Money Loans
What Are Money Loans?
Money loans are a sum of money given to an individual or company to be repaid in the future with interest. In obtaining a loan, a borrower incurs debt that has to be repaid within an agreed time.
The interest rate is agreed and the terms of the loan are reached between the lender and the borrower. The interest and/or fees paid serve as a source of revenue for the lender.
In Canada, people take quick money loans occasionally when the needs for urgent funds arise. The funds can be used to cover the cost of any bill, such as medical bills, car repairs, home repairs and other needs.
The major difference between money loans and bank loans is that you don’t necessarily need to provide collateral. You also don't need a justification for why you want to obtain the loan. My Canada Payday is one credible money lender in Canada that lets you borrow money loans of up to $1500.
Types of Money Loans
When trying to get a money loan, you need to understand the different types of loans to know which one is best for you. The following are some of the most common money loans available in Canada:
- Secured and unsecured money loans
Secured loans are types of loans that are received with the backing of collateral. Collaterals are assets that are pledged as security for the repayment of a loan. Items such as house, car, and jewelry are used as loan collateral. Collateral assets are presented to the lender and will be forfeited if the borrower fails to pay back the owed amount.
Secured money loans can be obtained from banks, credit unions and online lenders who offer express loans. The interest rate is usually lower in this type of loan since it is of lower risk to the lender.
On the other hand, an unsecured loan is a type of loan that is obtained without collateral. In unsecured loans, instead of asking for collaterals, the lender assesses the borrower’s financial capability. Payday loans, educational loans, and credit card loans are some of the common unsecured loans. It is riskier for lenders and includes a slightly higher interest rate.
- Open-ended and Closed-ended Loans
A loan can also be categorized as a close-ended or open-ended loan. With an open-ended loan firm, money can be borrowed multiple times. Credit cards and bank lines are involved in obtaining open-ended loans.
In close-ended loans, individuals are only allowed to borrow once. Any attempt to borrow again will only be sanctioned by the settlement of the previous loan. Mortgages and student loans are examples of close-ended loans.
- Variable and Fixed Rate Loans
When it comes to the interest rate charged on a money loan, there are two types: the variable rate loan and the fixed-rate loan.
The variable rate loans involve interest rates that are determined by a banking system. In such a case, the rate on the provided loan can increase or decrease, depending on the interest rate set by the bank.
The variable rate loan is more advantageous in that there's usually a general limit that it can't exceed. They also carry lower APRs than fixed-rate loans.
In fixed-rate loans, the interest rate and installments remain the same throughout repayment. A fixed-rate can be advantageous if you are planning on taking long-term loans.
Other Types of Money Loans
Credit card cash advance
Credit card cash advance is a convenient way to get cash from a bank using a credit card. The interest rate in such money loans is usually high and borrowers are also required to pay cash advance fees.
Co-sign loans
A co-sign loan is a type of money loan made available to borrowers who may not qualify to borrow money due to their financial capability or credit histories. The borrower brings a co-signer to stand in for them as insurance. The co-signer will be held to pay the loan if the borrower is unable to pay.
A co-signer with strong credit and a good financial status improves the chances of a borrower getting the desired loan.
Pawnshop Loan
A small personal loan can be gotten through a pawnshop. Such loans come with a high interest rate. An asset such as electronics or jewelry is required to obtain a loan from the pawnshop. If the borrower does not repay the loan, the pawnshop can claim the asset.
Payday loans
A payday money loan is a type of unsecured loan in which a collateral is not needed to secure the loan. The loan amounts are usually below $1500. It is different from installment loans in that repayment is expected on the next payday of the borrower.
Payday loans carry relatively high interest rates and short repayment time.
Payday loans can be obtained from reliable online lenders in a very quick manner. Moreover, you can get a payday loan online just by completing an application form.
People who are qualified for a payday loan on My Canada Payday:
- Resident of one of the following provinces: BC, AB, MB, SK, ON, NS
- 19 years of age or older
- Regular income, which means regular employment or pension income or monthly government income
- Active online banking activity with a history of at least 180 days
One-hour Payday Loan
A one-hour payday loan is the most common payday money loan obtainable from online lenders. One-hour payday loans are best requested for emergencies. Unlike traditional loans, the loans are processed quickly.
