310-LOAN payday loan review

If you’re facing a financial emergency and need to access cash immediately, 310-LOAN is a payday lender that promises a quick turnaround on approving and funding payday loans of up to $1,500.

Be careful with payday loans, however. They are extremely expensive and should only be a last resort.

30-second take

If you’re thinking about applying for a payday loan via 310-LOAN, here are the key takeaways:

• Think of using 310-LOAN if you’re looking for an online payday lender that can approve your loan application and fund your payday loan on the same day. 310-LOAN says it can transfer your funds in 30 minutes or less once you’re approved.

• Pick something else if you’re trying to steer clear of payday loans or if you need more than $1,500 in funding. 310-LOAN also isn’t available to consumers in Quebec.

Expert review

If you’re looking for a quick way to apply for a payday loan with no credit check, 310-LOAN is a viable option. The online lender makes the application process easy, and it accepts applicants with bad credit or with no credit history at all. As long as you have a stable source of employment income, you should be able to qualify.

Applicants should not be in bankruptcy, consumer proposal or enrolled in credit counselling. They also cannot use income from social assistance, employment insurance or CPP. You can apply over the phone, which makes the loan accessible for borrowers who aren’t as tech-savvy.

Borrowers need to tread carefully when they’re dealing with payday loans. While they’re a convenient way to access the funding you need, they come with sky-high interest rates and incredibly short repayment terms. Make sure you have a clear exit strategy for repaying your loan by your next payday.

How does borrowing through 310-LOAN work?

You can apply for a 310-LOAN payday loan completely online, with funds sent to you via direct deposit or INTERAC e-Transfer.

In a nutshell, payday loans are loans of up to $1,500 (this is the maximum in all provinces) that are advanced to you and must be paid back on your next payday. Most payday lenders have a lower maximum amount for first-time borrowers. This applies to 310-LOAN as well – first-time borrowers can only borrow a maximum of $300. If you qualify for more than this amount, you can borrow more funds after you’ve repaid your first loan.

Which provinces is 310-LOAN available in?

This lender is available in all provinces and territories across Canada, except Quebec. That means you can apply for a loan in the following areas: MB, BC, NB, NL, ON, AB, SK, NS, NT, NU, PEI, YT.

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

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What are the benefits of a 310-LOAN payday loan?

Here are the key perks of applying for a loan with this online lender:

• Anyone can apply. Whether you have bad credit or no credit history, you can apply as long as you have proof of employment income to make repayments on your payday loan. There are no credit checks involved.
• An online-only application process with a quick turnaround. You’ll receive a quick decision on your loan application, and once you’re approved and your details are verified, you can receive your funds in as little as 30 minutes.
• Use the funds for any purpose. Once you’re approved for a loan from 310-LOAN, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. 310-LOAN won’t keep tabs on how you’re making use of your loan.
• Flexibility in how much you can borrow. Consumers can apply to borrow $50 up to $1,500 in increments of $10. How much you qualify for will depend on your net income and other employment information.
• Unsecured. Payday loans are unsecured, so you don’t need to put up any collateral.

What to watch out for with a loan from 310-LOAN?

Borrowers need to be cautious with payday loans. Here’s what to be aware of before proceeding:

• Short repayment terms. Payday lenders, including loans from 310-LOAN, set up payday loans so that they must be repaid by your next payday. Typically, terms cap out at 62 days. Make sure you can comfortably cover your payments with your next paycheque before you apply.
• Incredibly steep interest rates. Payday lenders follow provincial regulations and can charge anywhere from $15 to $25 per $100 borrowed, depending on where you live. That’s an annual percentage rate (APR) of 400% or more, making payday loans an incredibly expensive financing option.
• Caps on how much you can borrow. 310-LOAN‘s payday loans cap at $1,500, so if you need more cash, this may not be your best option.
• First-timers can’t borrow more than $300. Even if you qualify for more cash, you won’t be able to borrow more than $300 with your first 310-LOAN payday loan.
• Government benefits won’t count towards your income. 310-LOAN only accepts employment income as a source of income on your application. That means income from EI, CPP, Disability Tax Benefit, Child Tax Credit and other government assistance do not qualify.
• Increases your chances of staying in a cycle of debt. Because of their steep interest rates and quick repayment terms, payday loans may trigger a debt cycle. This could have a negative effect on your credit rating too.

Is 310-LOAN legitimate?

Yes, the company’s been around since 1999, with a head office in Surrey, B.C. It has a customer service telephone line and email that’s staffed from Monday to Friday from 9am to 8pm EST and 10:30am to 7pm on Saturday.

Under provincial Payday Loans Acts, payday lending businesses must obtain valid payday loan licences. 310-LOAN prominently displays its licences in the provinces it operates in on its website and as a prompt before borrowers proceed with their application. It transparently states all of the fees borrowers will incur for taking out a payday loan.

• Watch out for unlicensed lenders

  The Internet has made it easier than ever to get access to payday loans. If you’re thinking about taking out an online payday loan, make sure that you’re dealing with a licensed business and be aware of potential risks.

