Payday Loans Canada – 5 Best Online Payday Loans With Instant Approval & Quick Checks (2021)

If you’ve been searching for a payday loan, we’ve scoured the industry and identified the most acceptable payday loans in Canada based on characteristics like timeliness, credibility, and accessibility. However, remember that payday loans are typically pricey, with high-interest rates and short payback terms. Clients should be informed that payday loans are just used as a last option.

Table of Contents

#1 Payday Loan in Canada 2021 – Viva Payday Loans

 

Best Payday Loans in 2021 – Quick-Pick:

  1. My Canada Payday – Best Payday for Fast Approvals
  2. Cash Money Payday Loans – Best for Flexible Loan Borrowing
  3. iCASH Payday Loan – Best Mobile App Option
  4. GoDay Payday Loan – Best for Bad Credit Borrowers
  5. Cash Money Payday Loans – Best for Fast Access to Funds
Loan Amount Loan Terms  APR Range Loan Fees Customer Support
My Canada Payday $100 – $1,500 Up to 62 days 15% – 19% $15 to $19 for every $100 borrowed Yes
Cash Money Payday Loans $500 – $10,000 6 – 60 Months 46.93% $17 per each $100 loaned Yes
iCASH Payday Loan $100 – $1000 Varies  459.90% Undisclosed Yes
GoDay Payday Loan $100 – $1,500 6 – 60 months Undisclosed $15 or $19 for every $100 Yes
Money Mart $1,000 – $15,000 12 – 60 months 19.90% – 46.90% $10 and $15 for every $100 Yes

What Are Payday Loans Canada?

A payday loan is a type of short-term loan wherein lenders issue high-interest loans based on your income. The principal is often calculated as a proportion of your future earnings. Because payday loans are meant for rapid, short-term credit, they carry rates of interest. You can also call them; check advance or cash advance loans.

Payday loans include excessive interest rates and no security requirements, making them unsecured loans. They are also known as predatory loans because they have high-interest rates, do not consider the user’s creditworthiness, and have hidden terms that incur extra charges.

As a result, they may lock individuals in debt. When considering a payday loan, you need to look into secure personal lending choices.

Eligibility Requirements for Payday Loans Canada

The Consumer Financial Protection Bureau (CFPB) reports that many payday lenders only need applicants to:

  • You must have at least 18 years to apply.
  • You have to provide proof of income as well as a valid ID card.
  • Proof of regular income, bank account, permanent address

The majority of payday loans are only available for a few weeks. Once the loan matures, the customer can pay it off or authorize the lender to cash the post-dated check or otherwise remove funds from the consumer’s account.

Common uses of Online Payday Loans Canada

1. To Pay Off Bills 

One of the most common reasons people borrow payday loans is to repay high-interest debt. Rather than lending the money, people should look for other ways to cut their energy costs. Minimizing your energy consumption is by far the most efficient way to do this. Instead of wasting fuel costs, you may invest in better housing insulation.

Furthermore, denser curtains will keep your house warmer without demanding any costly changes. Alternatively, you can save water by limiting the time of your showers.

2. To Consolidate Debt 

The majority of payday loan borrowers spend the money to repay other debts. So, you can utilize the loan to settle another company’s debt or debt from a different source, such as a credit card.

In this case, requesting a payday loan could be essential, mainly if the interest rate is advertised as being less than what the customer owes on the other debt. However, the suggested level of interest is not always entirely accurate. It typically excludes extra expenses that could build up to a significant charge that is hard to avoid.

Consumers should use debt consolidation instead of obtaining a payday loan. This service will combine all of your debts so that you can pay them off promptly—it’s significantly less risky than getting a payday loan.

3. To Cater for Your Holiday Costs 

Christmas is generally a good time for direct lenders. During this period, parents become restless as they try to buy everything their children want. Payday loans are popular because they appear to be the least expensive choice. You may rapidly obtain the funds you require for the holidays and pay them off the subsequent year, preferably once you have saved some money.

