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Online Payday loans in canada

Payday Loans

Payday loans can get you to cash quickly. When you run into financial troubles, it’s almost paralyzing. Where will you find the money? Will this financial crisis cause long-term money woes? 

When you take out a payday loan, you can apply online, discreetly, from your own home. Online loans can be approved in minutes and the cash you need can be deposited directly into your bank account. When you need money quickly, payday loans can make it possible to get the funds you need where you need them as quickly and as easily as possible.

What is a Payday Loan?

Payday advances are small, short-term loans secured by your assets or income that you pay back in a few weeks. Payday advances in Canada are short-term loans intended to be paid off within a few weeks of receiving your next wage cheque.

When you request a loan through Friendly Lender and the direct lenders we work with, we do our best to put your request in front of as many lenders as possible, which gets you a better chance of receiving a decision quickly. It takes just a few minutes to complete our form and the process is entirely online. Our lenders rarely require that documents be faxed before giving you your decision so don’t wait! Note that a no fax payday loan isn’t always the case, since there are times where a lender might require further info, but most of it is typically processed online. Request a loan today!

How Online Payday Loans Work in Canada

Online payday loans are available throughout Canada, and there are limits in place for online loans to help protect consumers. To help protect consumers from predatory lending practices, when you take out online payday loans, Canada limits the amount and interest rates for that loan. This ensures you’ll only borrow in a way you can afford.

To borrow money with an online payday loan, you’ll start with a simple online application. You’ll complete the application after you’ve assembled some basic information. To apply for an online payday loan, you’ll need to provide:

  • Your name
  • Your address
  • Your contact information
  • Your birthdate
  • The amount you’ll want to borrow up to $1500
  • Your banking information

A payday loan is an unsecured loan, so you won’t need to put up collateral for the loan, but you may need to show evidence of a steady income. 

Once you’ve been approved for the loan, the online lender will deposit funds directly into your bank account. You’ll have access to the funds and be able to use them how you need to. To repay the loan, the online lender will simply take payments over time through your account, saving you the hassles of taking money to a storefront location or writing checks.

Applying for an Online Loan is easy as 1-2-3

How it works?

What Can I Use an Online Payday Loan For?

Online payday loans are designed to be available for any purpose. There are countless reasons why you may run into trouble with cashflow, and a payday loan is designed to help you bridge that gap, solve the financial problem, and then be quickly repaid over time. 

Once the funds have been deposited in your bank account, there are no limitations on how you spend that money. It is essentially cash in hand, and you have the freedom to use it how you need to. Payday loans can cover many different financial situations including:

  • Emergency car repairs
  • Home repairs or updates
  • An unexpected household bill
  • Medical expenses
  • Travel requirements
  • Housing deposits or down payments

Payday loans are designed to help you cover financial needs when they arise. You won’t need to explain your needs to the lender, nor do you need to justify the use of your funds. With online payday loans, you simply borrow the money you need and repay it in a timely manner with almost no questions asked.

Who is Eligible?

Payday Loans with No Credit Check in Canada

A low credit score can make it hard to take out a traditional loan. But if you’re considering payday loans in Canada, no credit check may be a option. Since the payday loan is based primarily on your steady income and your ability to repay, there is no need for the online lender to pull a full credit check for your credit score. Some lenders may still do a “soft” credit check, which doesn’t impact your credit score, as an additional way to determine your eligibility to repay.

Traditionally, a credit score is used as a measure of your willingness to repay money you’ve borrowed. A low credit score typically indicates that you’ve made late payments, missed payments on a previous loan, or perhaps had a repossession or bankruptcy in the past. Since payday loans are designed to be small amounts, limited to $1000 by the Canadian government, and tied to your income, your credit score does not have much bearing on your application.

For many families struggling with unexpected bills or emergency repairs, payday loans can fill a tremendous need. Borrowing a small amount without having to leave your home or worry about credit checks can help a family bridge a financial gap and move forward with confidence. 

Read More: Can you get loans with no credit check? 

How Much Does It Cost to Get a Payday Loan Online?

The cost of obtaining a Canadian payday loan over the internet differs by lender, and it will be clear in your contract. These loans have fees that are typically less than borrowers anticipate to pay for things like this, but the total cost is determined by how much you borrow and the terms of your arrangement. This is why it is important to read those documents carefully before you sign.