Payday Loans

Payday loans, sometimes called a 'cash advance' or 'fast cash loans' are specialist loans designed to cover you until your next payday. They way they work is that you borrow a small amount of money, usually between $100 and $1000, that you repay plus interest on your next payday. To be eligible for one of the payday loans below a payday lender will ask that you are at least 18 years of age, a Canadian resident and in employment (minimum net monthly income differs according to lender) and have a working checking account. Most payday loans lenders do not carry out credit checks and even if you have poor credit history it does not affect your chances of being able to get a cash loan. With payday loans the loan term is usually between two weeks and a month and the amount you can borrow varies according to the lending firm. Use the table below to compare different payday loans against each other. Always read the terms and conditions thoroughly.

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COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

PROVINCE

PROVINCE

Provinces in which loan is available in

ID REQUIRED

ID REQUIRED

Identification required to apply

SUITABLE

SUITABLE

Applicants the loan is suitable for

TERMS

TERMS

Terms and conditions of loan

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

MORE INFO

Mogo
Mogo

Lender47.88%Up to $2,00014 days1 yearProvince

Province

Alberta, Ontario and British Columbia

Identification

Identification

Instant application approval requires your personal, employment and banking details.

Suitable For

Suitable

Immediate cash needs

Terms

Terms

You must be over the age of 18, currently employed and have an active bank account.

Restrictions

Restrictions

Currently not available in New Brunswick and Quebec.

Mogo
MogoMoney is a unique line of loans designed to help Canadians get out of high interest debt. With a range of rates starting at 5.9%, Canadians with both good and not-so-great credit can apply. In three minutes, you could be pre-approved for a loan amount/interest rate and receive a FREE credit score. Unlike other lenders, Mogo has an innovative Level Up program that rewards your on-time payments with lower rates over time. Because the terms are fixed, you’d be paying drastically less interest overall compared to credit cards—even if you’re approved for a higher rate with Mogo. If for whatever reason you’re not satisfied with the loan, the 100-day money-back guarantee has you covered. To qualify you must have a credit score of at 500, earn $20,000 gross per annum, and be employed for 30 days. Saves customers up 93% compared to other credit products. DETAIL INFORMATION >>Services

Services

Services :
1.They lend the most money – up to 70% of net pay.
2.Get up to $1700 on your first loan.
3.Save up to 90% compared to a typical payday loan.
4.Guaranteed 1 hour funding to bank or paypal account 7 days a week
5.They have a cheaper 30 day loan and a flexible line of credit product


Advantages

Advantages

1.9 out of 10 applicants approved
2.Easy application and instant approval decision
3.1 hour bank or Paypal account funding guaranteed, 7 days a week
4.100% money back happiness guarantee before first payment
5.Multiple loan products with flexible and affordable payment options


Disadvantages

Disadvantages

1.At this time Mogo can only loan to someone who is employed and being paid by their employer. 2.Services not available in New Brunswick or Quebec.

Dollars Direct
Dollars Direct

Lender599.64%Up to $1,5000 days62 daysProvince

Province

Alberta, Calgary, Edmonton, British Columbia, Vancouver, Ontario, Toronto Ottawa, Saskatchewan

Identification

Identification

You must be currently employed for more than two months with the same employer, be self-employed or be collecting employment insurance

Suitable For

Suitable

Emergency cash needs

Terms

Terms

You must be employed, have an active bank account and be over the age of 18 years old.

Restrictions

Restrictions

Services Currently Available: Alberta, Calgary, Edmonton, British Columbia, Vancouver, Ontario, Toronto Ottawa, Saskatchewan

Dollars Direct
At DollarsDirect, they are dedicated to providing you with fast, convenient and straightforward lending services. Their payday loans are designed to meet your unique needs, whether you need to bridge the gap between paydays or can't access a loan through a traditional source. DollarsDirect provides you with a fast, convenient and reliable payday loans service. Their payday loans are a convenient option if you cannot access a payday loan through a traditional service. New customers may qualify for up to $500 and returning customers can receive up to $1,500. To save 25% on your initial loan fee at DollarsDirect.ca, use discount code: CJ2015. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may qualify for up to $500 for your first loan from DollarsDirect
3. Returning customers can receive up to $1,500


Advantages

Advantages

1. Apply in minutes online 24 hours a day, 7 days a week.
2. Easy to qualify.
3. Perfect credit not required.
4. Cash as soon as today deposited directly into your bank account.


Disadvantages

Disadvantages

1. The loan term can be up to 62 days.
2. For a loan of $1,500 the total cost of borrowing would be $315. The total amount you would repay would be $1,815.

