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.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
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.
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.
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.
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.
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 Moneyand Money Mart 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. 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.
Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly.With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed.Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.
The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.
Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.
Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $18,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.
SkyCap Financial has been helping Canadian consumers take control of their financial futures since 2013. Their main goal is to provide alternative financing to all Canadians, regardless of their financial past or credit history. They provide fast and easy short-term loans ranging from $500 to $10,000 and approve applicants in as little as 24 hours. Consumers can take advantage of SkyCap Financial’s quick application and a team of experienced individuals who strive to make your experience as smooth as possible. SkyCap Financial bases all their lending decisions on three main factors, current income, credibility, and stability, so they can approve more Canadians, especially those who have been rejected in the past based on credit issues.
If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.
Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.
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Payday loan FAQs
Do I need a bank account when applying for a payday loan in the physical branch?
Yes, whether you are applying for a payday loan in-person or online, you need an active bank account. This is because, in order to process the repayment of the loan, the lender will complete an automatic withdrawal. Per your agreement, when your loan comes due (upon your next payday), the lender will withdraw the base amount plus interest from your bank account.
Will the payday loan lender give me cash or a cheque when I apply in person?
The lender will give you either cash or a cheque when you apply in-store, depending on your preference. Typically, if you apply online, the funds are directly deposited, though this can take longer than getting the funds in person. When you complete the loan application at the branch, the customer service representative will inquire as to your preferences. Though years ago, customers had to return to the branch to repay the loan, it is now automatically withdrawn from your account.
Can I get a payday loan at my local bank?
Payday loans are a specialized type of financial only offered by payday lenders or alternative lenders. Typically banks do not offer this type of product.
Can I get more than one payday loan?
You’re only allowed to take out one payday loan at a time. Payday lenders are not permitted to issue “rollover” loans, which involve rolling over what you owe on your payday loan into another loan. The first loan must first be paid in full before you can take out another payday loan.
Final Thoughts
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.
Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.
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