced world that they haven't yet adapted to, they aren't capable of serving the needs of their customers.

That's where My Canada Payday can help. We think that borrowing money should be simple, without all the headache and red tape that traditional lenders require. It's no different than any other cash loan, except it is delivered electronically. Our application is simple and takes only five minutes. Even submitting your banking information is done completely online, securely and safely through our trusted data partner. We are 100% committed to being the most convenient way to borrow money online.

It doesn't matter what kind of circumstances have led you to apply for an express loan with us, we don't ask any questions about what you want to use the money for. Getting into all those details is none of our business, and it would just serve to slow down the process which is exactly what we don't want to do. Your time is important to you and we understand that, which is why we aim to deliver your funds within a few minutes of your acceptance of the contract.

Not only are we fast, we're available to provide e-Transfer payday loans 24/7. You can accept the contract any time that is convenient for you and our systems will automatically send you the money via e-Transfer, which you can then deposit directly into your bank account so you can pay your bills.

What about bad credit?

You don't have to worry about bad credit. Everyone's personal financial circumstances are unique, and we don't hold that against you. Our unique scoring system takes into account thousands of variables that most lenders don't, allowing us to extend credit to far more people than a bank would.

It's our guarantee that your application will not be denied solely on the basis of your credit score.

What are the prerequisites?

First of all, you must be 19 years of age or older. You have to have a bank account in Canada with access to online banking. You need some source of income, including employment or pension income. Finally, you must live in one of these provinces: Alberta, BC, Ontario, Saskatchewan, Nova Scotia, or Manitoba.

If you meet all these criteria, fill out our application form and submit your banking data. We'll get back to you right away with a decision.

Emergency Loans in Canada

It's always good financial advice to have an emergency fund, but in these troubled times, it can be challenging for many Canadians to maintain one.

This is especially true if you're one of those whose livelihood has been affected by the recent pandemic.

Unfortunately, government subsidies can only go so far – and emergencies don't stop happening just because you're unprepared. In fact, it's often the complete opposite. Most of the time, emergencies happen when you're least prepared.

If you don't have savings, you may have no choice but to take out a loan. But what if your credit score isn't enough? What if you still have outstanding bank loans?

In this case, you may want to consider emergency loans.

This article will talk about everything you need to know about emergency loans in Canada.

What are Emergency Loans?

As its name suggests, an emergency loan refers to loans that are meant to cover an emergency.

Many banks and government agencies offer emergency loans or cash assistance, but they tend to have strict requirements for borrowers. The approval process can also take too long, defeating the purpose of an emergency loan. After all, the main reason why people get emergency loans in the first place is that they need the money for an urgent situation.

Actual emergency loans are easy, convenient, and accessible to anyone. Here are the key characteristics that make emergency loans stand out:

  • Availability. Emergency loans have lenient eligibility requirements. Most people are qualified for an emergency loan, even if they're pensioners, have bad credit, or have outstanding loans.
  • Expediency. You should receive the money right when you need it, not a week after. Luckily, if you get approved for an emergency loan, you'll always get the money on the same day of your application.
  • Flexibility. Banks or government agencies are very selective about who they lend to. Usually, they will only lend money for specific situations, which your particular emergency may not be qualified for. On the other hand, emergency lenders rarely care–if ever–about where you'll use the money.

As you can see, emergency loans are an important financial instrument that can be crucial in times of need.

Who Needs Emergency Loans?

Cash-strapped Canadians with bad credit or outstanding loans are the most common borrowers of emergency loans.

As mentioned above, these people have few to no traditional forms of credit available to them, making them disproportionately affected by any emergencies that may come their way.

According to data published by Statistics Canada, there has been a significantly higher rate of unemployment and more pronounced financial difficulties among Canadians since the start of the COVID-19 pandemic, especially those in minority groups.

Additionally, thousands of Canadians were pushed deeper into debt due to unforeseen emergencies during the same period. Those who had incurred debt had to repay their loans in less than favourable terms, making them more likely to miss payments and lower their credit score.

What Do You Need to Qualify for an Emergency Loan?

Traditional lenders such as banks, government institutions, and even non-profit organizations usually have pretty strict requirements for prospective borrowers.

Even if you're eligible to take out a loan, the whole approval process can still take more or less a week to complete, which can be very frustrating for someone in an emergency situation.