To some degree, it appears sensible; nonetheless, parents typically borrow far more than they can afford. They give their children practically everything they want but fail to keep them out of debt. And although birthdays might be challenging, Christmas takes the lead because there is a component of enchantment that children associate with. It’s difficult to tell a child that you can’t afford to buy presents yet Santa is supposed to give them.

4. To Pay Your Mortgages 

Failing to make your mortgage payments is a big challenge—the mortgage lender will probably feel you are unable to make the payments. Therefore, if you continue to make late payments, they may pursue legal action against you.

Nonetheless, you have two options to consider: contact your mortgage lender and propose a more reasonable payment plan or reduce your living quarters. In any case, you won’t have to apply for another bad credit fast loan to stay current.

5. To Foot Out Medical Bills 

When you don’t own health coverage, a medical emergency will always be costly. Depending on the type of treatment you need, it might range from $2,000 to $100,000—if you do not make the payment right away, it will incur interest that can be expensive.

Medical issues are one of the most popular reasons people seek out payday loans. On the other hand, acquiring healthcare coverage is the most straightforward approach to deal with the problem.

Best Payday Loans Canada – Fully Reviewed

Choosing the best payday loans in Canada can be downright frustrating, and with many already claiming to be the best, you could end up getting the wrong deal. Below are the 5 best payday loans in Canada, according to our in-depth research:

1. My Canada Payday – Best Payday for Fast Approvals  

If you’re looking for a payday loan and value ease and quickness, My Canada Payday can be a good option. You could apply online right at your residence, digitally sign off on your loan, and have your money in a few minutes. According to My Canada Payday, loans are funded 24 hours a day, seven days a week, with personnel present throughout work time.

My Canada Payday offers short-term loans of up to $1,500 per provincial payday lending legislation. Clients can get payday loans for up to that sum or up to 50% of their paycheck. The problem with these loans is that you must repay any borrowed funds by the next paycheck. Your province sets the lending rate, ranging from $15 to $19 for every $100 loaned.

When you request a payday loan through an internet lender or at a brick-and-mortar store, you should always be cautious before taking on this form of debt. Finally, payday loans are a temporary approach with exorbitant interest rates and stringent rules that render your loan much more costly and harder to repay. Applicants must be cautious that payday loans do not trap them in an impossible-to-break debt cycle. Please, ensure you have a plan in place for repaying this debt.

Pros

  • Simple to use. Applying for a payday loan via the My Canada Payday web page takes about five minutes. Fortunately, you will not be required to visit a physical place or shop to validate your identification or get your funds.
  • Everyone is eligible to apply. My Canada Payday welcomes anybody eager to apply for a loan, even if they have terrible credit or no credit at all.
  • Quick approval. Once being authorized for a loan, you will receive your funds via INTERAC e-Transfer deposit in minutes.
  • Loans with no collateral. You will not be required to secure your loan with any assets such as your home or car.
  • There is no penalty for repaying your loan early when you get more cash before your payment due date.

Cons

  • Fees are exorbitant. The most significant disadvantage of a My Canada Payday loan, and payday loans in general, is the charges you’ll have to meet to be given the loans. The fee ranges from $15 to $19 for every $100 borrowed based on where you reside.
  • The maximum loan amount is limited. Users can only lend to $1,500, or 50% of their monthly salary.

2. Cash Money Payday Loans – Best for Flexible Loan Borrowing

Cash Money provides short-term loans of up to $1,500, which may be applied for in-store, website, and over the call. After acceptance, your loan is sent to you in 15 minutes by Interac e-Transfer or instantly at a Cash Money shop. Please bear in mind that payday loans are expensive loans, although they provide the ease of quick cash.

Whenever you’re in a financial emergency and cannot obtain loans from a regular lender, Cash Money may be a viable solution. Applying for a payday loan via the internet, in-store, or even over the phone is simple with Cash Money. When you are authorized, your loan will be sent to you by Interac e-Transfer within 15 minutes. You could also collect your money right away at a Cash Money location or have it deposited onto an Opt+ Prepaid Mastercard.

