Cash Money Payday Loan
Borrow from $100
- Simple application process
- Fast turnaround time
- Extended business hours
Having a bad credit score can seriously affect your financial options. If you have a fair to poor credit score, which is anything typically under 650, trying to find a loan that you will be approved for can be a difficult task. Minimum credit score requirements can put traditional loans from banks out of your reach, but there are other options available to you. Short term loans for people with bad credit might be what you are looking for.
Yes. Short term lenders are more concerned with your ability to repay your loan than with your credit history. Applying for a short term loan is a simple process that requires you to either go online to a lender website or visit a branch location near you. You will fill out a simple application form, and once you’re approved, you will have your funds in as little as one business day.
While applying is simple, you should keep the following factors in mind to save yourself time and money:
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
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 costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.
At the time of writing in 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.
Here are the pros and cons of taking out a payday loan when you have bad credit:
Amanda’s car broke down on her way to work. She took the morning off to visit the mechanic, who estimated her repair costs at $250. As a shift worker, she had already missed out on that morning’s pay and her pay cheque wasn’t due to come until the following week.
She needed her car repaired to get to work, but with her low credit score, she wasn’t eligible for a personal loan.
Instead, Amanda looked at how much a bad credit payday loan would cost her. There was room in her budget for the high fees and, since she was going to be paid soon, Amanda knew she could afford it. By the next day, she had enough to pay for the repairs and was able to take on an extra shift at work to make up the difference.
Once you find a lender, make sure you meet the eligibility requirements for the loan. These may vary between provinces and providers, however they tend to include:
You will typically need to have the following information on hand when applying for a loan:
Although lenders that offer bad credit payday loans don’t focus on your credit score, you’ll still want to be sure you’re eligible. Follow these four steps to reduce your chances of rejection and to be sure you’re getting an affordable deal.
Depending on what you need the loan for and how much money you want to borrow, there are other loan options available to those with fair to poor credit:
If your credit is below 650, which is considered fair to poor, you can consider a bad credit payday loan. Before you settle for a loan, always take time to compare your options and view the eligibility requirements before you submit your application.
If you want more information about short term loans and to compare providers, check out our comprehensive guide here.
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