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Personal Loan With Low Interest Rates

Like many Canadians, cash flow can differ from month to month, and the reality is that some months the numbers may just not add up. Emergency costs and unplanned expenses can arise at any time, throwing your careful budgeting out the window. Things like home or care repairs, medical situations or family emergencies can be both expensive and unplanned.

If you are facing financial uncertainty, you have likely been considering seeking out a personal loan. But perhaps you are wary! Loan companies are all different, and perhaps you have heard horror stories of people being burned by high interest rates and unexpected charges when seeking out this kind of financial help.

But there’s no need to worry: the good news is that there is a type of personal loan that can help you get back on track financially, and that has easy to understand fees. In a stressful time, such as when emergency expenses arise, a payday loan may be the right option for you.

All About A Personal Loan with Low Interest Rates

A low interest personal loan is a type of loan that lets you borrow up to $1500 over a fixed short term period. Usually set up to be repaid by your next paycheck, it can essentially be considered an advance on your regular income. Plus you can use the cash for anything. Even car repair bills, etc.

Unsecured and unrestricted, this type of loan doesn’t require any collateral to be approved for, and the funds are able to be spent in any way you like. For many Canadians, payday loans are the perfect personal loan to help them through a tight money spot. When sought through a reputable lender, payday loans can be a valuable financial resource to help you get back on track to financial stability.

The Rates Are Low

One of the advantages of payday loans is that the fees are very clear upfront, meaning you can budget for them and avoid any nasty surprises. Assuming you make your repayments on time (usually on your next payday), you will avoid being stung with high interest rates or penalty charges.

At My Canada Payday, the borrowing fees on a payday loan vary by province, but are a fixed rate. This rate is:

Nova Scotia

For each $100 you borrow the fee is $19. For example, a $300 loan means you are paying us back $357.

Manitoba & Saskatchewan

For each $100 you borrow the fee is $17. For example, a $300 loan means you are paying us back $351.

British Columbia, Alberta & Ontario

For each $100 you borrow the fee is $15. For example, a $300 loan means you are paying us back $345.

This easy fee tracking system makes sure that you stay in control of your personal loan, and are not stung with the rude shock of high interest rates or unplanned fees.

To make it even more simple, many modern lenders have shifted to providing their services online. By avoiding the hassle of in-person loans, you can feel even more informed and empowered when seeking out a personal loan.

Why To Choose An Online Loan

When you’re in a stressful financial situation, you of course want to ensure that you don’t make it even harder for yourself. This is where an online payday loan has become the preferred way for many Canadians to get access to up to $1500, in as little as 15 minutes.

Some of the advantages of choosing an online lender for your payday loan application include:

  • Easy application: With the whole process being online, it is easier and faster than ever to fill out the required forms to lodge your personal loan application. You can apply 24/7, including on weekends and on holidays. Since most of your personal financial documents are probably online anyway, it avoids the hassle of having to print everything out and cart it into a branch.
  • Faster funds: With a speedier approval process and sophisticated email transfer, you could have your emergency funds faster than you ever thought possible. Without the delay of having to work around business hours or long queues, you can take advantage of technology to get your money fast.
  • Safety: It is safer than ever to apply for a payday loan online, with reputable lenders using cutting edge internet technology to keep your personal information safe. It also is a secure way to have your funds and repayments transferred, so your safety is one less thing to worry about.
  • Peace of mind: With the freedom of applying and reading through the terms at your own pace, many Canadians find that online loans help them feel at ease through what can be a stressful time. Apply from your phone or laptop, and make personal loans work for you.

How To Apply

If you have decided that a personal loan is the right option for you, then seeking out a payday loan is easier than you may think. The process looks like:

  • Application: Complete all the online forms from your phone or laptop, making sure to include as much information as possible. We take more than just your credit score into consideration, so make sure to include anything that could tell us more about you.
  • Contract: Upon receipt of your application, your individual case will be assessed. This is usually within the same day, and sometimes within minutes. If you are approved, you will be sent a contract with your unique loan terms and repayment schedule. Make sure to read this through, and remember that at this point there is no obligation to sign.
  • Funds: If the contract looks good, e-sign it with a few easy clicks. Upon return, the funds will automatically be transferred to your bank account. You can then use them in whatever way you need or desire!
  • Repayments: Automatic debits of your loan amount and borrowing fees will be made on a predetermined date, usually in line with your next paycheck. To avoid penalties or overdue interest rates, make sure you are prepared.