Take into account that Cash Money Payday Loans, and payday loans in general, have some of the highest interest rates available, especially compared to traditional personal loans. Depending on where you reside, you could probably pay somewhere around $15 and $19 for $100 borrowed.

You must return loans within 5-40 days because they are intended to address a short-term financial need before your subsequent income. If you do not repay your debt on time, you will be charged additional fees and interest—a reason why Payday loans are a dangerous band-aid option.

Pros 

  • The application procedure is simple: Depending on your jurisdiction, you can complete your application online, in-store, or via a call. In regions where internet financing is available, you could run the full procedure right at your home.
  • Quick access to finances. If you are authorized, you can receive your funds within 15 minutes of approval using Interac e-Transfer. You could either take your credit right away at a Cash Money location or have it placed on your Prepaid Mastercard in a few minutes.
  • Quick decisions are made: Cash Money can usually make a financing decision the same day you apply.
  • Options for customer care: Customer assistance is offered in person through the internet and via call.

Cons 

  • Charges that are high. Cash Money can offer you flat charges each $100 acquired—ranging from $15 to $19, based on your region of residency. For example, $17 per $100 payday loan equates to a 442 percent yearly interest rate.
  • Loan terms. Be wary of loans with periods of up to 14 days—basically your next payday. According to Cash Money, the longest durations are limited to 40 days.

3. iCASH Payday Loan – Best Mobile App Option

When you need a little more cash to get by between paydays, consider an iCASH payday loan. This lender offers loans via its simple mobile app, and you can qualify in a few minutes.

It’s vital to realize that any form of the payday loan will often cost significantly more than a standard loan because of excessive interest and fees rates. Therefore you should consider other debt options to cope with lengthy financial concerns.

Submit your online request or through the iCASH mobile app to apply for a loan of up to $1,500. After authorization, your funds will be transferred by Interac e-transfer in a few minutes.

iCASH provides payday loans of $100 to $1,500 with loan periods ranging from 7 to 62 days. What’s more, you can repay the loans in installments and are often accepted sooner, after you complete the application process.

Your payment will be e-transferred to your account within five minutes of acceptance. Although this is a quick and straightforward approach to solving short-term financial concerns, please note that you will be charged hefty interest rates for this sort of loan.

With that mentioned, you need to restrict the amount and frequency with which you obtain loans. Besides, you must ensure that you have a constant income to repay the loan—to avoid becoming trapped in an untenable debt cycle.

Pros 

  • Straightforward application process: Icash offers a simple application process that only takes a few minutes to complete.
  • Once you’ve completed your application, you’ll get a notice if you’re accepted and receive your funds quickly: Through INTERAC e-Transfer, you’ll get your money transferred in a short time.
  • Repayment terms are flexible: You can repay the debt in one, two, or three simple installments to avoid exceeding your financial plan.
  • Application via mobile app: You can apply for loans online or via a simple mobile app.

Cons 

  • Sometimes debtors may become trapped in a debt cycle.
  • British Columbia, Alberta, Nova Scotia, Manitoba, Ontario, New Brunswick, and Prince Edward Island are the only provinces served by iCASH.

4. GoDay Payday Loan – Best for Bad Credit Borrowers

Are you short of money and need a rapid infusion of financing without going to a physical payday lender? GoDay is a digital lender that offers a speedy application procedure and a deposit of payments in a few minutes.

It guarantees a quick response on your application, anytime you send your application, no documentation, and upfront charge transparency.

Fortunately, GoDay allows you to apply even if you still have low credit, no credit record, or are not getting job income. Customers who get Canada Pension Plan, Canada Child Benefit, Old Age Security, Disability Tax Credit, or private pensions income can all submit their applications and get approved for the loans, according to GoDay. You only need to demonstrate that you have a consistent source of income.

Note that payday loans are a quick alternative with hefty costs and a short payback time. This implies that you’ll have to return more than you borrowed, making payday loans inappropriate for long-term or recurring use. It is an incredibly costly solution that should only be used as a last alternative.

