All About Online Loans

Posted on Friday 21 August 2020


In a world where even doctor visits can be completed online, you have more ways than ever to get a loan. Of course, the easiest way to get a loan is by choosing online loans. With online loans, you can get a loan right from your living room, without even having to leave the house—and who wouldn’t want to avoid changing out of sweatpants and driving to the bank!

Getting loans online is quickly becoming a favourite way for Canadians to get the funds that they need. Not only is it convenient, but it's also much quicker than a traditional loan. Instead of waiting days for a decision and weeks for the funds to be available, online loans let you apply and receive your loan in a fraction of the time compared to traditional lending options.

If you’re interested in getting an online loan but don’t know where to start, we’ve got you covered. Keep reading to find out exactly what online loans are, where to go to get them, and how to make sure you are choosing the right lender.

What is an Online Loan?

An online loan is exactly how it sounds: it’s a loan that lets you complete every step of the lending process online, from approval paperwork to fund disbursement. But there are other characteristics of online loans that make them one of the most popular types of loans. Compared to traditional loans (like the ones that come from banks and credit unions), these include:

  • Lower credit score requirements
  • Lower income requirements
  • Quicker application process
  • Faster approval and fund disbursement
  • Applications are accepted at any time, day or night

Let’s face it: even the ability to bypass driving to the bank, standing in line, and sitting down to talk with a loan officer is enough to make online loans into a great choice! It’s a much more efficient, convenient way to get the funds you need (without wasting your time).

How to Get an Online Loan

My Canada Payday makes it easy for people to get online loans! Here’s how to get them:

  • Take 15-20 minutes and fill out the online application.

  • Keep an eye out on your email for an approval notice (online loans are approved in 30 minutes or less at My Canada Payday).

  • Once approved, sign the lending agreement.

  • If you’ve gotten online loans with My Canada Payday before, your funds are delivered by EMT transfer within minutes!

  • Choose to repay in 30 days or 60 days—whatever works best for your paycheque schedule. Payments are automatically withdrawn by EFT transfer.

From start to finish, My Canada Payday makes borrowing into a simple, smooth process. After all, when you are short on funds and need to get an online loan, the last thing that you want to do is to waste time waiting or jump through hoops in the application process. As long as you are at least 18 years old, have at least 60 days of banking history and have proof of steady income, you can get started with My Canada Payday!

man-leaning-against-wall-using-laptop-941572.jpg

Online Loan Providers

Not all online loan providers are created equal. You want to make sure that you choose an online lender that will help you build your financial health, not tear it down with high interest rates and loans that take years and years to pay off. Here are some questions to ask yourself as you search for an online loan provider:

Do they have a solid customer support team?

Whether it’s your first time getting an online loan or you are a seasoned pro, having a strong customer support team behind you is key. You’ll want to know that you can reach out and ask for help at any point in the process—and even more, you should feel confident in the help that you receive!

My Canada Payday is leading the industry in customer support. We pride ourselves on our ability to respond quickly and efficiently to every lending question and need. And not only are we open Monday through Friday, holidays and weekends, but we are also 100% Canadian-owned and operated (including our customer support staff). That means we never outsource—whether you are calling or sending an email, you are always getting connected with a friendly Canadidan on the other end.

What do their customers say?

Before you choose an online lender, take a look at their reviews. It’s a great way to see what their borrowers are saying about their experience (and if it was good enough for them to get more online loans).

My Canada Payday borrowers consistently give us rave reviews on our simple and straightforward application, our fast approval process, and—of course—our dedication to providing outstanding customer service. Here are some of our favorites:

  • Fast, polite and helpful. Best payday loan company I have dealt with.

  • Great customer service, highly recommended.

  • This company is the best! They are professional, easy to deal with.

  • My Canada Payday loan was quick and easy. I was denied from other places due to having bad credit, My Canada Payday loan was there to assist in a difficult time. Props to them!

Take a look at our 5-star reviews and see for yourself!

woman-holding-canada-flag-2960861.jpg

Online Loans in Canada

Before you start applying for online loans in Canada, make sure that you choose the right lender. My Canada Payday is one of the best online lenders in the country—so when you partner with us, you’ll be partnering with a company that truly understands short term loans like no other. Here are a few other facts to consider when choosing My Canada Payday:

We’re totally paperless

You’ll never have to fax documents, spend hours waiting in line, or even leave the house! Borrowing with My Canada Payday means you get the comfort of never having to get off the couch (or even get dressed—no judgment here)!

We offer secure loan delivery

Online loans are delivered through a secure EMT bank transfer. It’s the quickest way to get the funds you need without sacrificing the safety and security of your personal information.

We make borrowing easy

My Canada Payday makes getting online loans simple by removing all of the obstacles that banks and credit unions put in the way. Don’t have a 750 credit score? Worried that you don’t have enough lending history? Still waiting on that raise from your job? At My Canada Payday, we won’t deny you simply because your credit score is low, you haven’t borrowed enough in the past, or you don’t make enough money. We welcome all applicants, no matter what!

If you’re thinking about taking out online loans, you might as well choose the best lender. My Canada Payday is ready to help you get online loans today. Give our customer support team a call at any time (604-630-4783) if you want to learn more, or take 10 minutes to fill out our online application and get started!