We all know the sinking feeling that comes with the end of the month: no money left in the bank account, credit card bills piling up, and another trip to the ATM just to make ends meet.
Taking out online payday loans can be a great way to help you get through a rough patch until your next payday.
Payday loans provide you with a short-term solution to your problems when you need a fast solution. Regardless of your credit, you can qualify in minutes.
However, getting online payday loans in Canada can be a tricky business. There are so many options available yet so many things to compare.
This article will help make your decision easier. It covers some of the best options available in Canada.
What are Online Payday Loans?
Online payday loans are a convenient way to get fast cash to help with unexpected expenses. This type of loan can typically provide you with instant approval and a same-day deposit.
Available for all stable Canadian residents, it’s easy to see why so many Canadians rely on this fast and secure lending option.
Whether it’s flat tire repair or unexpected car repairs, you can’t always rely on your next paycheque to get you through.
Online payday loans provide you with quick cash to cover unexpected expenses before your next paycheque.
With online payday loans, you can get the money you need with quick approval and a same-day deposit. You don’t need to worry, even if you have bad credit or no credit.
Just fill out a form, and within minutes you’ll have access to a lending institution that will allow for payday loans online in Canada.
How Do Online Payday Loans in Canada Work?
A payday loan is a small unsecured loan given to those with a recent emergency or short-term financial difficulty.
While there are many things an online payday loan lender in Canada must do to operate legally, they can give you quick access to the cash you need.
The first thing you’ll want to do is find and apply for the right loan to meet your needs. You can apply online on these websites for cash advance payday loans.
Fill out an application, and a representative will contact you. They will ask some basic questions about your employment history, income, and assets, as well as check your credit reports.
You may also be asked to provide proof of identification, such as a driver’s license or social insurance number. The process is fast, easy, and safe.
As long as you meet specific requirements, many of these companies will help you get the money you need within 24 hours.
However, the amount you can borrow and how much you can pay back will be regulated by the province and territory where it originated.
Things to Consider Before Choosing Payday Loans Online in Canada
Many people reach out to payday loan companies when they need a financial boost. These loans can be an excellent way to get additional cash and help with short-term financial issues.
While these loans can be helpful, there are some things you should consider before choosing a company to work with.
Here are some of the essential things you need to consider:
- Verify the online operating capabilities of the private lender in your province
- If you want easy access to customer service, look for a money lender who can provide it
- You should inquire whether they offer loans for bad credit borrowers
- To apply for a short term loan online, review the lender’s eligibility requirements
- Ensure the lender is based in Canada
Best Online Payday Loans in Canada
Payday loans are usually an easy way to raise extra cash without spending your hard-earned money on hidden fees.
With so many companies and options available, it can be hard to know where to start looking.
Here is a quick list of the top ten companies to explore online payday loans in Canada:
1. Loan Connect
LoanConnect is Canada’s leading direct online lender, connecting Canadians to the personal loans that fit their budgets.
You could get approved for up to $50,000 online payday loans through LoanConnect. The interest rate will depend on your secure loan amount applied for.
Loans range from 5.75% to 46.96% APR. Depending on the situation, the maximum repayment term can be as short as one month or as long as 12 months.
So, if you are searching for a quick and easy way to get your hands on some cash, think LoanConnect.
2. Alpine Credits
Alpine Credits is a licensed and fully regulated payday loan lender in Canada, offering payday advances in Alberta, BC, Ontario, and Quebec.
They work with real estate owners who have generated funding needs and are looking for long-term solutions to finance projects.
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.
3. Lending Mate
There are many options if you’re looking to borrow money quickly in Canada, but Lending Mate is your best option.
If you’re in the midst of a financial emergency, LendingMate can offer you an affordable and convenient solution to your cash flow problems.
The company’s payday loans are available without faxing, and they process them quickly with the fastest approval time in Canada.
Additionally, Lending Mate offers up to $10,000 online payday loans to Canadians regardless of their credit score.
4. Consolidated Credit
Getting a hold of a payday loan can be one of your well-being’s best decisions.
Thus, when you are in between paydays and your savings account has been depleted, it is time to turn to the professionals.
Consolidated Credit offers credit loans that help you consolidate your monthly payments, open lines of credit, and get out of debt faster.
This company will provide you with the help necessary to eliminate credit card debt while improving your credit score.
If you cannot get a loan in person or don’t want to sell your hair or boots to get cash, Mogo is here to help.
