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24/7 payday loans
If you're in urgent need of funds, here are some lenders that e-Transfer payday loans in Canada 24/7.
Sometimes an unexpected emergency can create a difficult time for you financially. Even if you have a bad credit score and find yourself in a financial rut, there are options out there.
Payday loans can be helpful when emergencies strike and you have no other financing options. If you need cash to see you through until your next paycheque, read this guide before accepting a loan.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Lenders that e-Transfer payday loans in Canada 24/7
Maximum borrowing costs per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba & Saskatchewan||$17 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
How does 24/7 loan application processing work?
Online and storefront lenders that operate 24/7 can provide loans will accept applications any time of the day or night. When you apply in person at a store, you can often have your money in under an hour. If you’re looking for online payday loans, many lenders advertise the e-Transfer of funds within less than an hour too. Keep in mind, however, that your bank account might not show the funds until the next business day.
Payday loans are normally due in full on your next payday, whether that is 1 week, 2 weeks or a month from the time you receive it. Interest rates, maximum loan amounts and repayment terms vary between lenders, provinces and your personal financial situation including your income.
What if I need a payday loan on the weekend?
If you need cash on the weekend, look for an online lender that offers instant approval and email money transfers (or a similarly quick method for transmitting funds). If you’re approved, you can receive funds within minutes.
Remember, that not all online lenders offer instant approval. And even some that do may send funds through slower means. So, before you sign any loan agreement, check with your lender to verify the processing time and transfer speed.
Alternatively, you can apply for a loan in person at a physical branch, where you might be able to leave with your loan money right away or within a couple of hours. Some lenders even offer payday loan money on prepaid debit cards. If you already have a prepaid debit card that’s eligible to use, you could simply load the card when you need access to additional money.
Are payday loans available in every province and territory?
Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means fees and maximum loan amounts can vary. Ensure that any lender you choose abides by the laws of the place you live.
As of January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.
How much does a payday loan cost?
Depending on where you live, either federal or provincial regulations determine the maximum amount payday loan providers can offer.
Hover over your province in our interactive map to see if payday loans are regulated on the provincial or territorial level and the maximum cost per amount borrowed – darker shades correspond with a higher cost.
How to compare payday loan lenders
When you need money in a hurry, even a bad deal can look good. Be sure to compare lenders in order to find a competitive loan that suits your financial needs. Here are some things to consider when comparing your options:
- Lender options. With a direct lender, you apply directly with the lender, whereas as loan-matching service will take your application and match you with one of the lenders in its network.
- Processing time. If you’re looking to get your cash quickly, make sure to find a lender with one of the faster processing times, as some take only a few hours while others can take a few days.
- Fees. Despite many provinces imposing regulations on the interest rates that can be charged for payday loans, some loans can have excruciatingly high APRs. Be sure to read through the terms and conditions of the loan completely so that you’re not blindsided by an fees later in the process.
- In store network. If you’re applying online and want your funds on the same day, you may be able to find an online service with a physical store in your area. Some lenders will allow you to apply online and pick up your funds in person.
Check the websites of any lenders you’re interested in to confirm they operate in your province of residence.
Pros and cons of 24/7 payday loans
- Easy application.Whether you go to a physical store that’s open 24/7 or apply online, it will generally take you less than 10 minutes to complete the application for a payday loan.
- Quick turnaround.Depending on how you apply for your loan, you can sometimes get your money in less than an hour when you apply in person at a store, or else you can usually get it in one business day if you apply online.
- Short repayment terms and high fees. Payday loans usually have to be paid back within two weeks to one month. With these short repayment terms, you are typically charged a lot in interest and fees.
- Disreputable lenders. There are many dishonest payday loan lenders in the loan space, both online and with physical branch locations. Check to make sure the lender you choose is legitimate and abides by any provincial laws and regulations.
Payday loans can be very expensive, so if you decide to get one, make sure you can afford repayments first. If you don’t think you can handle repayments, check out alternative ways of getting cash or cutting down on your expenses such as getting an installment loan or consolidating your debt.
Check out this guide to learn more about getting a cash loan even if you have bad credit.
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