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Payday Loans in Canada

If you are going through a tough financial situation wondering if there are quick loan options for you, payday loans in Canada might be a suitable and helpful solution.

A lot of people consider payday loans in Canada as an ideal option for quick financial relief. Even though payday loans are quite easy to obtain, they carry quite specific terms that you should take your time to get familiar with before jumping on the opportunity. Make sure to carefully analyze payday loan offers, while taking into consideration your current situation, other financial options, and of course, the loan lenders’ specific terms.

Before you secure a payday loan via Loans Geeks, get yourself familiar with both the risks involved and the benefits of payday loans in Canada.

What Are Payday loans?

It is quite interesting to note that all traditional financial institutions, such as banks, are willing to offer payday loans in Canada. They will give you the requested money almost immediately, as payday loans have quick processing and high approval rates when compared to other types of loans.

Payday loans in Canada are very useful when you have something specific in mind: an old utility bill that needs to be settled or if you want to pay off your monthly home rent. In addition, payday loans in Canada are offered without any credit checks, making them a very popular option. That is why payday loan applications are processed within a few hours.

By definition, payday loans are short-term loans. Payday loans in Canada are typically offered at much higher interest rates than other types of loans, sometimes double or even three times as high. Because they are very expensive, many borrowers find themselves in a difficult position when it comes to repaying this type of loan on time. This is why it is very important to evaluate the benefits of the payday loan in Canada against the drawbacks and only secure this loan if you are positive that you can repay it back on time.

As mentioned previously, you don’t need to have a good credit score to qualify for a payday loan in Canada. At Loans Geeks we partner up with a wide range of reputable loan lenders in Canada, who are all regulated by the Canadian Government and will offer you very competitive rates to choose from. You will typically be requested to provide a pay stub and, depending on the loan lender, the following documents:

  • Copies of your utility bills
  • Proof of your salary account.
  • Copy of your ID

Payday loans in Canada are a good option if you can repay them quickly, as in most cases, you will be required to repay the loan within two weeks. Penalty rates on belated payday loan repayments are huge and it is one of the main disadvantages of this type of loan.

What to Look for When Choosing Payday Loans in Canada

A Licensed Lender

Payday loans in Canada are very tightly regulated, with rules surrounding everything from how much you can borrow to how frequently they can contact you about non-payment. These rules are in place to protect you from predatory behavior. Unlicensed payday lenders skirt these regulations, which can be devastating for your finances and mental health if you don’t know your rights.

If you have your doubts about a lender, you should always look them up on the Better Business Bureau as well as your province’s payday lender registry (if it has one).

Also, visit your province’s official website and do a search for “payday loans” there. That will give you an idea of what regulations are in place where you live. For example, the Ontario government requires that lenders be very specific about how much money you’ll pay for the loan. They’re also never allowed to garnish your wages and must display certain information prominently on their websites.

A Simple Signup Process

Gone are the days when getting a loan required visiting a physical branch and filling out mountains of paperwork. Today, you can apply for a payday loan entirely online and have the funds delivered to you within hours. It’s that simple! There’s no need to take on any additional hassle, especially since you’re probably getting a loan in the first place because of an unexpected burden.

How Late Fees Work for Payday Loans in Canada

The federal government has left much of the minutiae surrounding maximum interest rates up to provinces.

As long as you repay your loan on time, you won’t be charged anything beyond your province’s maximum interest rate. Here’s the maximum each province allows per $100 borrowed:

  • British Columbia: $15
  • Alberta: $15
  • Saskatchewan: $17
  • Manitoba: $17
  • Ontario: $15
  • Quebec: No more than a 35% annual interest rate
  • Newfoundland and Labrador: $21
  • New Brunswick: $15
  • Prince Edward Island: $25
  • NWT, Nunavut, and Yukon: $60

Keep in mind that these fees reflect interest payday lenders are legally allowed to charge you if you repay your loan on time. If you miss a payment, things can get very messy. According to legal experts, your interest rate after nonpayment can be as high as 60% per year. That can be quite difficult to escape from under – and your credit score will suffer. You also can’t receive a new payday loan until you’ve paid off your old one.

All of this is to say that you really don’t want to end up paying late fees on a payday loan.

Avoiding Late Fees on Payday Loans in Canada

Here are some tips for avoiding payday loan late fees.

1. Check Your Bank Balance

Online payday loans in Canada typically withdraw payment directly from your bank account when it’s due. As such, you need to make sure the money’s there before that date arrives. Otherwise, you’ll end up either going into overdraft with your bank or incurring failed payment fees from the lender.

2. Borrow from Friends and Family

We get it. You probably don’t want to beg your loved ones for money. However, a small loan to make up any gap between your balance and the payment due can go a long way towards helping you avoid financial headaches.

3. Request an Advance On Your Next Paycheck

If your payday loan is coming due and you know you’ll have a hard time covering it, ask if your employer will give you an advance on your next paycheck. Many won’t have an issue if you’re a good, reliable worker.

