Online Payday Loans in Canada

What are Online Payday Loans all about

Online payday loans are pretty straightforward, in fact the very name tells you most of what you really need to know. They are loans that are repaid on your next payday, and instead of going to a bank or another kind of lender's brick and mortar storefront, you take them out online. Usually they are used for dealing with an unexpected expense, so things that you can't always plan for like a broken down car, home repairs, or medical emergencies.

The main difference between payday loans and regular loans such as mortgages, car loans, instalment loans, or credit cards, is they are relatively easy to get. Compared to mortgages, car loans, and credit cards, the acceptance rates for payday loans are far higher.

Traditional Loans Are Slow And Difficult

Mortgages and car loans naturally involve collateral and detailed credit checks. Usually these kinds of loans will take weeks to finalize, and the paperwork is intense. The bank will want to look at things like tax returns and monthly bill payments to calculate your ability to keep up with the loan payments over a long period, such as 10 to 25 years.

Credit cards are easier to get from your bank but they still require weeks to complete the application for and then you'll still have to wait for them to mail you the actual card. This doesn't help you a lot if you need cash right now, which is what payday loans are great for. It especially doesn't help if you've already reached the limit on your credit card but you still have a pressing emergency to deal with.

Payday Loans are Fast and Convenient

Payday loans, on the other hand, are easy to apply for, easy to qualify for, and fast to deliver the funds. The reasons why these loans can be all these things are simple: they aren't intended to be used for a long time, so we don't need to concern ourselves with whether you can make a payment in 25 years, we only need to look as far as your next payroll or three; and payday loans are for much smaller amounts than mortgages and loans of that sort so the total risk for the lender is limited. In fact, payday loans are only issued up to a maximum of $1,500.

Income verification is crucial to the payday loan process. Regular banks with their underwriting rules are very inflexible, and generally only look at regular income. We are leaner and more agile so we can factor in other kinds of regular income like pensions, as well as supplemental income from disability, child tax benefits, tax returns, GST refunds, and even side hustles. With My Canada Payday we would like to see a minimum of $1000/month in income.

Working with a licensed lender is also a must. If a company isn't licensed, the borrower has fewer protections from unscrupulous practices. Always take a look at your lender's licensing. Remember that just because a lender is licensed in one province, it doesn't mean they are allowed to lend in every province. Check their list of licenses to see if your province is in there.

In summary, the qualifications are:

1. You should be 19 years or older to get a loan.
2. You must be a resident of one of the provinces that we are licensed to lend in.
3. You will need to have regular income, such as employment income or a pension.
4. You will also need online banking, as that is the main document we need to assess your application.

My Canada Payday is an online lender that offers loans across Canada. Check out the table below to see where we operate.

Choosing the right payday lender

There are a lot of considerations when it comes to choosing the best place to get an online payday loan in Canada:

1. Look at many lenders and compare them,
2. Check the eligibility requirements for each lender,
3. Make sure that they are actually a real lender and not a broker,
4. Only do business with companies that are really based in Canada,
5. Before applying, find out if bad credit is going to be a problem,
6. Check the provincial lender registry to see if they are licensed and their license is up to date,
7. Look at their disclosure statements and ensure that you know exactly what it costs.

Fast Approval for your Online Payday Loan

Borrowers usually are in need of fast cash, otherwise they would be able to spare the time to apply for a loan from a bank or apply for a credit card. It stands to reason that one thing that every online payday borrower is looking for is fast approval.

One great reason to choose My Canada Payday for your borrowing needs is we understand your need for speed. We are open 7 days a week so we are available to serve you when it is convenient for you. Not only do we have staff available to help you from 8AM-11PM EST, our automated loan delivery software runs 24 hours a day. You could even accept your loan contract at 2AM and you would still get your funds in about 5 minutes. Regular banks haven't caught on to the benefits of automation and online services yet. Can you imagine picking up your mortgage at 2AM? That's not going to happen any time soon.