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Same Day Loans in Canada: Everything You Need to Know

Getting caught in a bind without fast access to cash can be stressful. Banks and credit unions often have stringent approval requirements, and let’s face it: they aren’t exactly known for their quick, timely service. Sure, you could skip the bank and ask your family members for help—but if your great-aunt Gertrude isn’t feeling generous, you might be stuck.

Thankfully, with online lending becoming more and more popular, getting access to the funds you need is becoming easier than ever. If you need a loan but can’t wait for the usual time it takes to process and approve, a same day loan may be right for you.

Same day loans are a great way to get the funds you need—all without the hassle of going through a bank to wait in line, filling out tons of paperwork and sit around waiting for approval.

In the sections below, we’ll tell you everything you need to know about same day loans in Canada: what it is, what you need to know before applying and how to find the right lender for you.

Same Day Loans in Canada

How Do Same Day Loans Work? Three Key Things to Know

A same day loan—also called a ‘payday loan’ or an ‘instant loan’—is a short-term loan that you make payments back on with your next paycheque. Most payday loans in Canada range from as little as $100 and up to $1,500.

Same day loans are popular for a number of reasons: fast disbursement of funds, relaxed eligibility requirements and 24/7 accessibility. They are most often used for:

  • Helping to cover the gap between one paycheck and the next
  • Consolidating high-interest debt
  • Covering an urgent expense
  • Establishing a positive lending history

If you find yourself in one of those situations and needing access to funds, here are three key things you need to know about getting same day loans in Canada:

1. They are the fastest way to get the money you need

Same day loans make it easy to get funds quickly. Many payday lenders offer application approval and disbursement of funds in 24 hours or less. You can avoid the hassle of filling out lengthy applications and waiting days—or weeks—for approval from a bank or credit union.

Even better, instant e-transfers mean that the funds will be automatically deposited into your account, making for a hassle-free disbursement process. You’ll be able to fill out an application, get approved and receive your money all within hours!

2. They have flexible credit score and eligibility requirements

For many Canadians, credit score can be a significant obstacle in getting a traditional loan from a bank or credit union. One of the biggest advantages of using a payday lender is that credit score requirements are often much more flexible.

Of course, good credit scores could help you get a better interest rate on your loan—but you’re not going to get denied a loan because your credit isn’t perfect (we’ve all been there).

For first-time lenders who are still establishing their credit history, a same day loan can be a great way to start building credit. With a positive, on-time repayment history, your credit score can even improve over time!

Aside from credit score, banks also have their own requirements for income levels and lending history. Same day lenders provide easy loans in Canada with relaxed eligibility requirements. These typically include proof of local employment, a regular payment schedule and at least 60 days of banking history.

3. Online payday loans are available 24/7

Life gets hectic, and it isn’t easy to set aside time and sit down face-to-face appointment with a representative. Online lenders make it easy to apply for and receive funds through an entirely web-based process.

Having the process online means that you won’t need to worry about rearranging your life around a banker’s schedule. Whether it’s 3:30 in the morning or 3:30 in the afternoon, you’ll be able to open up your laptop or cellphone and get started!

What Should I Look for in a Payday Lender?

There are plenty of same day loan options in Canada—but not all lenders are created equally. How do you know you are choosing the best service? Consider the following when evaluating payday lenders:

  • Licensing. Make sure that your lender of choice is a member of the Canadian Consumer Finance Association. The CCFA requires lenders to adhere to regulatory framework for federal and provincial governments, giving borrowers peace of mind that their loan process follows all legal requirements.

  • Customer reviews.
    Looking at reviews from past borrowers is a great place to start when evaluating same day loans in Canada. You want to choose a lender that has a solid history of good relationships with their customers—not one that consistently leaves frustration in their wake.

  • Online support.
    The best lenders provide access to a customer support team that will be available when you need them. Whether you have questions about the process or if you want to learn more about their loan details, you should partner with a lender that shows you can get the answers you need quickly and efficiently.

  • Interest rates and repayment terms.
    Same day loans in Canada offer quick disbursement and an easy application process—but the tradeoff is often higher interest rates and strict repayment terms. Your lender of choice should offer competitive interest rates and a manageable repayment schedule.

In summary, whether you are looking to cover a sudden expense, consolidate debt, or get a little extra buffer until your next paycheque, same day loans in Canada are a great way to get access to the funds you need, when you need them.

With My Canada Payday, one of the top payday lenders across Canada, borrowing has never been easier. If you have any questions, feel free to reach out to us at any time by phone (604-630-4783) or by email (getpaid@mycanadapayday.com). We want to be the best payday loan company you will ever partner with!