Emergency situations often require immediate access to money. Anything from car repairs to a broken tooth can call for a quick influx of cash; and, if you don’t have established savings, credit cards or good credit, it can feel overwhelming. For these reasons, many turn to payday loans — a short-term lending arrangement that provides you with emergency funds.
Find Payday Loan Lenders Near You
|Loan Amount||Interest Rate||Term||Province Availability|
|Up to $1,000||Max 32%||Max 90 days||All of Canada||Learn More|
|$500 - $12,500||19.99% - 34.99%||12 - 60 months||BC, AB, SK, MB, ON, NB, NS, PEI, NL||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, MB, ON, NB, NS, PEI||Learn More|
|$120 - $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NS||Learn More|
|$500 - $750||Varies by province*||90 to 120 days||BC, AB, ON, PEI||Learn More|
|Up to $1,500||Varies by province*||Max 62 days||BC, AB, SK, MB, ON, NB, NS, PEI||Learn More|
|Up to $1,500||Varies by province*||Up to 62 days||BC, AB, ON||Learn More|
|$50 - $1,500||Varies by province*||14 days||BC, AB, SK, MB, ON, NS||Learn More|
|$50 - $1,500||Varies by province*||Up to 31 days||BC, ON, NS||Learn More|
|$200 - $1,500||Varies by province*||Next payday||BC, AB, SK, NS, YT, NT, NU||Learn More|
|Up to $1,500||Varies by province*||Next payday||BC, ON||Learn More|
How Do I Find A Payday Loan Near Me?
There are a few different approaches to tracking down a payday lender in your area. By doing your research, you can find lenders with easier application processes and faster results. Some research methods include:
Step 1. Research Online
Go online and type in “payday loans near me” or “payday lenders in [enter your location]” in Bing, Yahoo or Google. Depending on the search engine used, you’ll likely have slightly different results. Just be sure to keep your location settings active.
Here’s an example of what you may see when you type in “payday lenders in Toronto” in Google. You can click more businesses to see more payday lenders in the area.
Step 2. Create A List Of Payday Loans Near You
Next, make yourself a list of payday lenders in your area using your search results. Once you’ve curated the list of potential lenders, it is time to narrow down the options. Research each lender individually. Learn what the application process entails, including the time to get approved, the amount you can access, the interest, and repayment terms.
When you look at the details of each lender side by side, you can easily determine which lender is the best for your needs.
Step 3. Gather Your Documents And Apply
Applying for a payday loan in person can require more effort than applying online as you’ll need to bring physical documents to prove your identity, income, and employment. Common documents you may require to apply for a payday loan near you include:
- A government-issued photo ID such as a driver’s license or passport.
- Pay stubs and bank statements to assess income and debt levels
- Banking details for repayment purposes
If you forget to bring any documents, you won’t be able to qualify for the loan. You’ll likely need to go back home and retrieve the missing documents.
How To Apply For A Payday Loan Near You In Person?
The application process for payday loans is fairly straightforward, particularly if you complete the transaction in person. As long as you’re prepared and get your documentation ready ahead of time, you can make light work of the application process. The steps are simple:
Step 1. Visit The Payday Loan Branch Nearest To You
Go to the payday location of your choice in person, supplying them with the necessary documentation. Bring pay stubs, banking details, proof of address, and a government-issued identification with you to prove the information you are giving the lender.
Prefer an application process with less paperwork? Check out the faxless payday loan.
Step 2. Fill Out The Payday Loan Application
The application process is fairly simple, focusing mainly on your job. The lender will want to know how much you earn, your position, and how long you have been in that role. Other details include your residential address and financial information. Usually, the application process can be completed in a single visit. The lender will review this; and, in most cases, approve the loan.
Step 3. Review The Agreement
Once you’ve been approved, be sure to review the specifics of your contract like you would any other personal loans. Pay extra attention to the repayment terms, including the rate of interest. Payday loans are federally regulated, so the amounts are fairly standardized. Usually, you are expected to repay the loan upon receipt of your next paycheck. If the terms work for you, sign the agreement, and the lender will give you either cash or a cheque for the loan.
What Do You Need To Be Eligible For A Payday Loan Near You?
In order to get a payday loan approved at a branch, the key to efficiency is bringing along all the necessary paperwork.
- Personal Documents – You’ll need government-issued photo identification, such as a valid driver’s license or a passport. Bring a supplemental identification such as a healthcare card since most locations require two pieces of ID.
- Financial Documents – In terms of financial information, be sure to have both pay stubs and bank statements. Generally, lenders expect at least three consecutive prior paycheques. However, if you have access to them, bring three months’ worth of proof of payment. Additionally, you will need to show your bank statements, also for the preceding three months. This proves several things, including your address, that you deposit the cheques into your account, and that you are able to repay the loan with your next cheque.
- Bank Account Information – The lender will request your bank account details, including your account number, branch details, and transit number. These numbers correspond to your bank account; and, while the information is usually found on your bank statement, you will need to sign something explicitly giving the lender consent to withdraw the repayment when the time comes.
