In times you need emergency cash for unexpected expenses like hospital bills, car repairs, and the like, one option is to get a payday loan — a short-term loan that could help you cope financially.
In Canada, there are many banks and financial institutions that offer payday loans, among other products and services. In this article, we will talk about the eligibility and requirements involved, along with several companies that provide payday loans. These include companies where borrowers can apply for loans in-store, online, or both.
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Guide to Getting Online Payday Loans in Canada
A payday loan, a.k.a. “salary loan” is a short-term loan that is typically issued without collateral, although the interest rate is usually higher than the rate in other types of loans. As the name says, once you receive your payday loan — you are expected to pay it back when you receive your next salary or paycheck.
Eligibility
To qualify for a payday loan in Canada, an applicant must:
- Be at least 18 (or 19) years old, depending on the province;
- Be a resident of the province where the financial institution operates;
- Have proof of a source of income;
- Have a valid and active bank account; and
- Have a valid mobile phone number, address, and email address.
NOTE: The criteria may vary among different financial institutions. For example, in addition to the above, some companies require a minimum total net income per month.
Requirements
Compared to banks, financial institutions that offer payday loans are less strict when it comes to requirements. Oftentimes, an applicant simply has to submit the following documents:
- Valid government-issued ID; and
- Proof of income (e.g. payslip).
List of Online Payday Loans in Canada
There’s quite a number of financial institutions offering payday loans in Canada, although these are some of the most well-known and trusted ones:
1. Blue Copper Capital
Established in 2006, Blue Copper Capital operates in the provinces of Alberta and British Columbia. In addition, it has physical locations in Calgary, Vancouver, and Edmonton.
The company offers payday loans up to CAD 1,500, with a maximum repayment term of 62 days. To qualify, an applicant must be at least 18 years old and have worked for at least three months. He/She should have two government-issued IDs and an active bank account.
Borrowers can apply for Blue Copper Capital’s services in-store or online. Other than payday loans, it also provides personal loans and business loans. To know more about these services, check out the company’s official website.
2. Cash Money
Cash Money has been in the financing industry for about 30 years, offering payday loans, long-term loans and other services. The company has 90 physical locations across Canada.
Cash Money’s payday loan ranges from CAD 100 up to CAD 1,500. Customers can apply for the loan in-store or online. The interest rate varies according to province. To know more about the company’s payday loan, simply visit its official website.
3. GoDay
Another well-known financial institution in Canada is GoDay, a company that provides short-terms loans for people with financial emergencies. It offers payday loans ranging from CAD 100 to CAD 1,500, with repayment terms lasting from 14 to 30 days.
Borrowers can apply for the company’s loans in-store or online. To learn more about GoDay’s products and services, check out its official website.
4. iCash
Established in 2015, iCash has been providing short-term loans for several years now. Its payday loans range between CAD 100 and CAD 1,500, with repayment terms of 7 to 62 days.
iCash has no physical store, although borrowers can apply through its website or mobile app. Loan approvals are automated, so applicants would know instantly whether they qualify for a loan or not. If approved, they can expect to receive funds via eTransfer.
For more information about iCash, just head to the company’s official website.
5. Loan Express
Established in 2005, Loan Express provides payday loans across several provinces. Payday loans range from CAD 100 to CAD 1,500, with a maximum repayment term of 62 days. One of the eligibility requirements is a steady source of income, which — besides employment — can include disability, pension, and child tax credit.
Visit the official website of Loan Express for more information about its payday loans.
6. Money Mart
Money Mart has been helping people financially for about 40 years, providing them with short-terms and other services like money transfer and cheque cashing. Its payday loan ranges between CAD 120 and CAD 1,500, with a repayment term of up to 62 days.
Borrowers can apply for the company’s payday loan in-store, or online through its website or mobile app. Head to the official website of Money Mart for more details about its loans.
7. Mr. Payday
Established in 2002, Mr. Payday operates a physical store in Vancouver, and offers online services in Alberta, British Columbia, and Ontario. Its payday loan ranges between CAD 100 and CAD 1,500, with a maximum repayment term of 62 days.
To be eligible for the company’s payday loan, an applicant must be at least 19 years old, has worked for at least two months, has a monthly income of CAD 1,100 or more, has an active checking account, and has a valid phone number.
To learn more about this payday loan, head to the official website of Mr. Payday.
8. My Canada Payday
Another leading financial institution in the country is My Canada Payday, which offers payday loans up to CAD 1,500, with a maximum repayment term of 60 days.
Canadian residents who are 18 years old and above can apply for this loan. They can apply online, or visit the company’s physical locations in Alberta, British Columbia, Nova Scotia, and Ontario — provided that they have booked an appointment beforehand.
For more information about My Canada Payday, check out the company’s official website.
9. PAY2DAY
With around 32 physical locations across Canada, PAY2DAY is a trusted provider of payday loans, installment loans, title loans, money transfer, cheque cashing, and bills payment services.
The company’s payday loan can be up to CAD 1,500, with a repayment term of up to 31 days. Borrowers can apply for this loan in-store or online. For more details, check out the official website of PAY2DAY.
10. Speedy Cash
Founded in 1998, Speedy Cash operates more than 20 branches in Alberta, British Columbia, Nova Scotia, and Saskatchewan. It also provides online services in these provinces, as well as in Nunavut, Yukon, and Northwest Territories.
The company’s payday loan ranges from CAD 250 to CAD 1,500, with a repayment term of up to 62 days. Visit the official website of Speedy Cash for more details.
Final Thoughts
The great thing about payday loans is that processing is quick, with funds issued within minutes. That being said, the interest rate is higher compared to other types of loans. In any case, make sure that you are able to pay back before taking out a loan.
Meanwhile, if you are a Filipino based in Canada, you might want to consider this list of loans available to Pinoys who are based in the country.