What are unsecured loans?
Unsecured loans are loans that have no collateral backing them. The lender is giving out credit based on their estimation of a borrower's creditworthiness. This is exactly how payday loans work, as we lend based on the fact that you, the borrower, have a steady source of income, either from employment or from a pension.
The main difference between unsecured loans and secured loans is that if you fail to repay a secured loan, the borrower has the right to repossess the assets that backed the loan. This is what you would expect from a title loan or a mortgage, where you would be putting up the value of your vehicle or property to give the lender the confidence to extend credit.
If you have a steady source of income, My Canada Payday will probably be able to offer you a loan. The other requirements are that you be 18 or older, and live in one of the following provinces:
If you meet this criteria, go fill out our online loan application form. We can get you funds fast, with a minimum of hassle.
When you're looking for a loan, it's important to be careful. Always make sure that the lender is licensed -- we are licensed with the government in every province where we operate.