GoDay provides short-term loans varying from $100 to $1,500. To apply, just complete a quick online application in which you supply your details and the amount you wish to borrow. After a few seconds upon sending your application, you will be notified if you are pre-approved. After signing the agreement, you can receive your payments by INTERAC e-Transfer possible in a short time.

After receiving your funds, you must repay them on schedule. Besides, you’ll also have to pay substantial fees to get this form of a loan; however, the precise amount varies depending on where you reside.

Pros

  • The online application process is simple. Applying for a GoDay Payday Loan only requires less than five minutes. You will also not be required to go to a physical place or shop to validate your identity or retrieve your money.
  • Quick acceptance. The application gets pre-approved by GoDay in a minute. After signing your contract, you will get your funds within an hour of approval via an INTERAC e-Transfer deposit.
  • Everyone is eligible to apply. If you have poor credit, zero credit, or get earnings from CPP, OAS, disability income, or other government aid, GoDay invites you to submit your applications. You only need to demonstrate that you have a consistent source of income.

Cons

  • Fees are exorbitant: Payday loans are renowned for charging exorbitant interest rates, and GoDay is no different. You should expect charges ranging from $15 to $19 for every $100 borrowed—depending on your region of residence.
  • Provides loans with a maximum limited amount: As per your province payday loan legislation, you can only borrow up to $1,500 or 50% of your paycheck, which is less.

5. Money Mart – Best for Fast Access to Funds 

Money Mart is one of the best payday loan portals where you can start an application, get approved, and receive your loan in two hours or even less. At Money Mart, borrowers can either opt for instalment loans or payday loans, depending on their needs.

Sure, these loans are easily accessible to most borrowers, but you need to be aware that they also come with huge interest fees. This is why it is recommended that you only use these loans whenever you’re completely stretched and don’t have many options left.

You won’t receive your funds even after you’ve been approved for the loans unless you have signed the loan agreement documents and have issued additional information for verification. As a new customer, you may be required to provide some additional documents, including a government-issued ID card.

You can repay your Money Mart payday loan using a pre-authorized debit from a chequing account. However, there’s also an option to pay through the store, but you’ll have to make sure this is done three business days prior to the due date.

If you’re applying for an instalment loan, you’ll mostly receive your loan through e-transfer in two hours or even less within one or two business days. However, you’ll receive your loan in cash or e-transfer if you apply through the store.

According to the information on its website, this reputable money lending platform can approve applications using Interac during business days from 6 am to 10 pm, while between 6 am to 9 pm on Saturdays. Applications made on Sundays will receive a response on the next business day.

Money Mart is a licensed payday loan service provider and is verified by Entrust which is an industry leader in data protection, identities, and payments. Besides, this payday loan platform boasts over 120 stores in Canada and customers can access its customer support team easily

Pros

  • You can apply and receive your loan in under two hours
  • You have various ways of collecting your funds—direct deposit, in person or through Interac
  • There’s no need for any collateral
  • Even bad credit borrowers are welcome to apply
  • Paying early means that you won’t be charged any additional fees

Cons 

  • They have huge interest rates
  • Borrowers are forced into short repayment plans

Payday Loans in Canada Regulations 

Payday loans have become more popular and accepted in many countries all over the world. However, there are some restrictions on payday loans in Canada.

Maximum Loan Amounts

Lenders in Canada can’t lend borrowers more than $1500, although maximum-interest instalment loans are equivalent to up to a 60% limit on interest. 

Even though the maximum number of payday loans you can get in Canada is limited to $1500, some Canadian provinces have seen fit to impose extra limits on the amount you can request. The limits are massively affected by how much you take home per month from your daily jobs—20-50% of every borrower’s monthly salary. 

Maximum Loan Terms

Payday loans aren’t supposed to lapse on your next payday, which means that a loan term should approximately be 1 to 4 weeks, with most loan periods generally capped at a max of 62 days. That said, you have to ensure that the amount you’re getting and the companies payment plans match your preferred budget and the payday schedules.

