Loan

Jun 10 2018

Compare the best Payday Loans in Canada – Get up to $1500 Today, compare payday

Payday Loans

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

LOAN AMOUNT

Amount you can borrow

MIN TERM

Minimum borrowing period

MAX TERM

Maximum borrowing period

PROVINCE

Provinces in which loan is available in

ID REQUIRED

Identification required to apply

SUITABLE

Applicants the loan is suitable for

TERMS

Terms and conditions of loan

RESTRICTIONS

Restrictions regarding potential borrowers

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Compare payday loans

Province

BC, Ontario and Alberta

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Identification

See website for details

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Suitable

Full spectrum lender for 500+ credit score

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Terms

See website for details

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Restrictions

Age of majority in ON, BC, Alta, only eligibility rules to sign up for a Mogo Account

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Services

Online sign up/check your rate

Advantages

Disadvantages

Only available in BC, AB, ON

My Canada Payday

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Compare payday loans

Province

British Columbia and Ontario

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Identification

Personal details, employment and banking information

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Suitable

For those in need of a short term cash solution

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Terms

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

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Restrictions

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Services

Online Payday Loan Application

Advantages

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

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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Related Payday Loans Products

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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.





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