Cash Money Payday Loan
Borrow from $100
- Simple application process
- Fast turnaround time
- Extended business hours
Cash advance loans can give you access to quick cash when you have temporary financial setbacks or unexpected expenses. These types of loans, also known as payday loans, are short term solutions that you repay in full by your next payday.
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|
A cash advance loan is another way of describing a payday loan. These types of loans are known for their high interest rates and fast payback speeds. Additionally, you might have to pay extra in the form of fees and charges, so be sure to compare your options before taking out a loan.
The money you receive from a cash advance loan can be used for just about anything, as long as it’s for legitimate purposes. Whether you need to pay bills or cover your everyday expenses until your next paycheque, you can use your loan to cover it.
Borrowing a cash advance loan is relatively simple. Most lenders will approve even those with bad credit for a cash advance loan, since they focus more on your ability to repay the loan as opposed to your credit history. While a steady income is necessary for most lenders, it’s possible to find a cash advance loan when you have other forms of income, like welfare payments, self-employment income or investment income.
If you’re approved for the loan, you’ll be able to receive your money as cash if you apply in-store or directly into your bank account if you apply online. If you get approved online, you’ll usually receive your loan by the next business day, while applying in-store can have you leaving with the funds shortly after.
In order to find the best cash advance loan for you, you should keep the following features in mind:
He needed $600 for the return flight, which he wanted to repay over the course of his next two paydays. He found a lender who offered terms to suit his needs and applied for a cash advance loan. The money was in his chequing account by the following business day. He made his payments on time, incurred no extra fees and managed to pay off the cash advance in two months as planned.
Before you apply for a loan, ensure that you won’t have any problems making your repayments on time. If you think you might have trouble, don’t borrow – and consider your other financing options. Late or missed repayments come with increased fees, charges and interest rates, on top of negatively impacting your credit score. Always work the repayment schedule into your budget and you won’t have to worry about paying extra money.
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 the territories at the federal level only.
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