My Canada Payday is a good online payday loan platform for obtaining a loan. Ensure to submit only correct details of yourself to accelerate your chance of obtaining the loan. The loan is useful when faced with urgent financial difficulties such as trip payments, treatment bills, and others, pending your payday.
Applying for a 1-hour payday loan
You can easily apply for a one-hour payday loan online. To apply, you must be at least 18 years old and must be a citizen or permanent resident of Canada. You need to have an active account and the financial capability to be able to pay back with your income.
While filling the application form, you will be required to fill in details such as your base data, phone number, and email address. You will then be informed about your loan approval status within a few minutes. If your application is approved, the money appears in your bank account almost immediately through e-transfer.
Payday loan repayment
A borrower is required to repay a loan by a single payment, which is usually from your next payday. Moreover, the due date will already be listed on the loan cheque. Payments can also be split up across multiple paycheques
Payment can be made through a direct debit from your bank account can also be made
Bad credit payday loan
Sometimes, even when we try to keep a good credit history, lateness to loan repayment may still arise, which may affect our credit history. Bad credit is a low credit score that is caused by late repayments, charge offs, and other unexpected factors. This reduces the chance of getting other loans.
At My Canada Payday, we understand unforeseen circumstances may cause a bad credit history and they shouldn't prevent you from obtaining a loan. We offer payday loans even to customers with bad credit scores, provided you have the required financial capability to pay back. Whether you have a bad credit or have no credit at all, it does not matter, a bad credit payday loan is available for you at My Canada Payday.
Factors to Consider Before Applying for a Loan
Before picking up a loan, there are certain things to do, and they include:
Calculate how much money you need
If you want a loan, the first thing to do is to determine how much money you need. If you're considering a payday loan to cover for short-term expenses, calculate the exact amount you need and borrow money now.
It is important to calculate the exact amount you need because loans come with interest which would be added to the total payable amount.
Consider your income
After arriving at a needed amount, the next thing to consider is if you are capable of paying back the loan. Your income determines your financial ability to pay back a loan.
Going for a lower amount means that you will not find it difficult to pay back with interest.
Compare interest rate
When getting a loan, assess the interest rates demanded by different lenders. You would want to go with a lender that charges a minimal rate on each loan.
The interest rate is equally as important as the reliability and licensure of the lender. The interest rate of most payday lenders is high. However, you can compare and choose from a list of websites that offer loans with competitive interest rates. My Canada Payday gives you loans with unbeatable interest rates.
Understand the process
The process of obtaining a payday loan differs slightly from the traditional loan. Therefore, it is crucial to know the whole process involved in payday loans. Ensure you read the terms and conditions thoroughly so you know what to expect. Take note of the charges, interest rates and the loan duration.
Usually, you will be required to complete an online application with certain details about yourself. You then receive a contract for approval where the details of the loan will be stated. The money then arrives in your bank account by e-TRANSFER after approval.
Borrow from a licensed lender
To get a payday loan, ensure to borrow from only licensed lenders. At My Canada Payday, we're a reliable choice for every borrower who is looking to borrow from a regulated lender in Canada. Our operation is fully licensed in major Canadian provinces (BC, AB, MB, SK, ON, NS).
Why Choose My Canada Payday for Your Payday Loans?
Fast application
Filling out an application form to get a money loan from us takes little time. We understand how urgent your needs are and are willing to help. Our clients do not have to provide too much information about themselves. All you have to do is fill out the form with a few details about yourself.
Moreover, we don't ask too many questions, as we try to keep it simple and short. Inputting your bank details also does not take time and we review your application and get back to you as soon as possible.
Best interest rate
We offer competitive rates to our customers. Unlike other lenders who demand you repay your loan exactly on your next payday, we give customers the chance to keep their cash a bit longer. Do you need more time beyond your payday to pay back? We can arrange a more flexible loan for you to repay and keep enough cash at the same time.
