It only takes a few minutes to get a payday loan with us. First off, fill out the application form. We'll need your basic details, including name, birthdate, address, and the amount you want to borrow.
Your application will be analyzed and approved or denied right away. Once you're approved, we send you a contract which you digitally sign and that's it.
Finally, you'll get the funds via Interac e-Transfer within 15 minutes. You can accept the contract 24 hours a day.
While you usually plan your spending around your regular income, sometimes there are unexpected expenses that can throw off your careful budgeting.
Car problems, boiler repairs or medical surprises can mean having to fork more out of pocket than planned. If your savings can’t cover these unplanned expenses, loans can be a great option for many Canadians.
Especially for one-off, short term cash advances, a one month payday loan can help you get back on track. If you’re feeling stressed about an urgent financial predicament, a one month online payday loan may be your solution.
A payday loan is a type of unsecured, short-term loan that essentially gives you a cash advance on your paycheck up to $1500. While not linked to your place of employment, a payday loan takes into account your usual income to approve you for an urgent cash advance. After being approved you may receive the funds within 30 to 60 minutes.
A typical payday loan is due on your next paycheque, which would typically be in the next two weeks, or shorter if your pay schedule is weekly. Many lenders, including My Canada Payday, will extend that payment until the next or following payday giving you a month or longer to make the payment. In addition, it is possible to break up the loan into multiple payments to make each payment easier.
Modern lenders make the process of applying for a payday loan quick and easy, especially when compared to a traditional bank loan. As they are unsecured, they are easier to qualify for as they do not require collateral.
When searching for a payday loan that meets your needs, it is crucial to do your due diligence. Like with any financial matters, there can be scammers out to steal your financial information or money. To avoid this, here are some important factors to look for:
If you decide that a payday loan is right for you, there is a sequence of steps to secure the funds in your account and then make your repayments:
If you have been previously denied a loan from a bank or an agency because of bad credit, you may believe that you are not eligible for a personal payday loan. This is not necessarily true as there are many agencies that specialize in low or no credit lending.
While some lenders may require a minimum credit score, some don’t. You may still be approved, or you may qualify for an amount lower than $1500. Whether your chosen lender requires a minimum credit score or not, they will likely still check your credit details to validate your identity, income and employment information.
When money is tight it can feel scary, but know that there are options for quick cash that can help! A payday loan may be the right option to help you get ahead and take control of your finances, or to get you out of an emergency situation. Make sure to do your research, and you could be one of the many Canadians that takes advantage of this easy financial resource.