Variable by State

Payday loan regulations vary by state in Canada, and so ensure it aligns with the territorial or provincial regulations. 

In British Columbia, the highest amount you can borrow is $1500. However, the loan term can easily exceed 62 days, but the rule of one loan per time must be adhered to. British Columbia has also ensured two business day cooling-off and loan limits of 50% of loanees paycheque. 

However, all lenders are restricted and cannot access loanees’ bank accounts or wages unless only pre-authorized debit.

Things are slightly different in Manitoba, as the loan term cannot surpass 62 days. 

Equally, the cool-off time is only 48 hours which excludes holidays or Sundays. Also, the request limit has been placed on 30% on loanees’ net pay. However, similar to British Columbia, lenders cannot access loanees’ bank accounts or wages unless it’s for pre-authorized debit.

On the other hand, in Ontario, lenders’ request limit is 50% of loanees’ net income. The province only allows one loan per loanee at any given time and a two-business-day cool-off period. Meanwhile, lenders cannot access loanees’ bank accounts or wages unless it’s for pre-authorized debit. Similarly, note that all payday loans cannot be extended or rolled over. If so, lenders have to issue an extended payment plan if loanees take three loans in 63 days. 

States in Canada Where Payday Loans are Available 

Payday loans come in handy, especially when you’re in the middle of financial difficulties. And like in other countries, borrowers can apply and secure payday loans in Canada in a couple of minutes. 

However, please note that the requirements to qualify for a loan depends on the payday laws and regulations in your state. Below are some of the states in Canada where you can apply and qualify for a payday loan: 

  • British Columbia
  • Alberta
  • Saskatchewan
  • Manitoba
  • Ontario
  • Newfoundland and Labrador

Local Loan Stores in Canada 

The chances are that you’ll be looking for payday loan options, to either pay off an impending bill or sort out your financial emergencies. Either way, you don’t have to travel long distances looking for payday loan lenders—when you can access local loan stores in your area. 

However, not all provinces and territories have the same payday loan requirements. 

It would, therefore, be best if you know the requirements for every lender in your province to help you decide on the most appropriate loans. That said, below are some of the provinces you can acquire loans in Canada. 

  • Canada Loan Shop – Surrey 
  • Smarter Loans – Toronto 
  • Loans Canada – Montreal 
  • Cash Money – Duncan

Types of Payday Loans Canada

Payday lending institutions deal in check-advance loans, cash advance loans, deferred deposit loans or post-dated check loans. However, their interest rates are very high, and often, the borrowers are left struggling to pay these loans back. The following are the common forms of payday loans:

Payday Loans Canada No Credit Check

The no-credit-check loans, A.K.A no-credit-check-installment loan is a loan you can access without your creditworthiness being assessed. These types of soft loans are especially more appealing to borrowers with bad credit histories.

However, no-credit-check loans come with exceedingly high-interest rates—in some cases, the rates are as high as 400%. These rates are way above the rates imposed by other lending alternatives like credit unions. Therefore, you should look into other options before taking out this loan option.

At a glance, the no-credit-check loan alternative may look like the best source of quick cash, but the devil is in the details. First off, the excessive interest rates will result in huge payments, which can easily bait you into a debt cycle. Plus, the harsh penalties for failing to pay on time.

Bad Credit Payday Loans Online

Bad-credit loans are designed to assist borrowers with bad credit histories to access online loan services. Even so, the bad credit loans have fixed rates and are repaid in fixed installments. Most lending organizations scrutinize the applicants’ credit record, credit score, and debt-to-income ratio when determining eligibility.

Every lending firm has its conditions—such as credit score criteria—for loan approval and pricing. Therefore, determining the APR to which you’ll be subjected is pretty hard, especially if you have a bad credit history. Generally, personal loans come with interest rates starting from 5.5% to 36%. But if you’ve got a poor credit rating, expect rates higher than this scope.