It’s safe and secure; there are no surprises, no late-night calls, and you know exactly how much you’re going to pay each time you borrow money.
Its flexible payments will help you stay on track, and its online credit score monitoring service lets you know if anything unexpected is happening on your report.
Also, your creditworthiness determines your ability to borrow up to $35,000 through Mogo. Repayments are from 6 months up to 5 years
6. Coast Capital
Do you need a loan to pay for school, home renovations, or wedding expenses? Coast Capital is committed to providing Canadians with access to fast online payday loans.
This company is a direct lender who 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 80 years of internal lending experience, Coast Capital highly values customer experience and needs.
7. Credit Verify
Credit Verify is your source for up-to-date information about payday loans in Canada. This company can help you find the best lenders for speedy, reliable, and affordable cash advances.
Credit Verify offers a competitive service that links your credit score directly to marketers of best-in-class financial products than payday loan providers.
Credit Verify’s primary focus is to streamline the online loan process while providing you with a range of options at competitive interest rates.
8. Courtier Du Quebec
Courtier Du Quebec is a leading online lending agency in Canada. They offer easy and fast loans for anyone looking for an easy but effective personal loan.
They work with several lenders to ensure you access the best online payday loans in Canada.
Courtier Du Quebec provides the best online payday loans in Canada by connecting you with several licensed lenders and overseeing the application process.
Courtier Du Quebec enables customers to access cash advances anytime, anywhere by providing different online payday loans.
LoanMeNow is a leading Canadian company in the payday loans industry, offering quick and fast loans to customers in Canada regardless of their credit score.
This loan company offers exceptional cash advances in Canada, often within hours of applying.
LoanMeNow offers easy online applications for personal loans, payday loans, and installment loans in Canada with no hidden fees.
Additionally, 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.
Fairstone is a Canadian loan company that offers payday loans to as much as $35,000, depending on the borrower’s qualifications.
With Fairstone, you’ll get access to one of the highest online payday loans in Canada.
Fairstone provides an ideal option for Canadian consumers to get online payday loans regardless of their credit standing.
Whether it’s someone looking to pay a few bills, or somebody who suffers an unexpected emergency, Fairstone can help.
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.
Furthermore, there is no credit check for a LendDirect payday loan in Canada. You can also get a loan of up to $15,000 from this company.
You have probably realized that living paycheck to paycheck is not something you want to continue doing.
Doing so puts a strain on your budget, making it hard to pay off bills and still put food on the table.
Thankfully, there is an alternative: online payday loans. GoDay.ca is an online service that offers same-day funding on payday loans in Canada.
GoDay offers Canadians personalized service and the flexibility to pay their bills. With same-day funding and no credit checks, you can get approved anytime, anywhere.
13. Mr. Payday
When it comes to online payday loans in Canada, Mr. Payday is the option for you. Operating since 2002 and with a track record of thousands of successful transactions.
Mr. Payday offers top-notch service with no hidden fees and a lender with years of experience.
As one of the first lenders in the industry offering this service, they have been for around many years to witness the good and bad trends.
Additionally, there are no hidden fees and no surprises with Mr. Payday’s service, as all of the fees are included in the cost.
iCash payday loans are available to people in Canada who other lenders have previously rejected.
These loans are straightforward, with no hidden considerations and online approval options.
iCash offers convenient, flexible payback options that support you. Their quick application process is designed to connect you with their network of partner stores across Canada for cash the same day you apply.
What’s more, iCash does not require credit checks or pre-approval for personal loans in Canada – just a simple application to get the cash you need and want.
15. My Canada Payday
If you are looking for an online payday loan in the Canadian area, My Canada Payday is the first place to look.
My Canada Payday is an online lender specializing in providing unsecured personal loans to working-age Canadian residents.
The company offers a wide range of rates, and they do not tack on excessive fees as other companies do.
They remove the hassle of long lines at financial institutions and focus on getting you the money that you need as quickly as possible.
My Canada Payday loans are a quick way to get the cash you need. Whether you’ve been laid-off, or maybe your car broke down and needs repair, these loans can help you out.
Requirements for Online Payday Loans in Canada
In order to qualify for an online payday loan in Canada, you need to meet these basic requirements:
- Contact phone number
- An email address
- You must be a Canadian citizen
- You must be 19 or older
- The same source of income has been your source of income for the last three months
- You must have an active Canadian bank account for a minimum of three months
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.