Factors to Consider before applying for Payday Loans via Loans Geeks

Applying and qualifying for payday loans in Canada via Loans Geeks is a very quick process, typically without any hassle. In most cases, you will have your loan application approved and receive the requested amount on your bank account within few hours. Still, as a repayment of the payday loan in Canada proved to be troublesome for many, pay special heed that it is exactly the type of the loan that you need and that you will be able to repay it in a timely manner. Some tips that can make the process smooth:

  • Make sure to go through the loan’s terms and conditions. Payday loans in Canada come with solid agreements and you, as a potential borrower, need to understand the agreement you’re entering completely.
  • Make an honest assessment of your financial situation and whether you will be able to repay a payday loan in full. Annual interest rates and penalty interest rates of payday loans are very steep and it is definitely not a type of loan to be late with payments. A lot of people find it difficult to monitor and manage their daily expenditures with payday loan interests.
  • Payday loans have many additional charges. You should be aware of these charges. Check if you will be able to repay both the loan and the fees that may go together with it.
  • Do you have any additional sources of income? Are you perhaps eligible for a different, more convenient form of credit? For example, you could also consider a personal loan or request for credit card advances. Most of these options are much cheaper than a payday loan in Canada.

Still, for smart and disciplined borrowers, payday loans present a simple and hassle-free solution to easily counter certain financial challenges. Over the years, the scope of payday loans has increased and people are able to request higher loan amounts.

Most of the payday loan lenders available via Loans Geeks will support you with cash immediately. The moment your loan application gets approved, you will receive the requested cash to your bank account.

Frequently Asked Questions

What happens if you’re unable to repay Payday Loan Lenders on time?

When you are unable to repay your existing payday loan, you will be requested to pay a penalty. Penalty rates associated with payday loans in Canada are typically very high and will amass very quickly, increasing your total debt several times in a very short period. If you are late with your payments it will also negatively affect your credit score. Bear in mind that payday loan cannot be rolled-over or refinanced and if you default on your payment, the lender will collect the debt with any means permitted by the law.

Can payday loans take you to court in Canada?

Payday lenders can, in fact, take you to court in Canada. If they win, they might receive permission to garnish your wages or seize property. It may not be worth their effort if your loan is on the small side, however, and they could end up just selling your debt to a collection agency that will proceed to pester you with calls.

What happens if you can’t pay your payday loan?

First things first, you should contact the lender and inform them of your situation. You may find them more lenient than you’d expect, particularly if you have a history of making payments on time. Just as importantly, they may be willing to put a hold on your next payment, which can save you from overdraft or insufficient funds fees.

You should still make arrangements to repay your payday loan in Canada as quickly as possible; interest rates for non-payment can be as high as 60% annually, which can get out of control very quickly. If you default, your credit score will take a heavy hit and you’ll find yourself being pestered by a collections agency.

4 Must-See Cities in Canada

In addition to having robust consumer protection laws, Canada is a beautiful country to live in and explore. Here are five cities you must see in the True North Strong and Free.

Vancouver

Vancouver is regularly ranked as Canada’s most beautiful city. One look at the surrounding coastline and mountains will leave no doubt in your mind as to why that is.

Niagara Falls

Niagara Falls’ close proximity to many Canadian urban centers makes it a perfect day-trip destination – even if you’re strapped for cash. The waterfall and surrounding areas are 100% free to enjoy and southern Ontario residents can typically get there within just a couple of hours’ drive.

Toronto

While Canadians in many other cities resent Toronto (for a variety of reasons), there’s no denying its importance and prominence in the country. There’s so much free stuff to do here as well; far too much to list, in fact. If you live in southern Ontario, it’s well worth the drive.

Montreal

Montreal is another one of Canada’s most beautiful cities. It features plenty of old landmarks that predate the very country’s founding. If you’re willing to drive a bit, Ottawa (the nation’s capital) is just a couple of hours away.

Fun Facts About Canada

We Have the World’s Longest Coastline

While people may not think of Canada for its coastline or beaches, we actually do have the longest coastline in the world. If you don’t believe it, just take a look at the map below.

One of the World’s Tallest Mountains is in the Yukon

Mount Logan stands 5,959 meters tall, making it the second-highest peak in North America.

Manitoulin Island is the World’s Largest Freshwater Island

Manitoulin Island is on the Canadian side of Lake Huron.

Regina, Saskatchewan Lies Near North America’s Center

Regina is the closest Canadian city to North America’s geographical center.

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Absolutely yes. Payday loans do not depend on your credit score. The lenders mostly only require that you have a regular source of income to qualify.

Yes, payday loan applications can be canceled. However, the cancellation request should be submitted within 2 or 3 working business days from the application date. Early requests do not carry any cancellation charges, however varies from lender to lender. It is best that you contact your lender as soon as possible for more details on cancellation requests.

No, approval of a payday loan does not depend on the borrower’s credit score. This is why lenders don’t run credit checks.

When lenders evaluate your application for a payday loan, they focus on the following factors:

  • Do you have an active bank account?
  • Are you above 18 years of age?
  • Are you an active employee?
  • Have you worked with the same employer for at least three months?
  • Are you a resident of Canada?

Typically your application for a payday loan via Loans Geeks will be processed the same day. If your documents are valid and sufficient, you will receive an immediate approval.

Yes, there is an approval limit for payday loans. The final value depends on the borrower, his/her job, and monthly income.