Compare Payday Loan Rates in Ottawa

Find the best rate in just seconds.

Buyers Guide

Payday Loans in Ottawa, Ontario

Ottawa is Canada’s Capital – a place full of life and full of fun things to do and see. It is easy to get payday loans in Ottawa, Ontario, thanks to the numerous payday loan storefronts and online lenders. Besides the lenders, Ottawa is a beautiful city with national sites, and landmarks found nowhere else in Canada. Walking the streets of Ottawa, you will hear English, French, and other languages – evident of the diverse culture in the city.

Better yet, you will enjoy great Canadian Festivals beginning with Winterlude in February, which continues to merge with the Canadian Tulip Festival in May and later the Canada Day celebrations in July. Residents of Ottawa can enjoy outdoor festivities while on the balconies of their apartments. Some of the best places to visit in Ottawa for residents and out-of-towners include:

Many residents of Ottawa might find themselves in need of quick funds to take care of financial needs that arise from unforeseen circumstances. It is common for most residents to live paycheck to paycheck, and when an emergency pops up, payday loans come in to help you out.

Payday loans in Ottawa, Ontario are regulated by the Ontario government. They are easy to apply for, and you will get an instant decision on your loan as long as you satisfy the eligibility criteria. Most lenders do not require a credit check or a bank statement as long as they see proof of income. This has made payday loans in Ottawa online very popular.

With so many loan places in store and online, you have to be careful not to fall prey to predatory lenders. This guide gives you all the details you need to make informed decisions when applying for in-store and online loans.

Do You Qualify for Payday Loans in Ottawa, Ontario?

Most money lenders online and in storefronts have simple eligibility criteria. You will get safe, quick approval even if you have a poor credit score. This means that almost everyone with a paycheck is eligible for affordable payday loans in Ottawa. Some of the requirements include:

  • Be an adult of at least 19 years
  • Be a resident of Ontario, although many lenders will offer payday loans in Ottawa online to all Canadian citizens irrespective of their province of residence
  • Have a monthly income of at least $800 – this limit is different for some lenders (especially those licensed to operate in other provinces), but most lenders require and income of at least $800
  • Have an active checking account with a Canadian bank – your account might need to have access to online banking functions seeing that most payday loans in Ottawa Ontario are processed online
  • Three months continuous income from the same source or mix of sources
  • Have a valid phone number, home address, and email address
  • For payday loans in Ottawa on ODSP, you only need to have the minimum income of $800, be an adult, have a checking account, and you are eligible for a loan

Upon satisfying the minimum short-term loans requirements, you will get an instant decision on your loan, and the loan will be sent to you. When applying online, the funds are sent to you via e-transfer, which means you can get a loan from the comfort of your bed. However, you can also walk into a payday loan shop and apply for a loan.

Credit Score Requirements for Payday Loans in Ottawa, Ontario

You can get payday loans in Ottawa with no credit check. This is why many people prefer payday loans because they can get approval where banks and other financial institutions rejected their online applications.

Even in instances where an instant loans lender checks your credit score, they will still approve your loan request if you meet all other requirements but have a low credit score. Instead of checking your credit score, lenders of instant cash will focus on your income and your assets. Again, this does not mean that they need collateral, such as in car loans.

How Much Money Can You Borrow?

You are only allowed to borrow up to 50 percent of your income or $1,500, whichever is less. The lender can only charge you $15 for every $100 you borrow. You can make early payments without any charges, and you can also cancel your loan within two days of applications, again with no fees. Payday loan regulations are stipulated in the Payday Loans Act, 2008, and enforced by Consumer Protection Ontario.

How to Find Good Payday Loans in Ottawa Online

It is easy to get affordable payday loans in Ottawa. In the same way, it is easy to fall for predatory lenders. Falling for predatory lenders will see you get stuck in a loan cycle that will be challenging to get out of.

Watch out for signs that a lender is not legit, including:

  • Interest rates higher than the allowed $15 for every $100 borrowed
  • Very tight loan terms, such as asking for first payment before your next payday
  • Requesting you to have payday loan insurance before approval
  • Fees not displayed on their website
  • License number not displayed anywhere on their website

Any of these red flags should warn you of a predatory lender. To be safe, ensure that a lender is licensed to operate in Ontario. Visit Consumer Protection Ontario and search the business or the license number a quick loans lender displays on their site. You can also call Consumer Protection Ontario at +1 800-889-9768 and ask whether a specific lender is licensed.

You can also perform a business search on the Consumer Beware website where all licensed businesses are listed.

If you have a complaint against a lender, you can file your complaint with Consumer Protection Ontario’s website. If a lender is found to go against the set rules and regulations, they might face a huge tax penalty, lose their license, or be forced to pay consumers damages.

