Short Term Loans Toronto: 3 Things to Know Beforehand

By: Loans Geeks Editor0 comments

When you are employed, don’t have an emergency fund and need cash suddenly, you can consider taking out a payday loan in Toronto. Payday loans ensure that you get the cash in as little as one day and get the liberty to use it however you wish.

Payday loans are also known as short term loans because you take them until your next payday. You usually pay them back as soon as you get your salary. These loans have easier eligibility criteria, but the interest rates are slightly higher.

If you are seeking these loans, you can keep the interest amount limited by seeking a smaller amount like $200 rather than borrowing $300 as an extra precaution. It will ensure that you avoid financial stress. You should also try to repay them as soon as possible to be stress-free.

Short Term Loans Toronto Providers: Comparison

Though there are many providers of payday loans Toronto, you should consider the 5 options mentioned here at least once. All of these have a good reputation and can make the process smooth, less time consuming and hassle-free.

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
×

This website is highly trusted by people seeking payday loans Toronto and across Canada. It offers loans up to $1,500 in cash or via online transaction. The customers are free to get a loan ranging from $120 to $ 1500 on the basis of their qualifications. Applying for the loans Toronto with Money Mart is quite easy.

You can do it via the website 24 by 7 or drop into any cash advance location by Money Mart. There are more than 500 branches located in Canada. If you don’t want to go outside your home, you can get loans Toronto offered by this website in your online account within a few hours if you prove your eligibility.

When seeking loans Toronto, you should also consider this website. It is a great choice for people who don’t have much time and need money instantly. The website can get the cash transferred in as little as 30 minutes. The loans are usually transferred via a direct deposit as soon as the people approve your application.

If you want to take online payday loans Toronto from a reliable website, then you can have a look at the provincial permit of this website. It assures you that the website is reliable. The information you share on this website is encrypted and highly secure. The application process takes about five minutes, and the cash can be deposited into your bank account.

If your sole aim is to seek cash advance Toronto, you should trust this website which has been helping Canadians since 2002. This website is super quick as most people can get cash advance Toronto in just 30 minutes. In case you like using apps, you can find a Mr. Payday app on the Apple app store or Google Play. This allows you to get cash advance Toronto even while using your mobile.

This is another convenient website for people seeking online payday loans Toronto. Here you just need to mention how much loan you need, where do you live and how many repayments you want to get started.

The answers to these questions would help you get online payday loans Toronto easily. When you need online payday loans Toronto from a website with high approval rate, trust iCash. It has a track record of approving 93 percent of applications.

Cash Money is a trusted website for getting a cash loan Toronto. The lender has been helping people to get a loan since 1992. You are free to apply for a cash loan Toronto online, over the phone or by dropping into one of the stores.

The process of getting a cash loan Toronto is easy. You just apply, get a lending decision swiftly, choose the loan amount, sign the documents and get the cash. You can then repay the loan on the agreed date. If you need money urgently, do inquire about the express approval service offered by this lender.

Other Options to Consider

If all the options of lenders mentioned above have confused you a bit, there is a way to clear your confusion. You should visit a reliable website like Loansgeeks.com and share some basic information. The website will compare various lenders and show you the best options.

The list of lenders providing money loans Toronto will be based on your abilities and requirements. So, you will end up saving a lot of time while seeking money loans in Toronto.

3 Things You Should Know About Short Term Loans in Toronto

Now, if you are convinced that you want to take out a short-term loan in Toronto, you should know 3 important things. First is how to choose the best option. The second is the interest rates charged on money loans Toronto and the third one being the details of application process and turnaround. It will help you to go through the process quickly.

How to Choose the Best Short-Term Loan Option in Toronto?

Choosing the best provider of bad credit loans Toronto is essential if you don’t want to be scammed or take a loan that you can’t repay. To avoid such situations, you should follow the below mentioned steps.

  • Know Your Need

When seeking bad credit loans Toronto, make sure that you choose the right amount. If you need only $300 now, then you should take $300 only. It doesn’t matter whether you are eligible for $1000 or not. Remember, the higher the amount of bad credit loans Toronto, the higher would be the amount you need to repay in the future.

  • Check Credibility

Know the certifications of the lender you have chosen. Also, read the customer reviews. It will ensure that you get genuine guarantee and don’t get conned.

  • Know the Law

It is also advised that when seeking personal loans Toronto, you should know the lending laws of Canada. Most countries set a limit on the interest that can be charged.

  • Remember that Honesty is Essential

When seeking a lender for personal loans in Toronto, make sure you choose one that is honest about everything, from the processing fee to late charges. It will ensure that you don’t have to pay any hidden fee later on. If possible, read the terms & conditions on the website to be sure that you won’t be charged anything extra in the future.

  • Check the Response Time

The response time of the personal loans Toronto you have chosen should also be good. You should get the answers to your questions in a few minutes. The customer support team should be competent in explaining financial terms in layman terminology to you to make things easy.

Toronto Payday Loans Interest Rates

As suggested above, when you want payday or private loans Toronto, you should also know about the interest rates in advance. At the time of writing this article, a payday loan can cost $21 for every $100 you borrow. It is the same as an annual interest rate of 546 percent.

Yes, the number is quite steep. So, you should seek a payday loan or private loans Toronto only when you don’t have other loan options. It is also smart to pick payday or private loans Toronto that can be repaid quickly to keep the interest levels low.

Application and turnaround time

The application process of payday loans Toronto no credit check is quite easy. If you are applying offline or in a store, you need to fill up a form and submit it for review. In contrast, if you are applying for payday loans Toronto no credit check online, you can fill the form online.

In both cases, you need to provide your name, contact information, age, income, and bank details. Some lenders of payday loans Toronto no credit check may ask for something else, like your employment duration. However, such instances are quite rare.

The turnaround time for getting short term loans Toronto approved varies from lender to lender. The least possible time is 30 minutes and the usual turnaround time is less than 24 hours. If you want loans Toronto no credit check in a lesser timespan, you can request the lender to get your application processed quickly. You might have to pay a fee to get loans Toronto no credit check approved at a faster pace.

Are You Eligible for an Online Payday Loan in Toronto?

Do you want to know if you are eligible for payday loans Toronto no credit check? You have to satisfy the following criteria:

  • You must provide a valid ID to prove that you are 18 or older
  • You must have a job or a steady source of income
  • You must have a valid email address
  • You must have a chequing account

If you meet all these criteria, you can apply for a payday loan today.

Final Words

In essence, getting short term loans in Toronto is easy. You need to use your best judgement and choose the right lender and the right loan amount. It will allow you to repay the loan in time and be eligible for another loan in the future. Good luck!

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