Suppose you are going through a tough financial situation, and need urgent cash to cover large and sudden expenses like house or car repairs, unexpected bills, and other costs. Taking out one of the best online payday loans in Canada can be a great way to help you get through a rough patch until your next payday.
Online payday loans in Canada provide you with a short-term solution to your problems regardless of your credit. They are simple, reliable, and quick, and save you the stress of going to a physical bank to apply for a loan.
When it comes to payday loans, there are many options available in Canada. I have looked at different lenders and compared their rates, eligibility criteria, and fees, and I have selected the 7 best online payday loans in Canada.
This article will help make your decision easier. It focuses on the 7 best online payday loans in Canada, their features, pros and cons, their eligibility criteria, and lots more.
I hope that this article helps you find the suitable payday loan for your needs.
The 7 Best Online Payday Loans in Canada
Online payday loans in Canada are simple and convenient loans that help you cover unexpected expenses until your next payday.
With so many companies and options available, it can be hard to know where to start looking. Below is the list of some of the best online payday loans in Canada to help you decide which is right for you.
1. LoanConnect
LoanConnect is Canada’s leading direct online lender broker that helps you find the right loans that fit your budgets. They partner with various lenders across Canada to offer you your one-stop solution for personal loans.
LoanConnect help Canadians find a suitable loan by presenting various options, even if they have a bad credit. They offer loans to help consolidate debts, pay off credit cards, grow your business, cover medical expenses, pay for a wedding, buy a car, take a vacation, and lots more.
By quickly filling out an application, you could get approved for up to $30,000 online payday loans through LoanConnect within 24 hours. The interest rate will depend on your secure loan amount applied for.
So, if you are searching for a quick and easy way to get your hands on some cash, think LoanConnect.
Key Features
- Loan Terms: 6 – 60 months
- APR: 10% – 46.96%
- Loan Type: Secured
- Basic Eligibility Criteria: Must be a Canadian and over the age of 18 (or age of majority in the province)
Strengths
- They are 100% dedicated to helping you find the right loan.
- Many Canadians trust them with their loan needs
- Quick approval (you can get pre-approved in 60 seconds and approved in 24 hours)
- They offer only verified and vetted lenders
- Taking loans from LoanConnect won’t impact your credit
- They offer safe and secure platforms for taking loans
Pros
- Quick deposits after approval
- Bad credit does not matter
- Works with multiple lenders to offer you the best rates
- Transparent contracts
- Latest security to protect your information
Cons
- High-interest rates for bad credits
- Online only with no physical meetings with the lender
- Limited loan providers
2. Alpine Credits
For over 50 years, Alpine Credits has been helping Canadians homeowners get loans when they need it. Alpine Credits is a licensed and fully regulated payday loan lender in Canada, offering payday advances in Alberta, BC, Ontario, and Quebec.
They offer home equity loans which allows you borrow against the appraised value of your home minus your mortgage balance. They are less concerned about your age, credit history or income history, but focus on the value of your home equity and make the lending process easy.
Alpine Credits offers loans for debt consolidation, home renovation, investment, education, business capital, vacation, temporary needs, and many more.
Alpine is your perfect online payday loan lender if you own a property with an existing tenant in place. Approval is quick as long as you have a steady income stream from properties you own and can produce income tax documents showing this.
Key Features
- Loan Terms: Up to 60 months
- APR: 10% – 22.99%
- Loan Type: Secured
- Basic Eligibility Criteria: Must be a homeowner and have a minimum credit score of 300
Pros
- Application process is easy as you can apply online
- Get an approval decision within 24 hours
- Large maximum loan amounts
- Can qualify with bad credit, regardless of income
- Money is deposited quickly when you are approved
Cons
- Only available in AB, BC, ON, QC
- High interest rates for bad credit owners
- You have to use your home as collateral
- No in-person service
3. Mogo
Mogo Finance Technology Inc. is a one of Canada’s largest lending institution, based out of Toronto. They offer a wide variety of financial options to help Canadians navigate through stressful situations.
Mogo is safe and secure, and available in 11 provinces in Canada. There are no surprises, no late-night calls, and you know exactly how much you will pay each time you borrow.
To qualify for Mogo payday loans, you must be a Canadian resident in the province and territories where Mogo is available, be past the age of majority in the province, have a proof of income and be steadily employed for at least 30 days.
Key Features
- Loan Terms: 6 to 60 months
- APR: 9.90% – 46.96%
- Loan Type: Secured
- Basic Eligibility Criteria: Minimum income of $13,000 and have a minimum credit score of 500
Pros
- Available in almost all province and territory
- 100-day money-back guarantee for unsatisfied Canadians
- 24/7 online service
- Wide variety of financial options
- Good loans appear can elevate your credit score
- Its flexible payments will help you stay on track
- You can apply for free credit score monitoring which informs you if anything unexpected is happening on your report.
