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. Examples of acceptable income include regular employment, pensions, disability payments, or child tax credits. The other requirements are that you be 19 or older, and live in one of the following six 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.