Online Payday loans in Canada

Payday Loans

Online Payday Loans have become the new way to get money fast.

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.

*Does Not Affect Your Credit Score

Who is Eligible?

A Canadian Resident

You must be a legally recognized Canadian citizen or resident

18+ Years of Age

You must be able to present legal proof that you are at least 18 years of age

Stable Income

Must have a steady source of income

Valid Bank Account

Applicant must have an active bank account

What is a Payday Loan?

Payday loans 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.

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

Fill out an online application

Easily fill out an e-transfer loan application, with no credit check required

Get an immediate decision

Receive an immediate decision from one of the many lenders we work with, "24/7"

Receive your money

Your funds are deposited directly into your bank account; usually within a day.

What Can I Use an Online Payday Loan For?

Online payday loans are designed to be available for any purpose and can act as loan for financial emergency. 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.

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.

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.

Loan Details

Click here to learn about all our loans, and see which one is right for you.

Commonly Used For:

Bill Payments

Vehicle Repairs

Medical Expenses

Have questions? We can help.

AM I QUALIFIED FOR AN ONLINE SHORT-TERM LOAN?

As long as you are 18 years of age or above, legally reside in Canada and have a steady stream of income, you will be able to qualify for our online loan services.

Other requirements by a majority of lenders are that you have an active bank account and take in at least $800 in monthly payments. You will also need a valid email address and working phone number where you can be reached.

ARE THERE ANY TYPES OF FEES INVOLVED FOR FRIENDLY LENDER ONLINE LOANS?

The Friendly Lender network of lenders has some of the most competitive fees in the industry.

Short-term loans tend to be more costly than traditional bank loans and are mainly intended for short-term needs. Please be sure to review all terms and conditions, including the repayment terms of your loan within your consumer loan agreement before accepting a short-term loan.

WHAT INFORMATION IS REQUIRED TO COMPLETE THE LOAN APPLICATION?

The information required in order to complete a request for an online loan includes your name, address, contact details, employment information, and banking details. SIN is not required, but opting to include it with your information may increase your options for the amount of online lenders available to you.

Have more questions?