Compare Payday Loan Rates in Hamilton

Find the best rate in just seconds.

Buyers Guide

Payday Loans in Hamilton

The City of Hamilton is conducive for business, for living, and for touring. This port city in Ontario, Canada, is inundated with payday money lenders for Hamilton residents. If you are in need of quick cash, all you have to do is send your online applications and get an instant decision. Your payday loan application will be reviewed, approved, and processed within thirty minutes or less.

Unlike applying for a loan through traditional lenders, you can apply for payday loans in Hamilton, Ontario, in the comfort of your home, and get safe, quick approvals even with a bad credit history.

Payday loans in Hamilton are high-cost loans that need to be paid in a week, or by the next payday. Although payday lenders are required to follow payday loan regulations to maintain their payday license, some may go against these regulations. As such, you need to be careful to stay safe from predatory lenders. This guide takes you through the payday loan borrowing process so you do not fall prey to predatory lenders.

Do You Qualify for Payday Loans in Hamilton?

With so many payday loan places in Hamilton, Ontario, it is easy to access payday loans. The eligibility criteria require that:

  • Be at least 19 years
  • Have an active chequing account
  • Have an income for the past three months
  • Be a resident of Hamilton, or the greater Ontario province (and provide a utility bill to prove that)
  • Earn a net income of at least $1,000 every month (some lenders might ask for less)

Some loan places will require that you provide a bank statement for the last 60 days while others will offer you payday loans with no bank statement in Canada. Payday loans online in Hamilton, Ontario, are the last loan options for most people thanks to the friendly eligibility criteria. Unlike in other loan options where a credit check is necessary before a loan is approved, most lenders will offer payday loans with no credit check in Canada.

Even when a lender considers your credit score, payday loans are among bad credit personal loans in Hamilton, Ontario, and the lender will still approve your application. Granted, the most important factor to get approval for these types of online loans is your income. You can also get payday loans on disability income in Hamilton.

How Much Do You Qualify For?

You are only allowed to borrow up to $1,500 or 50 percent of your net income, whichever is less. If you earn $2,000 every month, you can only take $1,000 as a quick funds loan. Lenders are not allowed to offer you a new loan before you repay the loan you owe them in full. Again, the lender cannot offer rollovers for emergency loans.

Where to Find Good Payday Loans in Hamilton, Ontario

Quick loans lenders are awash online – all you need to do is pick the lender that:

  • Is licensed
  • Offers the best rates
  • Offers great customer service
  • Offers a loan even when you have bad credit

If you did a simple “Payday loans in Hamilton” search online, you would see a lot of lenders willing to offer you a loan on short notice even with bad credit. You can pick any one of these lenders and compare them against other fast loan lenders. The right easy cash advances lender is supposed to”

  • Display their license number on their website
  • Display their APR, or payday loan rates expressed as a dollar value
  • Tell you of all your rights before you apply
  • Answer all the questions you might have before applying for fast cash advance

You can search whether the business is licensed by visiting Consumer Protection Ontario, or calling them at +1 800-889-9768. You can also search the instant loans lender’s license number on Consumer Beware. For a consumer that goes against set payday loan regulations, you can file a complaint with Consumer Protection Ontario.

Check the Lender’s Reputation

You can tell how reputable a short-term loans lender is by checking what borrowers have to say. You can see customer reviews on the Better Business Bureau serving Hamilton, Ontario. Here, businesses will be listed, rated based on customer reviews, and accredited. A business that has more negative than positive reviews should not be considered.

You can also search for safe instant loans lenders on Yelp or Kijiji and see what other borrowers have to say. Even if a business is licensed, offer loans with no minimum credit score requirements, and has great rates but has all negative reviews from customers, you should avoid it. Some businesses will offer you the best rates only to show you some hidden charges once you sign the loan agreement.

Apply Through Loans Geeks

Instead of vetting hundreds of payday loans in Hamilton, Ontario, you can just apply your payday loan through Loans Geeks. Loans Geeks lists all licensed lenders of payday loans online in Hamilton, Ontario and compares their rates. When you apply for a loan through Loans Geeks, you apply for a loan from the most reputable payday loan places in Hamilton, Ontario. This keeps you safe from predatory lenders and offers you the cheapest bad credit personal loans in Hamilton, Ontario.

Payday Loans Online in Hamilton, Ontario: Application Process

Payday loans online in Hamilton, Ontario, are not offered on the basis of your credit score. As such, the application process is simple as the lender only needs to ensure that you are able to repay the loan on time as agreed on the loan contract.

During application, you will be required to submit:

  • Your personal details including name, Social Insurance Number, and date of birth among others
  • Employment details such as your employer, their address, your income, and employers contact details among others
  • Your contact details such as residential address, phone number, email address, and next of kin contact details
  • Canadian chequing bank account details

Some instant cash lenders can ask for more details, besides the one outlined above depending on their eligibility criteria. Once you have provided the details, the lender will review them and approve or deny your application. However, as long as you have an income and you are a resident of Hamilton or the large Ontario province, you are guaranteed payday loans in Canada.

Filling out the Loan Contract

Once the lender approves your application, they will provide you with a loan agreement that contains all the details on the loan you are applying. As a borrower, you are protected by the Payday Loan Acts, 2008, that protects all residents of Ontario.

