Friendly Lender

Payday Loans In Ontario

     People in Ontario who have bad credit may find it difficult to find a payday loan in Ontario because of the history of missed payments that accompany their loan application; and this can be frustrating, especially when you are in need on money fast to deal with unexpected costs that occur in between paydays where your regular income is not enough to make those payments. Thankfully, Friendly Lender is here to help those with bad credit, in Ontario, and we have options. Friendly Lender has gathered, and still is, various online loan professionals who specialize in providing payday loan solutions to those with bad credit, in Ontario. In fact, most of the payday loan problem solvers that we work with perform no credit checks; which is great news if you have bad credit and are in a payday bind. Regardless though, bad credit or not, Friendly Lender offers access to a generous payday loan solution range: from $100 to $5,000. So if you are in Ontario and are in need of a payday friend, keep in mind that Friendly Lender is here for you.

Do Payday Loan Solutions in Ontario Require a Credit Check?

     Payday loan solutions in Ontario do not necessarily require a credit check. For example, in Friendly Lender’s online loan network of payday loan problem solvers, there are various online loan specialists who perform no credit check when evaluating an application to receive a payday loan solution — so it depends on the lender you work with. Friendly Lender offers all those who apply through them the opportunity to apply to these and other lenders as well, with the click of a button, with one application. This is great for those with bad credit because it gives them multiple opportunities to get the money they are looking for when they are in a payday bind.

What Can Those in Ontario Expect From a Payday Loan Solution?

     When applying for a payday loan solution, in Ontario through Friendly Lender there are two important things that we require all applicants to provide us during the application process. First, we will need information relating to your current source of regular income. Why? This is because most of the lenders we work with perform no credit check. These payday loan problem solvers will use an applicant’s payday information instead of their credit history in order to evaluate a loan application; which potentially provides those with bad credit a better opportunity to secure a short-term loan because their credit history is not a factor, here. Second, we will need your banking information; and this is because Friendly Lender’s entire loan network in Ontario issues their payday loan solutions strictly via e-transfer: all loaned money is deposited directly into the customer’s bank account; potentially eliminating delays associated with conventional loan products; and this can happen in as soon as 1 day after loan acceptance. Then, after one of our payday loan problem solvers disburses that money, the customer is then free to do with it as they like: neither they nor we discriminate how loaned money is used. This is what you can expect from the Friendly Lender experience.

Repaying a Payday Loan Solution

     One of the many advantages of applying for a payday loan solution through Friendly Lender is the convenience that its Ontario payday loan problem solving network offers to those it lends money to. After applying and accepting a payday loan solution from them, in the range of $100 to $5,000, customers can then make installment payments to repay loaned money. This offers them a source of relief because of the flexibility that is offered to them. Though, we cannot mention an exact time-frame: this would depend on the lender that a customer accepts to work with in Ontario. What we can say, is that higher dollar amount payday loan solutions in Ontario issued by our payday loan problem solvers are associated with longer payment schedules.    

Payday Loan Solutions For Several Ontario Cities

What You Can Use Your No-Credit-Check, No-Collateral E-Transfer Loan For

Ontario Payday Loans Law

Payday loan borrowers are protected under the Payday Loans Act of 2008. This law maintains that a borrower cannot be offered any goods or services related to the payday loan. A borrower always has the right to cancel their payday loan contract within 2 business days WITHOUT financial penalty and without providing a valid reason. Finally, this law also states that rollover payday loans are not permitted: one cannot obtain a payday loan from the same lender without having first paid off their initial loan in full.

Rules for Payday Lenders

When it comes to payday lending, the borrower must follow certain rules and regulations in order to comply with their loan terms. However, when it comes to the lender, they also have rules to respect. Payday lenders must be licensed with the Government of Ontario and respect the regulations fixed in the Payday Loans Act of 2008. Your lender must always include specific information on the first page of your loan contract that includes: the borrowed amount, the length of the loan (in number of days) and the amount to be charged in order to borrow the requested sum. Your lender does not have the right to request or accept loan repayment through automatic paycheque deduction, or assignment of wages. Your lender has a responsibility to keep you properly informed and must offer you a flyer as well as display a poster describing the costs over time of requesting a payday loan. Even if you haven’t respected the terms of loan repayment, you should know that your lender doesn’t have the right to contact you more than three times per week and may not contact you on holidays. They have no right to contact your spouse, relatives, friends or neighbours. They may not contact your employer(s) or acquaintances at any time, for any reason. This also means that your lender cannot use threatening or intimidating language when they contact you, nor can they use unreasonable measures of pressure to force you to pay. Your lender is not allowed to process your post-dated or pre-authorized cheque more than once, especially if this results in your financial institution charging you extra fees for insufficient funds or overdrafts. Keep in mind that if this does occur, you have every right to recover these financial amounts from your lender and this annuls the responsibility of paying the cost of borrowing the loan.

Extended Payment Plan

The option for an extended payment plan also exists as of the July 1, 2018. If you request and receive three loans within a 63 day period, the lender must provide you with this option. Entering into an extended payment plan allows you to make prepayments any time you like, incurring an extra charge or penalty. It also gives you the right to end the extended payment plan at any given time without being penalized. In almost all cases, a borrower has the right to repay their loan in equal instalments over multiple pay periods. The amount paid per period is determined by how frequently you receive your paycheque. Whether you are paid on a weekly, bi-weekly, or monthly basis, your payment installments must be scheduled over at least two paydays and the maximum amount of each payment is 50% of the combined total of the loan and the cost of borrowing.