Other Ways To Find A Payday Lender Near You
If you want to streamline the research process, you can consult a loan comparison platform. By providing you with a list of lenders who offer services in your area, the comparison site can cut down on the time required for your research.
While these sites enable you to find companies that offer services for your location, the lenders may not have physical branches. As a result, this is a better-suited option for those who prefer to rely on digital services. It’s also a good approach for those living in rural areas who still need to access a payday loan.
Check out how you can receive your payday loan through an e-transfer.
Benefits Of A Loan Comparison Website
Loan comparison sites offer a lot of benefits, not the least of which is saving consumers time. Instead of going through each potential lender for specifics, you can compare their rates, loan terms, amounts, and consumer reviews at a glance. The loan comparison platform does the legwork of the research on your behalf, making it easier to find competitive rates on financial services like payday loans.
Check out what payday lenders and bad credit lenders look for in an applicant.
Choosing Between Online And In-Person Payday Loan Providers
Determining how to access your payday loan depends largely on your personal situation. Both approaches have their own benefits, serving better those with different circumstances.
Online Payday Lenders
- More Accessible – This approach is preferable for those who live in a rural setting where there are no nearby branches. If you don’t have access to a vehicle, it can save you a lot of time if you apply through an online service. Few things are less convenient than driving an hour to a branch, only to find out you left a necessary document at home.
- All Online – While the online approval process takes a bit longer, you can complete the entire application online. Your funds will be directly deposited into your account after approval.
In-Person Payday Lenders
- Can Be Easier To Apply – Some circumstances make it easier to apply for a payday loan in person. If you are close enough to a physical branch, it can be more straightforward to take the time to apply at the location. This is especially true if you are new to the application process.
- Can Ask Questions – A customer service representative can talk you through the steps, informing you of any necessary paperwork. It also gives you an opportunity to make inquiries as to the interest, repayment, or anything else about which you’re curious.
- Faster Funding – Ultimately, the main reason many choose to apply in-person is because of the rapid access to loan funds. Unlike digital applications, when you are approved in the branch, you will get either cash or a cheque immediately.
What Should You Look For In A Payday Lender Near You?
When vetting potential payday lenders near you, there are a few necessary metrics to investigate. Be sure to follow the same steps for each lender to ensure that you are consistent in the details. Necessary steps include:
Investigate The Lender’s Online Presence
A reputable payday lender will have a well-established network of physical locations. Known companies like Cash Money and MoneyMart have retail outlets across Canada in addition to an established website. Ensure that the business is accredited, has a proven track record of success on the market, and makes sufficient information available online.
Look Into Fee Specifics
For any loan, you need to know what charges you incur for taking out the loan. These include any administrative fees, origination fees, the standard rate of interest, and any extra costs associated with defaulting on your agreement. All payday loans are regulated by the federal government, so the fees are fairly standard. However, to be competitive, lenders may offer slightly more competitive rates to incentivize consumers. Keep your eye on the specifics, especially if you are doing the research on your own instead of using a loan comparison site.
Learn About The Funding Process
Depending on whether you complete the loan application process in person or online, the financing method will differ. If you get a payday loan at a branch, you can expect the money right away in either cash or cheque format. Conversely, if you are completing the payday loan application online, the funds should be available within 24 hours. The money will be transferred to the account whose information you supplied at the time of the application process.
Is A Payday Loan The Best Option For You?
Payday loans can seem like a convenient way for Canadian consumers to access the money they need quickly and with few requirements. But, payday loans are an extremely expensive loan product, with APRs of up to 500%. If you are considering taking out a payday loan, make sure you fully understand the consequences and research other viable options before signing any contract.
Consider An Alternative Personal Loan Lender
- Up to $50,000
- Prime to 46.96%
- 3-60 months
- $1,000 - $10,000
- 19.69% - 46.9%
- $5,000 - $50,000
- 6.99% - 22.99%
- Up to 84 Months
- Up to $35,000
- 9.99% - 46.96%
- 6 - 60 Months
- $1,000 - $25,000
- 7.5% - 31.5%
- 36 - 60 months
- $5,000 - $35,000
- Starting at 9.99%
- 6 - 60 Months
- $500 - $1000+
- 28% to 32%
- 3 Months
- $500 - $12,500
- 19.99% to 34.99%
- No minimum term
- $500 - $100,000
- 9.99% - 46.96%
- $300 – $35,000
- 9.9% - 47.72%
- 3 - 60 Months
- Up to $50,000
- 19.99% - 39.99%
- 6 - 120
Payday loan FAQs
Do I need a bank account when applying for a payday loan in the physical branch?
Will the payday loan lender give me cash or a cheque when I apply in person?
Can I get a payday loan at my local bank?
Can I get more than one payday loan?
While the payday loan structure is straightforward if the agreement isn’t followed stringently, then penalty fees can accrue quickly. The key to success is doing your research and find the right type of loan that meets your needs, whether that’s a payday loan or another more affordable option.