Exclusive online access
Our services are fully online, so you can make an application from anywhere in Canada. This means you don't need to fax any document or go to a physical store. The full application, loaning and repayment procedures are fully completed online on our website. Therefore, you can apply and receive payday loans on the go.
Fully Licensed
When looking for a payday loan website, a reliable payday lender that is fully licensed by the local and state governing bodies is what you should go for. At My Canada Payday, we have up-to-date licenses to operate in our provinces.
Great reviews
Over the past few years, we have worked with numerous clients and the testimonies speak for themselves. Check out our review page for great reviews from some of our customers. We have the experience and capability to serve you with maximum satisfaction.
Safe and secure
The information you provide to us is safe and held with the utmost confidentiality. We don't share your details with a third party. Your login details, passwords and other data on our website are protected by state-of-the-art encryption. You can rest assured your details will not be shared with a third-party.
Money Loans: Benefits of Payday Loans
Here are the benefits of getting a payday loan:
Settle emergencies
The need for money can arise at any moment. With your payday check weeks away, you might be caught up in a bad situation if you’re unable to settle emergency payments. If you have a sudden expense to settle, you can easily get an emergency loan. Moreover, you don't have to get to any physical store to apply, thus saving you time and money while resolving your emergencies.
Easy and quick
Application and approval for a payday loan are easy. Visit the My Canada Payday website to fill a simple form and get your loan as quickly as possible. Doing this will put you in a better position to get your desired loan than opting for other types of money loans with their many hurdles.
You do not need a reason before you borrow
With My Canada Payday Loan, no one will ask you why you need a money loan. However, it's better if you borrow only an amount of money that you can pay back conveniently.
It is always available
Unlike traditional loans that you may need to be physically present during banking hours, you can apply for a payday loan at any time. Most lenders listen to offers 24 hours a day, so you can get an e-TRANSFER payday loan 24/7, day and night. If your application is approved, the requested amount will be sent by e-TRANSFER to your account. You can also access your balance and make repayment at any time.
Easy management
Since everything is done online, the process of borrowing a payday money loan is easy. All you need is your device and an internet connection. When you sign-up for a payday loan, you are given a personal account where you can review your loan and make early repayment if you wish.
Some lenders, excluding My Canada Payday, automatically send you constant reminders via mail to inform you of your loan date and balance. This helps you keep track of your repayment date. Moreover, you can let your paycheck cover your loan automatically once you receive money.
You can easily access and read the terms and conditions and familiarize yourself with the requirements of the lender.
Bad credit loan approval
In traditional loans, you need a good credit score to be considered for approval. Payday money loans don't require a good credit history. This means your application can still be approved with a bad credit score. You can get a no-credit payday loan with us.
Fewer requirements
In payday loans, the requirements are quite flexible, unlike other types of money loans. You don't need to prove why you need the money and you're not required to tender any collateral. This means even if you're unable to pay, the lender can’t seize any of your property as a result.
Bottom line
Payday money loans are a quick way to obtain short-term financial help for people who need urgent money. When applying for a payday loan, keep the loan amount low and avoid multiple loans. Ensure you have the capability of paying back. My Canada Payday is the most credible online lender in Canada for payday loans. We offer you fast approval and a reasonable interest rate for every amount borrowed. Finally, apply for money loans responsibly to avoid being caught up in a loan debt cycle.
Frequently Asked Questions About Money Loans
Can I get a payday money loan with no credit history?
Yes, you can get a quick short-term loan even if you have a bad credit score. We don't perform credit checks and are unlikely to turn down an application due to bad credit history.
Can I get a payday loan on a weekend?
Yes, you can get a payday loan anytime, even during the weekend. We have competent hardworking staff online to attend to your loan requests. Moreover, our automated loan system is also capable of disbursing funds 24/7 into your account.
How long does it take to get a payday loan?
Obtaining a payday money loan from us does not take long. The whole process of filling and submitting an application takes only a couple of minutes. The application immediately goes into review after submission and once approved, it takes only 15 minutes for the money to arrive in your account via e-transfer.
Can I increase my loan amount?
You will not be able to increase your loan amount until you pay your outstanding debt. You can increase your loan amount if you repay your current loan.