Cons
- The platform is powered by third-party apps
- It has high rates for riskier borrowers
- The 100-day period does not apply to MogoLiquid loans
4. Coast Capital
Do you need a loan to pay for school, home renovations, or wedding expenses? Coast Capital is committed to providing Canadians access to fast online payday loans.
They provide loans to help cover car loans, mortgages, equipment financing, aircraft financing, and lots more. This company is a direct lender that does not need credit checks or employment verifications when applying for a loan online.
Coast Capital offers personal loans from $500 to $3000 and is available to British Columbia, Manitoba, Alberta, Saskatchewan, and Ontario residents. With over 75 years of internal lending experience, Coast Capital highly values customer experience and needs.
Pros
- Quick approval
- Competitive rates
- Flexible payment options
- Refinancing to help you get lower interest rates and better loan term
Cons
- Not available in all of Canada
5. LoanMeNow
LoanMeNow is a leading Canadian company in the payday loans industry, offering quick and fast loans to customers in Canada with no credit check.
This loan company offers short term loans to help cover unexpected expense until your next payday. LoanMeNow offers easy online applications for personal loans, payday loans, and installment loans in Canada with no hidden fees.
LoanMeNow knows that sometimes a financial emergency can be a hassle to work with. Hence, they’re willing to work around the clock to process your application as quickly as possible. Whatever your financial situation, their quick approval time will help you get back on track as soon as possible.
Key Features
- Loan Terms: 3 months
- APR: 28% – 32%
- Loan Type: Secured
- Basic Eligibility Criteria: Must be Canadian and at least 18 years old
Pros
- Super-fast approvals
- Loans are secure and confidential
- No credit checking when applying
- Fast funding as approved applications are funded the next business day
6. Fairstone
Fairstone is a Canadian loan company that offers payday loans as much as $50,000, to Canadians with fair to good credit score range. They offer loans for debt consolidations, unexpected expenses, and many more.
Fairstone provides an ideal option for consumers to get the best online payday loans in Canada regardless of their credit standing. They offer secured and unsecured personal loans at tricky rates.
They offer unsecured loans of up to $25,000 and $50,000 for secured loans. Whether it’s someone looking to pay a few bills, or somebody who suffers an unexpected emergency, Fairstone can help. You can pay back early without any penalties or fees.
Key Features
- Loan Terms: 6 to 60 months (unsecured loans), 60 to 120 months (secured loans)
- APR: 19.99% – 39.99%
- Loan Type: Secured and unsecured
- Basic Eligibility Criteria: Must be Canadian and at least 18 years old
Pros
- Quick approval process
- No fees and penalties
- Low interest rates
- No hard credit checks
Cons
- Low rating
- Interest rates are not listed in the application process
7. LendDirect
LendDirect is your one-stop shop for payday loans and lines of credit in Canada. Their secure service lets you find the best payday loans online that suit your needs.
It is a transparent and easy-to-use finance company where you can get an online payday loan faster than other companies in Canada.
The loan is distributed within minutes after approval of the paperwork. It is helpful for those who need urgent cash for traveling, paying off bills, or other tasks. There is no credit check for a LendDirect payday loan in Canada.
Key Features
- Loan Terms: Open ended line of credit
- APR: 19.99% – 46.93%
- Loan Type: Line of credit
- Basic Eligibility Criteria: Minimum income of $1,500 and minium credit score of 560
Pros
- Offers flexible repayments options
- Fast application and payment
- You don’t need to reapply
Cons
- High interest rates
- Not available in Quebec
- Bad credit referred to payday loans
How I Selected The Best Online Payday Loans in Canada
After carefully scrutinizing the payday loans marketplace, I have picked out these 7 best online payday loans in Canada.
I considered their lending speed, availability, approval speed, reputation, customer review, and funding options and found them worthwhile. These payday loans are not representatives of the entire payday loan market.
There are many online payday loans out there, but no single one will suit everybody’s need. So compare your options before deciding to apply.
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Final Thoughts
Life happens these days, and even the best organized can get hit with unforeseen expenses that put us in a tight spot.
Fortunately, there is a fast and secure alternative to bank loans, traditional credit cards, and pawnbrokers that provide online payday loans.
However, it can be hard to know where to start with so many options available, especially when dealing with a crisis like getting your car towed.
Hopefully, now that you know the best options available in Canada, you can compare the best offers and apply conveniently in a few minutes.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
