Types of payday loans we offer
By following these tips and advice, it is possible to obtain a guaranteed approval loan of $10,000 with bad credit. So don’t let your poor credit score limit your options – take action today and apply for the funds that you need!
Payday Loan Interest Rates by Province & Territory.
Payday loan interest rates in Canada are regulated at the provincial level, meaning each province has different regulations in place to ensure borrowers get fair and reasonable interest rates. As of March 2023, here is a breakdown of the maximum allowable payday loan interest rate by province and territory:
These rates are expressed as the maximum fee per $100 borrowed over a 14-day loan period. To calculate the annual percentage rate (APR), borrowers will need to convert the fees to an annual basis, which results in a significantly higher rate if they do not pay back the loan on time.
Additionally, these rates are subject to change. You can always check the Canadian government’s website for the most up-to-date information on payday loan rates and regulations in your province or territory.
Payday Loan Requirements in Canada.
While the specific requirements for a payday loan may vary depending on the province and the lender, there are some common requirements you’ll generally need to meet in order to qualify for a payday loan in Canada:
AGE: You must be at least 18 or 19 years old, depending on the province.
CITIZENSHIP AND RESIDENCY: You must be a Canadian citizen or a permanent resident, and provide proof of current address.
EMPLOYMENT AND INCOME: You must have a steady source of income, usually from a job or government benefits. Provide proof of employment or income, such as pay stubs or a letter from your employer.
ACTIVE BANK ACCOUNT: You must have an active bank account with direct deposit capabilities.
VALID IDENTIFICATION: You’ll need to provide valid government-issued identification, such as a driver’s license or passport.
NO OUTSTANDING PAYDAY LOANS: Most provinces limit the number of payday loans you can have at one time, so you may be ineligible for a new payday loan if you have outstanding payday loans.