Please see information on Payday loans below.


Payday loans

Payday loans are sometimes called 'fast cash loans' or 'payday advances' in Canada and there are many companies that offer them throughout the provinces and regions. They are designed to cover you until your next payday, so the length of the loan is usually 2 weeks to one month. Here are some main features of payday loans:

  • Easy to Apply for
  • Easy to Qualify
  • Fast way to Borrow
  • All Borrowers Catered for

How Can I Apply for a Payday Loan?

Payday lenders have very simple application processes which usually involve filling out a short online form. Once you have completed the form and sent this to the lender, they usually make a very fast decision. This is a great feature for people who don't have a lot of time to waste. Most applications will ask some basic questions, including:

  • Name
  • Date of Birth
  • Contact Details (address, email, telephone)
  • Details of your employment (how often do you receive paycheques)

...and that is all! Once you have received your acceptance, the lender will ask for details of your bank chequing account so that they can transfer the loan to you.

What are the Loan Requirements?

In general the requirements for a payday loan are pretty easy to fulfil. Most lenders will ask that you:

  • Have a job
  • Have been employed for over 3 months
  • Have an active chequing account
  • Earn a minimum amount (typically this would be $1,000 per month)
  • Are a full Canada resident with a permanent address

You will notice that there is no mention of your credit history in this list. Why? Well, most payday lenders do not take notice of customer's credit report and will not carry out credit checks either. For this reason, the following types of borrowers can apply:

  • Bad credit history
  • First-time borrowers
  • NSF (non-sufficient charges) charges
  • Negative cash flow
  • General debts/unpaid loans

Some lenders refuse customers who have NSFs or might have other changes to the general list above, so make sure you check this when you are shopping for a Payday loan.

Do Lenders Offer to All Regions?

This is something you should check when you are browsing for a good payday loan. Some lenders offer loans in all regions/provinces while others only focus on some areas. They are usually pretty clear about this so the information is easy to find. If in any doubt, just call and ask them.

What are the Advantages of Payday Loans?

Payday loans provide one of the easiest ways to borrow money in today's market. While many banks and large lenders are becoming stricter with loan applications, turning down more borrowers than ever, there are many payday lenders who will take on a much wider scope of borrower types.

Another great advantage to payday loans is that the are so easy to apply for. With easy online application methods, customers are not even required to leave the comfort of their own homes to receive cash into their chequing account quickly.

What are the Disadvantages of Payday Loans?

Payday loans, while offering an easy and fast way to receive funds until payday, do have one or two factors which could be considered. For instance, the interest rate on payday loans is often higher than on a normal personal loan offered at the bank. This is to be expected as payday loans are a 'low credit' product offered to high-risk borrowers. The lender charges higher interest rates to include this higher risk.

For this reason, it is highly recommended that anyone who is considering a payday loan thinks about whether they can really afford to take the loan the repayment back is very soon and if you are unable to manage the repayment then the loan could become quite expensive. If you have already been in debt then perhaps you could consider an alternative way to raise money.


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