Under this act:

  • The lender cannot charge you more than $15 for every $100 you borrow. This charge accounts for the cost of borrowing which includes all fees, commissions and other charges.
  • The lender cannot offer you goods or services in connection with the loan provided.
  • You can cancel your loan within 48 hours after application without any charges or penalty (you do not need a reason to cancel your loan)
  • The lender cannot rollover the loan you already have into a second loan. Before you get another loan from the same lender, you need to pay the loan you owe in full.
  • The lender needs to provide you with a copy of the signed loan contract. This contract needs to indicate the amount borrowed clearly, duration amount is borrowed for, cost of borrowing, dates for the first and consequent payment, and details about the borrower and the lender.
  • The lender cannot accept or make automatic deductions from your paycheck unless with a post-dated check or with a pre-authorized debit.

How Late Fees Work at Payday Loan Places in Hamilton, Ontario

After getting the loan and taking care of your financial needs, the loan funding process begins. You can make an advance payment or direct deposit without any penalties as long as you repay your loan in full. However, if you cannot make a payment on the agreed date, the lender is mandated to offer you an extended payment period when you call and explain your situation.

During the extended payment period, you are allowed to:

  • Make payments any day and time without additional fees or penalty
  • Exit the extended payment plan any day or time without additional fees or penalty

You can pay your loan in equal installments over the extended payment period. The amount you pay and the number of installments will depend on how frequently your paycheck comes in – whether daily, weekly, bi-weekly, or monthly.

You need to spread your payments into three pay periods with each pay period accounting for at least 35 percent of the total loan amount. If you are paid monthly or less frequently, you need to make at least two payments in two pay periods with each payment accounting for 50 percent of the total loan amount.

How is The Lender Supposed to Contact You?

If you fail to meet the terms of your bad credit personal loans in Hamilton, Ontario agreement, even after the extended loan period, the lender will contact you. However, the law does not permit the lender to:

  • Contact you, through any means, for more than three times a week or on holidays (this, however, does not account for regular mail)
  • Contact anyone other than you about the loan
  • Process a pre-authorized debit or post-dated cheque for more than once if it results into additional charges by your financial institution. If the lender causes you to incur additional charges for more than once, you have the right to recover the fees from the lender and you will not be required to pay the cost of the borrowing
  • Use threatening, profane, or intimidating language or use excessive and unreasonable pressure
  • Give you false or misleading information

Conclusion

Before applying for payday loans in Hamilton, ensure that the lender is licensed as required by law. Again, ensure the lender has never been reported for bad financial practice on consumer reporting sites such as BBB. Lenders who go against set regulations might face a huge tax penalty.

Whether you are applying your loan at the shore of Lake Ontario or during the cold Canadian, winter, you need to clear your delinquent accounts to save your credit score. You may borrow from your savings or your RRSP account to repay the loan and build your credit score.

5 Fun Things to Do in Hamilton

  1. Visit the Wild Waterworks on summer
  2. Take your family to Adventure Village for a load-full of summer activities
  3. Bask in the Hamilton Beachfront
  4. Feed your eyes at the Royal Botanical Garden
  5. Take a look at more than 100,000 historical works at the Art Gallery of Hamilton

Map of Hamilton

Hamilton Travel Ideas (Video)

Frequently Asked Questions

How do payday loans work in Hamilton?

Payday loans online in Hamilton, Ontario, are short term loans to be paid in 2 or 4 weeks with an extended period of up to 62 days. After taking care of your short term loan needs, you repay the loans with up to $15 for every $100 borrowed.

How to get out of payday loans in Hamilton?

To get out of bad credit personal loans in Hamilton, Ontario, you need to build your credit score to get approval for loans with lower interest rates. Take payday loans from lenders who submit your details to credit reference bureaus when you pay on time. You also need to increase cash flow by taking part-time jobs and budget your money to care for unforeseen circumstances.

Who does payday loans in Hamilton?

You can get payday loans online or from a nearby payday loan store. Again, payday loan storefronts have websites and you can choose where to apply. Most lenders offering other loan products, such as car loans, also offer payday loans.

How to consolidate payday loans in Hamilton?

Most banks and credit unions will consolidate your payday loans in-store or online. However, these will check your credit score. Look for lenders online who will not consider your credit score.

Who uses payday loans in Hamilton?

Payday loans are common with people with bad credit and who cannot get approval for other personal loans. They are also used by people who need a financial quick-fix in minutes.

Which payday loans are easy to get in Hamilton?

Payday loans bad credit and payday loans with no bank statement are accessible to almost all Hamilton residents.

Who does payday loans without a bank account in Hamilton?

Payday loans without a bank account are offered online where you can have your loan transferred through mobile money services or online money services.

How many payday loans can you get at one time in Hamilton?

You can only get one loan from one lender in Hamilton.

How do payday loans check your credit in Hamilton?

Once you provide your social insurance number, SIN, lenders apply software to check your credit score. Most loans do not do this, however.

How do payday loans affect credit in Hamilton?

If you fail to pay your loan on time, the lender will give out your details to credit reference bureaus in Hamilton, Ontario.

Related Blog Posts

© Copyright 2018 | Loans Geeks – The home loans pages are managed by North Creek Financial Services Inc. (FSCO licence No. 11613)