Small loans are continuing to grow in popularity in Canada, with the short-term lending industry experiencing an all-time high with no end in sight. The reason for their popularity? They can be a quick and non-intimidating way of getting cash.
Let’s take a closer look at small loans, what they are, who can benefit from them, and some of the perks of using them.
Most people don’t sail through life without needing a loan at some point. Unexpected setbacks, like medical problems, car repairs, and more, can cause people to seek loans.
Applying for a loan can be scary -- much like asking out the girl or boy of your dreams in high school. Even when you think your chances are good that you’ll get a green light, it’s still an intimidating process.
While all the fear hasn’t been removed from the process, it is a lot easier than it used to be. A decade or more ago, attempting to land a loan meant dressing in one of your best outfits, walking into a brick-and-mortar bank, filling out extensive paperwork, and trying to impress a loan officer during a face-to-face meeting. Thankfully, the process isn’t that involved anymore -- you can apply for loans online, wearing your pajamas instead of your best suit if you want.
Some loans are big, such as when you apply for a mortgage. One of the largest drawbacks with big loans is how slow the process is. You can wait weeks sometimes to find out if you’ll be accepted. Plus, it can be hard to get financed for a mortgage if your credit score isn’t great and you don’t have a sizable down payment saved. On the other hand, it's no problem to get a bad credit payday loan here.
Title loans cover medium-sized loan amounts, but they carry a great deal of risk for the borrower. With this kind, you use the title to your car to secure the loan, which cuts down on the risk for the lender.
On the surface, a loan like this might not seem that bad, but they usually carry high interest rates and you don’t have long to repay the loans. The real risk comes into play if you don’t repay it by the due date. If that happens, you risk losing your car. Some people can’t reach their job every day without their car as transportation, which would push them further into a financial pit they may not be able to exit. That can be a huge gamble to take with your future.
Small loans aren’t as difficult to land as the other two types are. These are for smaller amounts, as the name indicates, but they are surprisingly versatile. You can get small personal loans for many different reasons. Some of the most common ones include funding a vacation, helping to pay for school, assisting with the cost of a wedding, or tackling home repairs.
At My Canada Payday, we shine at offering small loans, up to $1,500, to help our customers out of a difficult situation or funding dilemma so they can focus on the things that matter most in their lives instead of stressing out about money. We know you don’t want to spend a lot of your time and energy struggling to get a loan when you need the money right away. We also understand that not everyone has collateral to work with while pursuing a loan.
We pride ourselves on providing small loans that require no collateral, and we get the money to our customers so fast they’ll be impressed and wonder why all businesses can’t be as efficient and easy to work with as we are.
You won’t have to get all dressed up, drive to get to the bank, and stand uncomfortably in front of a loan officer as they judge you based solely on your income and credit score. You can submit your application for your express loan online from the comfort of your own home. You can receive an approval quickly -- in as few as 15 minutes after applying. You’ll no longer have to put your life on hold, spending days or weeks agonizing about whether you’ll be approved.
Everything we do is aimed at the goal of making this loan application a simple and fast process for the customer. We make it easy to qualify for a loan. If you have a lot of debt or bad credit, we will still try to find a way to work with you. If you haven’t had the opportunity yet to establish a credit history, and that’s caused other lenders to deny you -- fill out an application with us. Our customers enjoy our easy qualifications and high approval rate, and we’re happy to be part of their funding solution.
And while you might love the convenience of doing business online, you might occasionally have a circumstance that requires a more hands-on touch. For moments like that, you can call our reliable and friendly customer service representatives at 604-630-4783. They’ll walk you through any issue or question you have.
Before you agree to a loan with any lender, you should first make sure your potential lender is licensed. My Canada Payday is a locally owned and operated business in Canada that is a fully licensed lender in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, and Saskatchewan. That includes all major cities such as Toronto and Vancouver.
My Canada Payday knows how important it is for our customers to always be on the lookout for businesses that aren’t legitimate. No one wants to fall victim to a scam or do business with a company that isn’t a legal payday lender. To ease any concerns potential customers have about our legitimacy, we’re transparent with our information. You can find all our license numbers at the bottom of this page.
You can access our website through your desktop computer or laptop. To further help our customers who value their mobility for work, play, and business, we offer an app for your ultimate convenience.