Small Loans - My Canada Payday

Posted on Friday 21 August 2020


We tend to think about loans in big amounts—like when you need to take out a mortgage or finance a car. But what if you don’t need thousands of dollars? Do you have to take out a huge loan and put yourself into more debt than what you actually need? Thankfully, small loans are available to help you!

With small loans, you can still get the funds that you need without putting your bank account thousands of dollars in the hole. There are plenty of reasons why you might need to get a small loan, such as:

  • Replacing a broken washer or dryer
  • Covering the cost of an urgent home repair
  • Paying for a new set of tires or brakes on your car
  • Consolidating a few credit cards to pay off your debt
  • Establishing a positive lending history to boost your credit
  • Getting a little extra cash to help pay your rent or mortgage

You could even use a small loan to get a little bit of extra spending cash on your vacation, or to help pay for a quick weekend getaway. When it comes to how you can use small loans, the possibilities are endless! But it isn’t always easy to find the best place to get small loans. Banks prefer to lend in higher amounts (after all, that’s how they make money) and your local credit union might not offer loans for just a few hundred dollars.

If you need a small loan but aren’t sure where to look, you’ve come to the right place. Keep reading to find out all about what a small loan is, where to get one, and what to expect when taking out small loans.

man-in-white-shirt-using-tablet-computer-shallow-focus-207582.jpg

What is a Small Loan?

A small loan is a type of loan that comes with shorter lending terms and lower amounts, making them a great option for anyone who needs to supplement a paycheque or consolidate a few bills. They can also be a means to establish a positive lending history and boost your credit score, as small loans typically have less strict requirements when it comes to credit. Small loan amounts typically range from anywhere between $100 up to $1,000 or more.

And because these kinds of loans are designed to be paid back on your paycheque schedule, they are much more manageable and only require a few payments to repay. As a result, many Canadians (about 2 million) prefer choosing small loans instead of traditional loans for their one-time expenses.

Where to Get a Small Loan?

Don’t waste time searching for places to get a small loan. MyCanadaPayday has you covered! We are the best choice for small loans that give you exactly what you need to cover your expenses.

We offer loans anywhere between $100 to $1,500—and all with lightning-fast speed to ensure that you can pay your bills, cover emergency expenses, or even to add a little bit of padding to your weekend trip budget.

There are tons of reasons to get a small loan at MyCanadaPayday, but here are some of our favorites:

All credit scores are welcome

Worried about high credit score requirements? Don’t be. At MyCanadaPayday, we aren’t going to make you jump through hoops to get a loan, and we don’t expect your credit score to be perfect! As long as you meet the basic requirements above, you will be eligible to fill out our application.

Everything is available online

At MyCanadaPayday, we offer a fully online process, making it incredibly easy to apply for—and get—the funds you need. As long as you have an internet connection and 15 minutes of free time, you’ll have everything you need to fill out our application!

You’ll get your approval notice and lending agreement sent to you via email, so you can complete the entire process from start to finish without ever having to sit down and talk with a loan officer.

How Fast is the Loan?

Small loans at MyCanadaPayday are some of the fastest in the industry. If this is your first time borrowing with us, you’ll be able to access your loan on the next business day. And if you have taken out a small loan with us before, you will be eligible for even faster delivery, with access to your funds in as little as 30 minutes!

What is the Process to Getting a Small Loan?

Getting a loan with MyCanadaPayday is simple. All you need to do is have a reliable internet connection and fifteen minutes to spare in order to get started—and you don’t even need to leave your couch to apply.

First, you’ll need to make sure that you are eligible by:

  • Being at least 18 years old
  • Having at least 60 days of banking history
  • Providing proof that you have steady income from an employer

At MyCanadaPayday, we believe that everyone should have access to the emergency loans that we need—which is why we don’t require specific credit scores or income ranges. Everyone is welcome to apply!

Second, you’ll have to set aside 15–20 minutes to fill out our online application. Once submitted, you’ll get an email from us in as little as 30 minutes with an approval. Once you have signed the lending agreement, you can expect your funds to be available either the next business day (new borrowers) or within minutes (returning borrowers). Because funds are distributed through secure EMT bank transfers, you don’t have to waste any time worrying about when or how your loan will arrive—it will be distributed directly into your bank account.

Finally, you can choose to repay your loan back on either a 30-day paycheque schedule or a 60-day schedule. Just let us know what works best for you and your financial health, and we’ll adjust our terms for your needs. After all, our goal is to provide small loans that are both convenient and affordable—not loans that are designed to lock you into debt and drain your bank account.

MyCanadaPayday loves making borrowing as seamless and as straightforward as possible. Reach out to us at any time to learn more about the lending process or to get started! Our customer support team is available by phone (604-630-4783) or by email (getpaid@mycanadapayday.com). Let us show you what makes us one of the best payday lenders across Canada!