My Canada Payday
My Canada Payday

Lender599.64%$100 – $15003 Days42 DaysProvince

Province

British Columbia and Ontario

Identification

Identification

Personal details, employment and banking information

Suitable For

Suitable

For those in need of a short term cash solution

Terms

Terms

You must be regularily employed, and be using a bank account with Direct Deposit or Cheque pay.

Restrictions

Restrictions

1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.

My Canada Payday
My Canada Payday understands the sense of urgency when applying for a payday loan. My Canada Payday customers don’t have to waste their time commuting, standing in line, and waiting for paperwork to be filed, but rather can submit a loan application online, with approvals in as little as 30 minutes. Other lenders can take hours or even days to process and approve applications. My Canada Payday is Canada's Premier Online Payday Lender. Their quick and secure online application will have money in your account without even leaving your home! My Canada Payday staff are very helpful and their loan application process is extremely quick and easy. DETAIL INFORMATION >>Services

Services

Online Payday Loan Application


Advantages

Advantages

1.Totally Online Application Process – You can apply 24 hours a day, 7 days a week!
2.No Faxing Required.
3.Everything is done securely and safely via your PC.
4.Cash deposited direct to your bank account, or sent via EMT.
5.Safe, Convenient and Secure


Disadvantages

Disadvantages

1.Must be paid via Direct Deposit or Cheque only.
2.No cash allowed.
3.You must live in B.C. Or Ontario at time of review.
4. No disability loans paid. You must be employed.

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Compare Payday Loans

Payday loans can provide loans for people with bad credit scored but make sure you know the risks before you apply.

What are Payday Loans?

A payday loan is a short term cash loan which can be borrowed by most people even if they have a lower than average credit rating. The idea is that you borrow money for approximately one month in order to tide you over until the next month. Most payday loans can only provide you with up to $1500 but this amount can vary as can the length of time that you borrow for. Payday Loans don’t have a great reputation because the interest on these loans is usually very high when compared to other types of loans. However, the reason for these high levels of interest is that these are unsecured loans. This means that you do not have to give up an asset as security for the loan. This can be advantageous to you as you won’t have to provide any sort of deposit meaning it won’t get seized if you fail to repay what you owe. However, it also means that the lender is taking more risk by lending to people with bad credit so the interest on the loan will be high.

Seek Alternatives to Payday Loans

Payday loans should ideally be used only as a last resort. These loans are expensive and it is not uncommon for people to get themselves into debt by borrowing too much with a payday loan. If you have cash emergency then look around for financial alternatives or see if friends or relatives can help you out. Payday loans van be useful in an emergency but should be avoided otherwise.

What is the difference between a Payday Loan Broker and a Payday Loan Lender?

If you are getting a payday loan online there are usually both payday lenders and payday brokers advertising their services. A payday loan broker can be useful if you can’t find a lender who will lend to you. A payday loan broker usually works with a panel of lenders and will send your details to all of them in order to find you a suitable loan. If you chose a payday lender the amount you borrow will come directly from them and you will pay them back directly as well. Make sure you know the pros and cons of taking out a loan with both a lender or a broker before you apply.

Keep Payday loan costs Down

If you are getting a payday loan then there are a few things you should consider in order to keep payments down. First of all, consider exactly how much you need to borrow and keep it to a minimum. The more you borrow the more you will have to pay back. Compare different companies and look at how much your loan will cost over the allotted period of time. Make sure there are no extra fees to take into consideration. It is also really important to make sure that you pay the loan back on time as there are often penalty charges for late payment. Defaulting on a payday loan can also affect your credit rating negatively. Make sure that you read the terms and conditions for your payday loan thoroughly in order to make sure that you do not receive any surprises. Payday loans are a financial product and it is important to take them seriously. They should be taken out as a last resort and treated with caution because they are a very expensive form of borrowing.

Payday Loans - Latest News News and Charts

Payday Loan Company in violation of lending law

29 October 2013
Which Way To Pay

Payday loan company Cash Store Financial Services has had to pay back hundreds of dollars in fees which were overcharged to customers

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Is it worth taking out a payday loan and what are the dangers?

30 July 2013
Which Way To Pay

Payday loans are a great way to help you pay unexpected bills at the last minute, however, at what cost.

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Can one borrow money with a bad credit?

18 April 2013
Mark Maffia

A bad credit score does not mean you cannot borrow any money

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Taking out a loan in spite of a bad credit history?

03 April 2013
James Larkin

People who have been turned down by their bank still can apply for a bad credit loan. Bad credit loans are designed for people who have do not have a very good credit history. They are more flexible than other loans, but don't have to be repaid as quickly as payday loans.

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Can Payday Loans Ever Be The Right Choice?

01 June 2012 14:30
Mark Maffia

Despite the bad press, can payday loans be the right choice for you in certain circumstances? With payday loans they are very fast and accessible because the application can take minutes and there are minimal if no credit checks.

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