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.
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.
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.
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.
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.
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.
The older you get, the more expenses you’ll run into, especially in a popular province like British Columbia. The town of Surrey has followed suit and now has a relatively high cost of living due to the demand for housing in the surrounding areas. Unfortunately, high expenses can lead to high levels of debt amongst many of Surry residents.
If you’re also experiencing a severe debt problem, it’s possible that you don’t qualify for any credit products and are now considering applying for a payday loan in Surrey. Before heading to your local payday lender, here is all the information you need to make the best choice for your needs.
Payday Loans vs. Personal Loans
If you’re not too experienced with credit products, it can be confusing to distinguish between a payday loan and a personal loan. However, it’s essential to learn about both loan types so you don’t wind up with a product that doesn’t work well for your financial situation in Surrey.
Payday Loan
These loans often come in small amounts of $100 – $1,500 and have significantly shorter repayment terms than any other credit product. Typically, the money is deposited directly into your bank account once you’re approved, which often happens the same day that you apply. You’ll then have 14 days to repay the full balance. More often than not, the sum is automatically debited from your account.
Payday loans can be appealing to borrowers in Surrey because they generally don’t require any credit check to be approved. The only prerequisites are that you should be past the age of majority in your province, have an active chequing account with direct deposit ability and a job where you’re earning a minimum monthly income specified by the lender.
While borrowing restrictions are usually more strict, personal loans have the potential to be larger than any payday loan, depending on what kind of lender you apply with in Surrey and how qualified for approval you are. They can be found through almost any lending source in Surrey, whether prime (like a bank) or subprime (like a private institution). Similar to a payday loan, your money would typically be deposited directly into your bank account, although approval may take a few more days.
If you’ve got healthy finances and good credit, most lenders in Surrey will also give you an adjustable repayment plan that can last several months to a few years. Even if you need to apply with a bad credit institution, your personal loan can help raise your credit score, as long as you’re making complete payments and your lender reports them to Canada’s credit bureaus (Equifax and TransUnion).
Video: Payday Loans vs. Installment Loans
The Problem With Payday Loans in Surrey
As we said, the fact that payday loans are so easy and quick to get approved for makes them highly appealing to the everyday borrowers in Surrey, particularly those with low incomes, bad credit, or a financial emergency on their hands.
Then again, it’s important to take that notion with a grain of salt, because even a single payday loan can severely damage your finances, especially when used irresponsibly.
Main Drawbacks of Payday Loans:
Very high-interest rates of as much as $14 per $100 (in British Columbia)
Lots of extra fees may apply, driving the overall cost of the loan up
14-days might not be enough time for you to repay your full balance
Hefty penalties will be charged if you miss your payment date
Every missed payment will also damage your credit score
Predatory Lenders and Scammers in Surrey
Possibly the most hazardous drawback of any payday loan is that there are many predatory lenders lurking out there, ready to take advantage of those who are desperate for a solution. Unsuspecting borrowers can fall victim to ridiculously high loan fees and unfavorable payment conditions that cannot be met.
Always research your lender properly, no matter what kind they are. Make sure they are licensed to operate in your province. If they won’t give you all the required information about their loan costs, they demand payment before your loan is approved or use manipulative language to access your personal/financial information, be sure to walk in the other direction.
To learn how to spot a loan insurance scam, check out this article.
The Final (Possible) Result
While rolling over or extending a payday loan is illegal in BC, meaning you cannot apply for a second loan until your first is paid in full, the ultimate danger occurs when a borrower ends up relying on them just to get by. With all the rates, fees, and penalties involved, you might end up stuck in the payday loan cycle, which can totally ruin your finances if you let it go on for too long.
In fact, the dangerous nature of payday loans has led to them being outlawed in many parts of the country. In the end, it’s best to only apply for a payday loan if you’ve got no other choice but have the financial ability to pay on time and in full.
Take a look at this infographic for more information about the payday loan cycle.
Finding Debt Relief in Surrey
If you’ve unfortunately fallen into the payday loan cycle and are now hard-pressed to find some relief, the good news is that there are a few solutions that exist, many of which are available here at Loans Canada.
Whether or not you’re approved for these products or programs in Surrey will depend on how much debt you have and what your finances look like currently, but they can help under the appropriate conditions. Not all of them may be right for your particular situation either, so be sure to consult a financial advisor before you attempt any of them.
Check out some of these products/programs:
Credit counselling
Debt consolidation loan
Debt consolidation program
Consumer proposal
Bankruptcy
Payday Loan Alternatives in Surrey
Since payday loans can be risky, you may have decided against them altogether, which may be a better choice if you’re not sure you can afford the costs involved. That said, we’re aware that most financial problems won’t simply disappear.
In that case, there are a few alternatives you can try, such as:
Applying for an installment loan (if you’re qualified)
Applying for a guarantor loan (if you have a cosigner)
Borrowing from your friends or family members
Using a secured credit card
Dipping into your home equity
Using your car as collateral for a ‘vehicle title loan’
Need a Financial Solution?
If you’re looking for relief from payday loan debt or are interested in what your alternative options are in Surrey, Loans Canada can connect you with a wide variety of options of solutions.
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