After all, when there's an emergency, every passing minute can spell the difference between safety and tragedy – having to wait for days can be a death sentence.

Emergency loans don't have such strict requirements. You don't even need to present a lot of paperwork to get approved. The best emergency lenders, like My Canada Payday, make the process as streamlined as possible for the borrower's convenience.

As a matter of fact, My Canada Payday only requires three things:

  • Proof of income. My Canada Payday has a minimum income requirement of $1000 monthly. Benefits, such as CCP or OAS payments, are also considered income. You can show your bank statements from the last 180 days or 6 months as proof.
  • Proof of age. Under Canadian law, you need to be at least 19 years old to qualify for emergency loans. To prove your age and identity, you will need to present legal identification during the application process.
  • Residency. My Canada Payday is licensed and regulated in the following Canadian provinces:

Additional Requirements for Borrowing

Like other types of loans on My Canada Payday, the application process for emergency loans is done entirely online. You just have to fill out the application form and submit your legal identification.

When applying for an emergency loan with My Canada Payday, make sure you prepare this information:

  • Personal information. This refers to your name, address, contact information, and more.
  • Legal information. Includes your social insurance number (SIN) and driver's license number.
  • Employment information. Details about your employment such as your salary and payment schedule.
  • Loan information. Lastly, you'll also be asked about your desired loan amount.

All told, you can expect to finish the entire application in less than 30 minutes.

How Much Can I Borrow?

The amount you can borrow when getting emergency loans in Canada depends on your paycheque.

First-time borrowers can typically expect an amount equivalent to 30% to 50% of their next paycheque, or $100 to $500, depending on where you live.

That said, once you've paid off your first loan, you may be allowed to borrow a higher amount on your next loan.

How Do Emergency Loans Work in Canada?

In general, short-term loans, such as emergency loans, payday loans, and same-day loans are all pretty straightforward.

They basically act as a cash advance, allowing you to take out money from your next paycheque so that you can use the funds now.

The best thing about emergency loans is that they don't require the borrower to have a great credit score or put up collateral in exchange for money. As long as you're consistently receiving at least $1000 monthly, are above 19 years old, and live in a covered province, you're eligible to apply for an emergency loan.

If you want quick and hassle-free emergency loans in Canada, look no further than My Canada Payday.

You can finish the entire application on My Canada Payday's website in 30 minutes and get your money in less than an hour. All you have to do is fill in all the required information and submit the necessary documents that prove your identity, legal status, bank account, and employment, among others.

Plus, if your application gets denied, you don't have to worry since you can always reapply at a later date.

My Canada Payday Emergency Loans

As mentioned, getting an emergency loan from My Canada Payday is very easy.

Here are a few factors that make My Canada Payday one of the best lenders in the entire country:

  • Convenience. The entire application, including the approval process, takes less than an hour. You can immediately deal with your emergency using the funds you receive from My Canada Payday.
  • Access. When you're in an emergency, it's understandable that you won't have the time to complete a long list of requirements. Fortunately, as long as you can provide proof of your identity, employment, and address, you can proceed with your My Canada Payday application.
  • Transparency. My Canada Payday is fully transparent about your loan terms, such as how much you can borrow, the interest rate, and when the payment is due (typically on your next paycheque or within 62 days.)

My Canada Payday also offers other forms of short-term loans, such as mobile loans or small loans – all designed for your convenience.

How to Take Out Emergency Loans at My Canada Payday

Are you interested in taking out an emergency loan?

Here's how you can get an emergency loan at My Canada Payday.

  1. Submit your online loan application. Go to our website and fill in the application form with the required information, such as your personal information, legal information, employment details, etc.
  2. Wait for the loan approval. Now that you've submitted your online application, all you need to do is wait. You will receive an email containing your loan contract if you're approved. Attach your e-signature and send it back to confirm.
  3. Claim your loan amount. Your funds will be sent to your bank account from Interac email transfer. You can now use the money for whatever emergency you may have.
  4. Pay your dues. The amount is typically automatically deducted from your next salary, but you can find the specific terms in your loan contract.

Emergency Loans in Canada with My Canada Payday

Emergency loans are critical for people facing unexpected circumstances beyond their current financial capabilities.

If you're worried about getting rejected because of your poor credit score or outstanding loans, be sure to check out My Canada Payday.

Remember, you don't have to deal with your emergency alone – our emergency loans here at My Canada Payday should help you get through whatever it is you're facing right now!