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.