Payday Loans in Ontario

apply for a payday loans online in Ontario

Payday Loan Lenders in Canada

Canadian residents who need cash can now qualify for payday loans to get them through a rough period. This type of cash advance is unique because it is not contingent upon credit rating. Most traditional lenders will deny a consumer a loan because of a shaky credit history. Canadian payday loan lenders online will give an approval as long as the consumer meets the minimum criteria. Anyone who needs temporary cash to pay bills, get repairs, or buy goods can apply for this type of product. Help is available online and the turnaround time is rather amazing for most lenders.

What Are Pay Day Loans?

Payday loans are cash advances that go against a person's weekly paycheck. Lenders give these advances to hard working Canadians who just need a short-term product for an emergency. Most payday loans have a life of 15-30 days. The amount that a person can borrow varies depending on his or her monthly income amount, loan history, and lender specific guidelines.

How to Qualify for a Loan

To qualify for a payday advance, the applicant must be at least 18 years of age. Minors do not qualify because they cannot sign contracts. Canadian residency must be established before a person can apply for a Canadian payday loan. Applicants must also have a minimum monthly income of approximately $1,500. A valid bank account is also required. The lender will use the bank account to deposit funds and withdraw payments.

Other Facts

Payday loan lenders usually charge an annual percentage rate of 390 percent. However, this figure varies with each lender and may be as high as 1,500 percent or more. It is best for the applicant to conduct research and read FAQs before signing up with any lender.

A consumer who is interested in this type of advance may apply by telephone or online. Some lenders can issue cash within one hour after they receive the application.

apply for a payday loan in Canada