For many Canadians, payday loans are a valuable financial resource for when money gets tight. Having quick and easy access to emergency funds can be a huge relief when car, home, or family costs appear out of the blue.
Even if you are aware of the advantages of payday loans (especially when compared to the banks), if you have bad credit you may believe that you won’t ever be approved for one of these valuable loans. But don’t worry, even with bad credit you may be able to access emergency funds with online providers such as MyCanadaPay
If you find yourself in a tight money situation (even with bad credit), here is some of our top info on getting an instant decision on an unsecured loan, and taking a step towards breathing a sigh of relief:
An unsecured 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. Similar to a child tax loan.
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.
Each loan specialist has an explicit set of rules that should be met - assuming they aren't met, the candidate will not be supported on their decision to get an advance. Money lenders do have the authority to dismiss candidates that they consider too high a risk. Financially speaking of course. This is valid for each authorized, respectable bank in Canada. This is true of every licensed, reputable lender in Canada.
Applying for a payday loan looks like:
Bottom line is it's usually not possible so, no. At the same time, you shouldn't worry about it so much. A few money lending places might publicize "ensured online cash-advances" but do not trust them. Unless you do your own due diligence. As no real lender or even bank 'guarantees' anything. After all, it all depends on your credit situation and such.
In the event that you have been recently denied an advance from a bank or an organization, because of your not so awesome credit, you might have to accept the fact that you are not qualified for an individual payday advance
Although some places where you can borrow money from do require a 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.
The entire process of applying, getting approved, and having funds released can take as little as 30-60 minutes. With the e-Transfer funding option, customers can receive their funds shortly after their loan application is complete.