Lenders are required to show their annual interest rates when doing adverts and on their website. Any other fees should also be shown. If a lender hides their fees, reconsider seeking a financial quick-fix with them.

Apply for Payday Loans in Ottawa Online Through Loans Geeks

If you want to get affordable payday loans in Ottawa, apply for your loans through Loans Geeks. Not only are you sure you get the lowest interest rates, but you also get safe instant loans from a lender with a payday license.

Loans Geeks is a platform that compares rates from different licensed lenders from all provinces in Canada. When you apply through Loans Geeks, you are safe from predatory lenders, and you get the best rates.

Check Consumer Reviews on Better Business Bureau Ottawa

Consumers can tell you which payday lender is suitable and which one is not. BBB Ottawa lists businesses and gives them a rating – the best companies get an A+ rating. BBB also accredits some businesses for exemplary performance. When searching for the best payday loans in Ottawa, Ontario, check for business with a high number of positive reviews. Avoid emergency loans lenders with lots of negative reviews.

The Application Process for Payday Loans in Ottawa No Credit Check

If you meet the minimum credit score requirements and the eligibility criteria for payday personal loans, you get easy cash advances within the hour of application. The lender might request:

  • Personal details
  • Contact details
  • Bank details
  • Employment and income details

You need to show proof that you have had employment, or a source of income, for at least three months. You also need to show proof of residence, for instance, by showing a utility bill. Lastly, your checking bank account needs to be active for at least three months. As long as your income meets the minimum income requirement of $800, your loan is processed fast.

All lenders need to be licensed and to adhere to the Payday Loans Act, 2008 strictly. When applying for payday loans in Ottawa, Ontario either through a nearby payday loan store or online, you need to ensure that the lender includes the following details on your loan contract:

  • The amount you are loaned
  • The loan term – number of days before repayment
  • The total cost of the loan – loan amount plus interests and other fees
  • The interest rate – which should not exceed $15 for every $100 loaned
  • Any terms and additional fees that accompany the loan

Most lenders offer payday loans in Ottawa with no credit check. This makes the application process simple. When a loan is not offered on the basis of your credit score, it might come at a high-interest rate, which is how these loans are offered at high rates. Therefore, you have to be careful when applying to ensure you only go for lenders with the best rates and minimal additional fees.

How Late Fees Work for Affordable Payday Loans in Ottawa

The APR for payday loans in Ottawa, Ontario, is about 546 percent. The interest rate does not sound as much when it is said to be $15 for every $100. However, the loan can balloon out of control if you do not budget. When you fail to meet the terms of the loan agreement (that is, you do not make payment before or on the agreed date), the lender has the following options:

  • Charge a default fee on the loan
  • They might also try charging your bank. If there are insufficient funds in your bank, your bank will charge you a fee
  • The lender will call you to ask about the loan and repayment plans
  • The lender can sue you if you fail to pay a loan, you are not available through the contact details you provided, or you are not showing any interest to repay the loan
  • The lender might sell the loan to a collection agency. The agency will either sue you or seize your property
  • The lender might also seize your property
  • Most lenders will submit your name to credit reference bureaus if you fail to repay your loan for long. This will have soiled your credit history

However, the lender is not allowed to make you sign a contract permitting them to take your wages at the end of the month. Again, the lender should not request that you have insurance to ensure you do not default on the loan.

Can the Lender Contact You?

Fast cash advance lenders are allowed to contact you to enquire about the loans and your repayment plans. However, the fast loan lender is not permitted to:

  • Contact you about the loan for more than three times a week (this does not include regular mail)
  • Contact you on holidays
  • Contact anyone close to you about the loan including your spouse, relatives, friends, neighbors, employers, or colleagues at work
  • Use so much pressure when contacting you that it borders on harassment
  • Use intimidating and threatening language
  • Process a pre-authorized debit or post-dated check if it will result in your bank charging you an insufficient funds fee. If a lender causes your bank to charge you a fee, you have the right to claim compensation for overdraft and insufficient funds fee.

Seeking and Extended Payment Plan

The government of Ontario is protecting borrowers of different types of loans. From July 2018, online as well as traditional lenders are required to offer you an extended payment plan if you take three loans and go through the funding process within 63 days.

In the extended payment plan, you are allowed to make a direct deposit, make advance payment, or pay any time day without any charges or penalty. This makes the plan ideal when you have part time jobs that pay you daily or where income is not regular. You can also exit the extended payment plan any time without charges or penalties. The payment plan protects you from a bad credit history that comes with delinquent accounts.

