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Find payday loans in Hamilton
Compare licensed lenders that provide in-store or online payday loans in Hamilton.
If you’re dealing with a financial emergency, a payday loan is a quick-fix solution. Payday loans are convenient, easy to apply for and readily available for people with all credit types. But tread carefully: payday loans come with notoriously steep interest rates and repayment terms that can be as short as 2 weeks.
If you’re looking for payday loans in Hamilton, here’s a look at legitimate options, how to apply and what to watch out for.
Quick facts about payday loans in Hamilton
- Maximum loan amount: $1,500
- Loan term: up to 62 days
- Maximum cost: $15 for every $100 borrowed
⚠️ 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.
Online payday loans in Hamilton
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)|
In-store payday loans in Hamilton
We searched for physical stores that provide payday loans in Hamilton. The payday loan stores below are licensed to operate in Hamilton and have received mostly positive reviews.
|Payday loan store||Licensed in Hamilton?||Google rating*||Positive reviews||Negative reviews||Find a store|
|PAY2DAY||Yes, 1 store||5.0||Friendly service and easy process||No recent negative reviews||Find a store|
|Cash 4 You||Yes, 5 stores||4.8-5.0||Professional service and quick||No recent negative reviews||Find a store|
|Money Mart||Yes, 11 stores||3.9-5.0||Fast, professional and informative||Some reviews about rude staff in 1 location||Find a store|
|Cash Money||Yes, 5 stores||4.3-4.5||Courteous||No recent negative reviews but there has been a number of complaints||Find a store|
*As of April 2022
Features of payday loans in Hamilton
If you’re thinking of taking out a payday loan, some of the benefits include the following:
- An easy application. Whether you’re applying online or in person, you can count on a quick application process that’s completed within 10 minutes. If you opt for the online route, you won’t have to fax any of your documents over.
- Fast turnaround time. If you need money quickly, payday lenders usually provide almost instantaneous approval. Count on getting your funds in as little as a few minutes after approval.
- Bad credit doesn’t matter. Payday lenders shift the emphasis from your credit score to your ability to repay your loan. As long as you can prove you have a stable income to repay your loan, you should be in the clear.
- Non-employment income is okay. Payday lenders differ in what incomes they accept, but generally, you can find a payday lenders that accepts employment insurance, child tax credit, disability benefits and pension.
What to watch out for
On the flipside, payday loans have big red flags every consumer should be aware of before shouldering this debt. They include the following:
- Incredibly high rates and fees. Essentially, payday loans are some of the most expensive ways to borrow money, with annual percentage rates (APRs) that are as high as 400%. Payday loans are regulated by the province, and in Ontario, they come with fees of $15 for every $100 borrowed.
- Short repayment terms. Payday loans get their name because you’re typically required to pay back your loan by your next payday. In Ontario, you can expect to repay your loan within 2 weeks to a maximum of 62 days.
- Smaller loan amounts. Once again, loan amounts are regulated by the province. In Ontario, you can only borrow up to $1,500 or 50% of your income, whichever is lower.
- Rollover loans are not allowed. This means you can’t roll over what you owe into a second payday loan and you can’t get a new payday loan with the same lender until you pay off your first one.
How do I qualify for a payday loan in Hamilton?
Eligibility criteria vary from lender to lender, but overall, you’ll need to meet the following requirements for a payday loan in Hamilton:
- Be at least 18 years old.
- Have a recurring income.
- Give proof of address (e.g. lenders can ask to see a utility bill).
- Have an active chequing account to set up a deposit and automatic withdrawals on your repayment due dates.
You’ll also need to have some basic information on hand to complete your application successfully.
- Personal details, such as your name, date of birth, Social Insurance Number (SIN) and a valid form of ID.
- Contact details, such as your residential address, email address and phone number.
- Details about your income (you may be asked to provide bank statements, pay stubs or a letter of employment).
How do I get my money?
In Hamilton, you can anticipate getting your payday loan funds via these 4 key ways:
- Interac e-Transfer. Once your lender receives your signed contract, it will issue your funds via an Interac e-Transfer so you can deposit the cash directly into your bank account. Learn more about e-Transfer payday loans.
- Cash. If you’re applying in person, you can receive your payday loan funding in cash immediately upon approval.
- Bank transfer. If you prefer, your lender can direct deposit your funds via bank transfer.
- Loaded onto a prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account, handing the card to you in person or mailing it to your home so you can spend as needed.
How do I repay my payday loan?
Depending on the lender and the type of loan you apply for, you may be able to use any of the following options to repay your loan:
- Direct debit repayments. This is the most common way to make repayments. After providing your bank account details, your lender will automatically withdraw your repayments from your bank account. Make sure you know what dates the repayments are due to come out so that you can plan to have enough money in your account.
- Post-dated cheque. This option is also offered by some lenders, usually by those who have physical stores. This method involves you giving the lender a cheque that it can cash on the day your repayment is due.
- Payday loan store. You can visit a branch and repay your loan using cash or debit.
Your rights as a borrower of payday loans in Hamilton
Did you know that every province has its own rules on how much you can borrow with a payday loan and the maximum fees that lenders can charge? In Ontario, these rules are outlined in the 2008 Payday Loans Act. Ontario’s regulations apply to Hamilton and include the following:
- You can’t be charged more than $15 in fees for every $100 borrowed.
- The maximum amount you can borrow is $1,500. You also can’t borrow more than 50% of your net income. Bear in mind that some lenders have a limit that’s less than $1,500 for first-time borrowers.
- You can’t get a new payday loan with a lender until you pay off your first one.
- Rollover loans are also not allowed. This means you can’t roll over what you owe into a second payday loan.
- The maximum loan term is 62 days. But lenders must offer you an extended payment plan if you take out 3 loans within 63 days.
- Lenders can only charge a maximum interest rate of 2.5% per month (without compounding) on the outstanding principal if your loan goes into default.
- A maximum fee of $25 for bounced cheques or pre-authorized debits (to be charged once only).
- Should you change your mind and want to cancel your payday loan, you have 2 days to do so without facing a penalty. You also don’t have to provide a reason for cancelling.
- Lenders cannot offer or sell any products or services in connection with the payday loan.
- Lenders cannot ask you to sign a form that transfers your wages directly to them.
If you’re looking for a quick and easy solution to deal with a financial emergency, payday loans can bail you out. But think strategically. If you don’t think that you can pay back your loan on time, look into other alternatives such as borrowing through a line of credit from your local bank or taking out a cash advance from your credit card. If you have strong credit and extra time, consider a personal loan, which will have much lower interest rates too.
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