Payday Loans Online Guaranteed Approval

In the finance sector, a loan guarantee refers to the promise by one party to cater for the borrower’s financial obligations in case the borrower defaults on the loan. The guaranteed loan can either be limited or unlimited. In the little scenario, the guarantor will only pay a portion of the defaulted loan, on the other hand. At the same time, the unlimited guarantor will pay the whole amount of the defaulted loan.

A loan guarantee can be a legitimate and mutual agreement between a private lender, the government, and a borrower that the government will be liable for the borrower’s financial obligation if the loan isn’t repaid.

An excellent example of guarantee loans is guaranteed mortgage, payday loans, and federal student loans.

Online Payday Loans Canada Direct Lenders

Direct lending is corporate debt financing where banks and other lending institutions deal with the borrowers directly, without using any form of intermediary—broker, investment banks, or a private equity company.

Credit unions, banks, and significant lending firms are some of the direct lending facilities. While dealing with the direct lenders, you’ll interact with loan officers, underwriters, processors, mortgage closers, and funders who are all working for one organization. In the direct lenders’ field, the loan officers are the sales force of the financial organizations.

Same Day Deposit Payday Loans

Same-day deposits are loans that can be transmitted or withdrawn on the same day. They’re deposited directly into the applicant’s bank account. However, most customer deposits are not same-day cash, as users have to be patient for at least one day to get the money.

The Federal Reserve’s regulation CC dictates that banks and other financing institutions must communicate the availability of the fund and any regulations tips the client. The applicant can access their cash on the first business day after the banking day of the deposit via services like the cash deposit, wire transfer, direct deposits, or government checks.

Payday Loans Online With No Employment Verification

The no employment verification loan is a fast short-term, and unsecured loan, usually provided by microfinance organizations. Here, the borrower does not have to be employed to be eligible for a loan. Instead, the qualification of the loans lies on the applicant’s previous income and employment record. The conditions and rates on payday loans differ with the lenders. To curb the loan-sharking, authorities have limited the yearly interest rates that payday lenders impose.

Easy Approval Payday Loans

Easy approval is quick loans designed to be repaid within a short time(mostly on your next paycheck). These loans are famous for being readily accessible to borrowers since the lenders hardly check the applicants’ credit records. Even so, these loans have serious shortcomings for their users. For example, some have an annual rate (APR) as high as 400%

The most accessible means of acquiring a loan is by going for the option with a simple approval process. Options for borrowing cash fast include withdrawing from a home equity line credit, credit card cash advance, or from family and friends.

Payday Loans in Canada That Check Your Online Banking

Online banking enables users to manage their funds from their computer, as long as they have internet connections. Online banking through smartphones allows the users to transfer, pay bills, and so forth. This approach features online confirmation accounts, which offer easy access to your money.

Unemployed Loans For Payday in Canada

An unemployed Payday Loan is a quick cash loan where lenders provide high-interest rate loans based on the borrower’s monthly salary. Its repayment principle is usually a percentage of the borrower’s paycheck (monthly).

An unemployment loan can hurt your finances as it comes with high-interest rates, which makes the personal loans more economical to assist you to remain afloat. Furthermore, unemployed persons can also get a loan but must prove that they have other reliable sources of income.

Advantages and Disadvantages of Payday Loans Canada

Advantages 

1. Fewer Requirements 

Generally, payday loans come with few requirements and lenient regulations, making them easy to access. On the other hand, most traditional loans will require you to produce your security number, ID photo, proof of income, a credit check and scrutinize your capability to repay the loan.

To qualify for the loan payday services, you only need the following:

  • Must be 18 years or above
  • Produce a legitimate ID or Social Security number
  • Be employed or have any other reliable source of income
  • Have a current account

However, in some cases, additional requirements like the consent to access your account may apply in some organizations to enhance convenience for both parties during the loan period.

2. No Scrutiny of Your Credit 

Unlike traditional lenders who conduct a thorough background check on your credit records, most payday services do not scrutinize your credit history. And since your creditworthiness won’t be checked, there won’t be stringent credit inquiries, which could significantly reduce your credit score.