  • Illegally high interest rates or fees. Some lenders might charge more than the maximum allowed, which means you will end up paying much more for your loan than you would if you chose a legitimate lender.
  • Identity theft. Online lenders might sell your personal information to third parties, putting you at risk of identity theft or a hacked bank account.
  • Funds taken from your bank account without your permission. Some online or unlicensed lenders have been known to resort to illegal ways to seek repayment from borrowers, including withdrawing money from their bank accounts or garnishing their wages.

  Check that online lenders are licensed so you can be sure they’re following provincial laws and not charging excessive interest rates. Read the fine print to make an informed decision about your loan and watch out for red flags to avoid running into further financial difficulties along the way.

Am I eligible?

To qualify for a 310-LOAN payday loan, you’ll need to meet the following requirements:

• Be 19 years of age or older.
• Have an active source of employment income – income from government benefits does not count towards your income.
• Have an active chequing or savings account with at least 7 transactions in the last 30 days.
• Not be in bankruptcy, consumer proposal or enrolled in credit counselling.

How do I apply for a loan from 310-LOAN?

If you’d like to apply for a loan from 310-LOAN, simply follow these instructions:

• Head to the website

  Head to 310loan.com and click on “Apply Now” on the homepage.

• Follow the prompts

  First, identify whether you’re a first-time applicant or a returning customer with an account. Provide your full name, contact information including your daytime and evening phone numbers and email address, your full mailing address and time spent at this address.

• Provide personal information

  Provide your date of birth, Social Insurance Number and whether you get paid by direct deposit and whether you use online banking. You’ll also need to choose how you heard of 310-LOAN (search engine, referral, advertisement, etc.). Click “Next” once you’ve provided the details.

• Provide employment details

  Provide your employment details, including your employer, job title, length of service, gross annual income and gross monthly income. Click “Next” once you’ve provided the details.

• Say how much you want to borrow

  Using the sliding scale, identify how much you’d like to borrow (up to $1,500). If you’re a first-time borrower with 310-LOAN, you can only borrow up to $600, regardless of how much you qualify for. Click “Next.”

• Submit your application

  Review your application and click “Submit” when you’re ready.

What documents do I need to apply?

To apply for a payday loan via 310-LOAN, you’ll need the following:

• 1 piece of primary identification. This could include your passport or citizenship card.
• Employment and income verification. This could be via pay stubs or bank statements.
• Proof of address. This could be via utility bills, for example.
• Banking information. This will vary depending on which bank you have an account with. Find more details below:
  • If you are paid via direct deposit from your employer, and you have an online banking account with RBC, BMO, CIBC, PC, National Bank, ING Direct, HSBC, Laurentian Bank or ATB Financial, you only need to send a detailed bank statement for the last 30 days.
  • If, however, you are paid via direct deposit and have an online banking account with any other financial institution not listed above, you’ll need to send a detailed bank statement from the last 30 days along with a voided cheque or pre-authorized payment form.
  • If you are not paid via direct deposit or you do not have online banking, you will need to send a detailed bank statement from the last 30 days, a voided cheque or a pre-authorized payment form and proof of income.
  • Manitoba residents must submit a bank statement for the previous calendar month.

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I got a loan from 310-LOAN. Now what?

Once you’re approved for a 310-LOAN payday loan, your funding should be sent over to you within the same business day, if not sooner. With a speedy application and even faster turnaround time, you need to keep an eye out for your due date for your loan repayment, which will creep up on you quickly.

Payday loans are usually repaid by your next payday, so have a concrete plan on how you’ll repay what you’ve borrowed within that small window of time. 310-LOAN will withdraw the cash directly from your bank account, so make sure the funds are there on your due date. If you’re unprepared, you’ll incur penalty fees and 310-LOAN‘s Overdue Accounts Department will follow up with you.

Frequently asked questions

• How much money can I borrow with 310-LOAN?

  You can borrow between $50 and $1,500 in increments of $10. The maximum amount you can borrow is based on your net income and other employment information. Keep in mind, if you’re a first-time borrower with 310-LOAN, you can only borrow a maximum of $300. If you qualify for more than this amount, you can borrow more funds after you’ve repaid your first loan.

• What are the implications of late or NSF payments?

  310-LOAN says that if your payment is late or your account has insufficient funds, your overdue loan will be subject to NSF fees. These vary by province: $0.75 for MB; $20 for BC, NB, and NL; $25 for ON, AB, and SK; $40 for NS; $50 for NT, NU, PEI, and YT. In addition, interest will accrue on any unpaid balance at a rate of up to 30% per annum. Try to avoid the NSF fee and interest by ensuring you have sufficient funds in your bank account on your loan payment due date.

• Can I qualify for a payday loan if I'm unemployed but receiving other forms of income?

  Not with 310-LOAN. Other payday lenders accept applications from people receiving government benefits, but this doesn’t apply to 310-LOAN.