How to Get a Guaranteed Payday Loan in Canada?

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Any one of us might have a need to get a guaranteed payday loan in Canada. The need for some extra cash can arrive at any moment. The situations may vary from a medical emergency to the need to give a last-minute gift. No matter what your emergency is, you should know about different types of online loans in Canada.

When you know about all the possible options when it comes to loans, you can consider applying for one that meets your needs.

What is a Guaranteed Payday Loan in Canada?

As a borrower, you should know that there is no such thing as a guarantee when it comes to a loan. People who want guaranteed payday loans no matter what are kidding themselves. The closest the lenders have gotten to guaranteed payday loans no matter what in Canada is that they are offering a loan with more flexible criteria than the banks.

These lenders ignore your bad credit history (here’s how other people can affect your credit score) or your lack of a perfect credit score in order to charge a high interest rate. They are also more interested in your ability to pay back the money in time. For that, they study your current sources of income.

The online loans in Canada provided by these lenders are usually offered quickly and must be paid swiftly to avoid high penalties. Also, these lenders have some specific eligibility criteria that must be met for a loan to be approved. To know more about guaranteed payday loans in Canada, just keep scrolling!

Guaranteed Payday Loans Canada: How Does It Work?

You can get guaranteed payday loans in Canada online or offline. We suggest the former option because it’s more convenient, quick and saves time.

  • To get this kind of loan, you need to meet some basic criteria, such as you should be an adult and a Canadian citizen. You should also share proofs like a proof of income. The lender providing guaranteed payday loans in Canada is usually interested in your current financial situation rather than the previous one.
  • Once you pass the check, the loan would be approved. You can get the loan in the form of cash, prepaid debit card or even a cheque. It depends on the lender and your choice. Most people prefer a quick bank transfer to make the process hassle-free.
  • Once you get the money, you can use it any way you like. Just remember to pay it on a previously agreed date. In case the loan amount is higher than what your salary permits you to pay back, you can opt to repay the loan in several installments. Never take payday loans in Canada if you are not sure of paying it back.

Do You Qualify for an Instant Approval Loan?

Many people hope to be eligible for payday loans online with no credit check and instant approval. If you are one of them, you must be ready to provide some information. The lender who is offering an instant loan with no credit check might not dig deep into your credit history, but he or she would want to know the following:

  • Your average yearly or monthly income.
  • Your employment status or the details of your business if you are self-employed.
  • Most no credit check loans online with instant approval are only offered if you have anyone who can co-sign the loan.
  • Instant cash loans with no credit checks are not offered to people who are going through bankruptcy.
  • The lender would also want to know the exact amount of debt you have currently.

Top Payday Loan Providers to Consider

Name
Min. Loan Amount
Max. Loan Amount
APR
Long Term
Monthly Payments
Mr. Payday
$100
$1500 (first time customers $500)
Up to 59% (varies by province)
About 2 weeks on average
Compare
Cash Money
$50
$1,500
Varies by province (182.50% - 782.14%)
Up to 60 days
Compare
Money Mart
$120.00
$1,500
Varies by province (Average 388.85%)
Between 7 and 42 days (varies by province)
Compare
My Canada Payday Loans
$100
$1,500
Varies by province (Average 599.64%)
Up to 2 months
Compare
iCash
N/A
$1,500 (first time customers $750)
130%
42 days
Compare
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Guaranteed Payday Loans Online: Pros and Cons

Though the idea of getting online payday loans in Canada seems good enough when you are running out of cash, it is not for everyone. Read the pros and cons of guaranteed payday loans online over here before making a decision.

Pros of Guaranteed Payday Loans Online

  • No Faxing Hassles – As most lenders allow you to get guaranteed online payday loans in Canada via the internet, you don’t have to fax any documents.
  • No Questions – A lender offering guaranteed online payday loans in Canada will not care about why you need the money. So, no intrusive questions, ever!
  • Protection via Laws – Many provinces have capped the amount of fees and interest charged by the lenders. So, you can get guaranteed online payday loans in Canada at low interest too.
  • Bad Credit Doesn’t Matter– As the lenders are interested in your present and future financial capabilities, incidents of bad credit or bankruptcy won’t matter much.

Cons of Guaranteed Payday Loans Online

  • Eligibility Matters – You need to meet certain eligibility criteria like your age, income, citizenship, etc. to get these sorts of online loans in Canada.
  • High Fees – The fee charged by lenders offering these kinds of loans is quite steep because their risk is higher.
  • Loads of Scams – There are a lot of scammers out there, and only a few get caught. So, make sure your lender sticks to provincial regulations before signing any documents.

Other Key Aspects of Guaranteed Payday Loans in Canada

  • Loan Amount and Loan Term Matter

The government can control the amount of loan you can opt for and also regulate the loan term.

  • Application Process

The process of applying for these kinds of loans is quite easy. It hardly takes a few minutes. Just share some basic information online, and you will get an approval or rejection notification in a few minutes. If the loan is approved, the money is transferred in the next few minutes or hours.

  • Available Options

There are many options available as a part of guaranteed payday loans in Canada. Some of them are mentioned right here.

  • One Hour Payday Loan – This type of loan is approved and/or the money is released in just one hour.
  • Instant Online Payday Loan – These loans are approved within a few minutes or a few hours. It depends on how much digging a lender has to do.
  • Cash Advance – These loans must be paid back with the next salary check and have high interest rates and/or a high processing fee.

How to Apply for a Guaranteed Payday Loan Online?

If you need guaranteed payday loans no matter what in Canada, you should follow an application process. The application process of each lender’s website is different. If you want to have a generic idea of the application process, then read on.

  • Shortlist a Lender
    The first step to apply for an online loan in Canada is to choose a lender who offers the best possible deal. In case of guaranteed payday loans no matter what in Canada, the focus should be on quick, hassle-free experience and low, interest rates or processing fee. Also, choose a lender who does minimal background checks and has flexible repayment policies.
  • Check Eligibility
    If you want the loan application for online payday loans in Canada to be approved, make sure that you meet the eligibility criteria. The common eligibility criteria points are mentioned here:
  • – You must be a permanent resident of Canada or a Canadian citizen;
    – You should have crossed the age of majority in your territory or province, or you must be at least 18 years of age;
    – It is essential that you have a steady source of income;
    – You should have a valid bank account.

    • Apply Online
      Once you have shortlisted the lender and you are sure you meet the eligibility criteria, you should start the application submission. Begin by visiting the website of the lender. There you will be able to see a page for the application. To get online payday loans in Canada, you should provide some basic information like your contact details, name, a government ID, your income details, etc.
    • Post Application Submission
      Once you submit the application, the lender will verify the information you have provided and will decide the loan amount you can get. If the payment is approved by the lender, the funds will be transferred to you. This transfer is usually via the bank.

Conclusion

In essence, it can be said that guaranteed payday loans no matter what in Canada are a myth, but there are online loans in Canada with bad credit history or minimal credit check.

When you want to apply for such online payday loans in Canada, you must compare various lenders. Choose a lender that suits your needs and do a little research to ensure that it’s not a scam. Remember, being cautious in advance is better than trusting anyone you come across. Here are a few tips on how to find a lender.

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