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There are times when unexpected expenses come up and you don’t have enough savings to cover your bills. If that happens, it’s best to remedy the situation before it affects your credit and finances. For example, taking out a small loan could be an easy solution, if you know where to look. Keep reading to find out how you can get a small $500 loan in Canada.
Before you apply for any type of loan, remember to do your research and choose a reputable lender who has a valid business license. Luckily, in Canada, there are a few different places where you can apply for a $500 loan, including the following:
While some banks offer small loans, they often have tough requirements and larger minimum borrowing amounts. So, depending on your financial situation, you may want to get your $500 personal loan from an alternative or private lender, who often has more flexible requirements.
You can also apply for a $500 loan through a payday lender in Canada. They typically offer loans between $100 – $1,500, but they have extremely high fees and interest rates. As such, they should only be used as a last resort or when you know with absolute certainty that you can pay it back by the due date.
Whether you apply for a $500 loan with a personal loan lender in Canada or a payday lender, there are certain requirements you’ll need to meet, including:
Every personal loan lender has different approval requirements. Their eligibility criteria will generally be tighter than those of a payday lender and may include:
The eligibility criteria for payday loans are minimal and often don’t require a credit check, which makes it ideal for those with poor credit.
Here’s how much it costs to borrow from a payday lender versus a personal loan lender:
Province/Territory | Max Cost Per $100 Borrowed | Cost of a $500 Loan for a 14-day term | Cost of a $500 Loan for a 30-day term |
Quebec | 35% AIR (Annual Interest Rate) | $506.71 | $514.58 |
Alberta British Columbia New Brunswick Ontario Prince Edward Island | $15 | $575 | $575 |
Manitoba Saskatchewan | $17 | $585 | $585 |
Nova Scotia | $19 | $595 | $595 |
Newfoundland & Labrador | $21 | $605 | $605 |
Northwest Territories Nunavut Yukon | $60 | $800 | $800 |
3 Month Loan | 6 Month Loan | 12 Month Loan | |
Loan Amount | $500 | $500 | $500 |
Interest Rate | 24.5% | 45% | 30% |
Monthly Payment | $173.52 | $94.61 | $48.74 |
Total Paid | $520.55 | $567.64 | $584.92 |
Total Interest Paid | $20.55 | $67.64 | $84.92 |
Different lenders also have different approval and funding procedures. That said, here are some common steps you should take when applying for a $500 loan in Canada:
Make sure to research lenders and compare prices to find a business with a solid reputation and affordable loan conditions. A good lender should offer you a free price quote on their website or over the phone.
Once you find the right $500 loan, gather any relevant documents and prepare to apply (most people do this online nowadays). Lenders might request these documents to confirm your identity and income:
Applying for a $500 loan won’t take long but response times can vary. If it’s done online, some lenders will send you confirmation within a few hours, others may take 1 – 2 days or even longer on weekends and holidays.
The same goes for funding times. Payday loans can be deposited on the day you apply, while personal loans may take a couple of business days, depending on the lender and if you’re required to submit further documents or information.
Whether it’s due to the costs or conditions, there’s always a chance that a loan isn’t the right product for your lifestyle. Don’t worry, because there are plenty of other affordable and convenient ways to get a $500 loan in Canada, including but not limited to:
Whether you apply with a payday lender or a personal loan lender, you can find one who offers instant approvals almost anywhere in Canada. Some payday lenders will not only provide instant approvals, but they can fund you within minutes after approval via e-transfer. While they are an expensive option, these e-transfer payday lenders are great if you need a small amount of cash immediately.
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