However, payday loans will not help you build your credit score to climb to higher quality finance products in the future.

3. Easily Accessible 

Easy availability is the top advantage you’re likely to experience while seeking payday loans. Most cash advance loan services guarantee funds availability in just 24 hours and instant lending feedback. Furthermore, some lenders have shifted all their services online so that the applicants can get the 24 hours a day, seven days a week.

Contrary to other loan providers, whose application process needs a lot of time, the payday application process only takes a few minutes—less than five minutes.

4. 14-Day Cooling Period 

Payday loans are under the Consumer Credit Act 1974, meaning you’ve precisely 14 days to terminate the contract between you and the lender if you’re not sure about the decision to take the loan.

However, if you cancel the loan, you’ll need to return the principal plus the due interest. On the other hand, the lender will have to refund you any fee and charges that you paid.

5. No Collateral Needed 

Most payday loans come unsecured, contrary to the traditional loans, which require personal property as the loan guarantee. Therefore, you’ll not directly lose your property upon defaulting to repay the loan.

Even so, the lending firms will often ask for access to your bank account as a condition for the loan so that they will automatically withdraw the installment when it’s due. But if your account has insufficient funds, the payday firm will either send debt collectors over to your place or even sue you—either way; you’ll have to pay.

Disadvantages 

1. Access to Your Bank Account 

Most payday loan providers often impose repayment through Continuing Payment Authority (CPA) as a condition for their loans, though it’s not strictly appropriate. This allows them to draw their instalments directly from your account recurrently. And while you can cancel their access any time you feel like it, most people find this requirement too absurd.

2. Questionable Collection Practices 

As you may already know, most payday lenders are infamous for employing harsh debt collection strategies. Some have been involved in debatable activities such as sending out threatening messages to intimidate the debtors into paying the outstanding amount without understanding all the options at their disposal. Fortunately, nowadays, the Financial Conduct Authority (FCA) practices careful regulation over this industry.

3. Can Be Expensive 

For a start, payday loans are often costly. Some lenders impose exceeding loans of up to 1,500% APR, resulting in an overall cost of loaning off the roof. Luckily, several loaning options offer reasonable rates that you can explore.

4. Target the Minority 

According to the centre for Responsible Lenders, in the 2016 report, most payday firms target the minority in the communities. The report revealed roughly 8.1 payday stores per 100,000 people in the Latino and African American communities, whereas most white neighborhoods only have around four for every 100,000 people.

5. Are Considered Predatory 

Most people view payday lenders as opportunistic because they focus on poor credit scores and low incomes. Moreover, they have earned a bad reputation for being ruthless when pursuing defaulted loans. And while nowadays the loan industry is more regulated than before, it’s still necessary to look into other alternatives before going for payday loans.

How to get Payday Loans Online

If you want to apply for a Viva Payday Canada loan, follow these steps:

  • To initiate the process, visit Viva Payday Loan’s official website. Press on the “Apply Now” icon, and choose your province from the drop-down menu.
  • Submit your email address, full name, date of birth, driver’s license, phone number, home address, employment details, and income information.
  • Accept the terms and conditions, then click “Apply” to send the application. Wait for the application feedback, which will be sent to your email.
  • If accepted, you’ll receive a link to download the loan agreement form, which you’ll sign virtually.
  • Upon submitting a signed agreement form, Viva Payday Loans lending partners will disburse the funds through Interac e-Transfer in a matter of minutes.
  • Viva Payday Loans lending partners use the CPA; therefore, the agreed amount will be automatically drawn from your account to repay the loan.

Conclusion – Best Place to Get a Payday Loan 

We all fall short of cash at some point in life. Payday loans can come in handy during such dire situations. Viva Payday Loans is our top-rated payday loan platform where you can get short-term quick cash in a matter of minutes. To get going, simply visit their website and complete the available online loan application form, and you’re good to go.

Request Your Payday Loan Online at Viva Payday Loans

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About Denzil Otieno PRO INVESTOR

A procurement graduate. Young business owner. A smart business investor.