In this plan, you will pay back your payday loans in Ottawa, Ontario, in equal installments. The installments need to be spread over three or more pay periods if you are paid weekly or fortnightly. The installments should not exceed 35 per cent of the total loan amount. If you are paid monthly, you can make two installments each 50 per cent or less of the total loan amount.

Tips to Avoid Additional Fees with Payday Loans in Ottawa

Payday loans in Ottawa online are the most expensive personal loans – the APR stands at 546 percent. You need to find a way to reduce the fees you pay on a loan. One of the ways to do that is to use Loans Geeks to apply your loan. Loans Geeks compares lenders to get you affordable payday loans in Ottawa.

Since it is easy to get payday loans in Ottawa with no credit check, most lenders tend to charge exorbitant fees making it a challenge to meet your short term loan needs and repay the loan. However, if you are already on a debt cycle and your loan is accruing interest and charges every day, consider the following.

Consumer Proposal

A consumer proposal in Ontario will help you when you cannot pay your debt. Instead of filing for bankruptcy, losing your assets, or getting stuck in a debt cycle, consider a consumer proposal. The proposal will help negotiate a debt settlement plan for you, helps you repay only a portion of your total payday loan, lets you pay the loan as you can afford over a period of not more than 5 years, and freezes your interests when you file. Again, the proposal binds you to the creditors. This way, you can take care of yourself when you are in need of quick cash and still repay your loan.

Pay Your Loan on Time

The only way to ensure you are not caught in a debt cycle is to pay your payday loan on time. You can do that through:

  • Budgeting for your money to ensure you only take a loan you can afford
  • Borrowing money from friends and relatives to repay the loan
  • Asking for a pay advance at work to repay the loan
  • Drawing money from your Registered Retirement Savings Plan, RRSP, and repay the loan

Negotiate the Fees Down

Lastly, you can negotiate with the lender to have the fees reduced. You can only do this by calling the lender before the due date of payment and asking them to reduce the fees or crap them off completely. Most lenders will agree to reduce the fee with a condition that you adhere to the new payment plan that they will help you make. Even at short notice, the lender will allow a negotiation. This will help you maintain cash flow into your account and manage your loan.

Conclusion

Whether you are applying for payday loans in Ottawa on ODSP or you just need some cash to get you through the next payment, you have to be careful not to get stuck in a debt cycle. You can avoid that by borrowing from licensed lenders and budgeting for your money before borrowing.

5 Fun Things To Do In Ottawa

  1. Visit Parliament Hill
  2. Skate on the Rideau Canal during winter
  3. Visit one of the Seven National Museums located in Ottawa
  4. Shop local products at Byward Market
  5. Bike or hike along the Ottawa River

Average Income By Age In Ottawa

Ottawa has 60 percent employment rate. Being the Nation’s capital, the city is a hub of all businesses and industries. Below are the average incomes of Ottawa residents, according to a 2017 report.

  • 16 – 24 years: $19,000
  • 25 – 34 years: $44,000
  • 35 – 44 years: $64,600
  • 45 – 54 years: $70,600
  • 55 – 64 years: $67,000
  • Over 65 years: $54,000

Map of Ottawa

Video of Ottawa, Ontario

Frequently Asked Questions

How do payday loans work in Ottawa, Ontario?

A payday loan in Ottawa, Ontario will let you receive an advance on your next paycheck to help you cover unexpected emergencies.

How to get out of payday loans in Ottawa, Ontario?

Working directly with your lender to create a payment plan is your best bet for getting out of payday loans in Ottawa, Ontario. If you can’t do this, consult a debt counselor.

Who does payday loans in Ottawa, Ontario?

Loans Geeks has gone through the trouble of sorting through the various lenders in Ottawa to find the best ones. Use our loans finder tool to locate the one that is best suited to you.

How to consolidate payday loans in Ottawa, Ontario?

You should legally only have one payday loan in Ottawa. If you have more than one somehow, work with a specialized debt consolidator to get a lower-interest loan and repay the payday loans.

Who uses payday loans in Ottawa?

People from all walks of life use payday loans. They are used to cover things like emergencies or even just buy something people want but don’t want to wait until payday to receive.

Which payday loans are easy to get in Ottawa?

You’ll find that the lenders we’ve listed on Loans Geeks are the easiest to apply to.

Who does payday loans without a bank account in Ottawa?

You are unlikely to find a reputable lender in Ottawa that does not ask for your bank account information; most will use this to claim repayment.

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

You can only receive one payday loan at a time in Ottawa.

How do payday loans check your credit in Ottawa?

Most payday lenders do not check your credit score.

How do payday loans affect credit in Ottawa?

A payday loan in Ottawa will generally not affect your credit score too deeply; failing to repay will have lasting consequences, however.

Related Blog Posts

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