Frequently Asked Questions
What is a cash advance?
A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.
A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”
Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.
What are the requirements to get a cash advance?
We like to keep things simple.
- You must be over 18 years of age
- You must be a Canadian citizen
- You must be employed full-time
- You must have an active bank account
- You must not be engaged in a consumer proposal
- You must complete an IBV (Instant Bank Verification)
I am Self Employed. Can I apply for a cash advance?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much money am I allowed to borrow?
Our loans range from $300 to $3000.
However, ou lender's credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.
When can I expect the funds to arrive?
Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.
What do I need to email or fax in?
You may fax or upload your documents during your application process.
The required documents are:
- A copy of your driver's license
- A proof of residence (any most recent utility bill with your name and address indicated on it)
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Instant Same Day Approval Even With Bad Credit
Customers since 2017
Trusted Partners and Providers
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Green River Finance
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Easy Installment Loans
Your Privacy is Important
We take your privacy very seriously. All personal documents are handled with the outmost security. We use SSL encryption. Our site is accessed over HTTPS 100% of the time for all users.
Convenient, Modern Alternative to Traditional Payday Loans
Applying for a loan has never been easier!
Your journey begins with our three-step online loan application.
- Select your loan amount and complete our online application.
- Upload the two required documents.
- Complete your IBV (internet banking verification).
Our fully automated Loan Management Software, allows us to process your request faster than most payday loan providers in the country, hands down!
Approval in Minutes
We are all about user experience.
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!
Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.
Now just kick back and relax. We will automatically deposit the funds into your bank account. Please note that although most loans can be funded on the same day, it can take up to 24 hours in some cases.
How it works
Who we are
We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.
Fees and Interest
Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.
Terms of Repayment
Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.
What Makes us better than Payday Lenders
Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.
The ABR (Annualized Borrowing Rate) for
- payday loans ranges between 390% to as high as 560%.
- installment loans range between 190% and 200%.
Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.
Example Cost Borrowing
$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.
Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.
Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:
- A client can not reschedule the first payment.
- A client can not reschedule two payments in a row
- A client can not reschedule more than two payments per loan term.
Borrow Money Responsibly
This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.
Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.
Please borrow responsibly.
Applying Online is Safe with us
Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.
How to Qualify for a Personal Loan
Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:
- You must be a Canadian citizen
- You must be over 18 years of age
- You must be employed full time.
- You must have an active bank account.
- Must not be engaged in a consumer proposal or a bankruptcy process.
Installment Loans vs Payday Loans
Downside of Payday Loans
Installment loans are 50% to 60% cheaper than Payday Loans and are available with longer repayment terms.
The borrower benefits from a straightforward reimbursement process and significantly reduces the risks associated with costly and dangerous loan cycles.
Furthermore, the borrower also benefits from an automated stress-free payment plan that enables him to budget more efficiently for his future financial obligations.
Moreover, the borrower can further benefit with reduced rates and increased credit limits with every successful loan reimbursement.
Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.
What are you waiting for? Hit the "Apply Now" button!
Seamless and easy! Thank you
The reason why I gave 5 stars is because I always get excellent service
Wonderful service and customer service
Great customer service! Helped me a lot when I needed the cash advance! Kept their word and Costa great job for the fast communication and keeping your word !! Awesome !!
Short Term Loan Requirements
To expedite the process, you must provide us with the following:
- Photo ID (ie. Driver’s license or passport)
- Proof of Address ( ie. Phone bill, Electric bill, Cable bill, Gas bill, or any most recent document from your financial institution, where your name and address are displayed)
Your application can be submitted online in 5 short minutes by hitting the "Apply Now" button.
We look forward to assisting you in finding the best financial product for your needs.
Better than Payday Loans
514loans, together with Greenriver Finance, has created the underlying technology and infrastructure for providing Canadians fast access to a better short term financial solution. Installment loans are more flexible and cost substantially less than a Payday Loan. The difference in cost and term length results in eliminating the need to cycle loans. This helps the borrower to establish a budget better that better suits their future financial obligations.
- Faster processing due to our underlying platform
- Less expensive ABR (Annualized Borrowing Rate)
- Longer loan terms than Payday Loans
- Preferred customer privileges with even cheaper rates and longer terms (for returning customers)
- A better user experience
Consolidate Your Debts and Get out of Dangerous Loan Cycles
Are you caught in a loan cycle?
514loans is here to help! We work with a non-profit corporation to help Canadians get out of loan cycles.
We can help you get your paycheck back!
If you are struggling with multiple loans that are forcing you to a proposal or a bankruptcy, give us a call now and let us help you consolidate your debts into one small monthly payment.
If you are unfamiliar with how the credit reporting system works or if you would like guidance in understanding and improving your credit standing, please contact a non-profit credit counsellor at Consolidated Credit by calling 1 (844)-871-1426 for a free, no-obligation consultation or complete a form: click here for a free consultation.
Credit counsellors can help to assess your situation, clarify errors on your report and outline the best options to rehabilitate your credit through repayment of debts at lowered interest rates. This will enable you to qualify for new credit in the near future.
Debt Consolidation Programs
We work with a non-profit credit counseling company.
We frequently recommend to our clients to explore all of their financial options through a professional counselor at Consolidated Credit Counseling Services of Canada. This approach allows our clients to decide for themselves which option is best for them and their financial well being.
If you are struggling with too many loans, please click on the free consultation button on this page, and see if you qualify for the debt relief you deserve.
Benefits of a Debt Management Program (DMP) w/ Consolidated Credit
- Lowered monthly payments to creditors
- Lower interest rates than credit cards, Payday Loans or Installment loans
- Get a clear understanding of how to budget to avoid loan cycles in the future
- Have more money left on your paycheck to begin saving again.
Disadvantages of a Debt Management Program w/ Consolidated Credit
- Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
- RBC and Canadian Tire Mastercard are “full-budget creditors” meaning they will review the prepared budget and credit file to ensure all unsecured creditors have been included on the DMP before they agree to be included and that no budgeted expenses are unrealistic for a hardship circumstance.
- Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.
Offering Installment Loans even with Bad Credit
Procuring extra funds in times of need shouldn’t be a headache. The repayment process ought to be similar to the rest of your monthly bills, such as rent, mortgage payments, mobile/data plan, and car expenses.
Installment loans offer the bridge you’re looking for when you’ve landed in a spot of financial trouble. The small and steady payments allow you to plan your budget accordingly. You can usually obtain prompt approval for these loans.
Below, are some of the most convenient times to take out an installment loan.
It doesn’t matter who you are. You need a roof over your head, but maybe you’ve recently come across an unexpected expense that caused you to be short on your rent. Or you’re going through a divorce, are searching for a new place where the first and last month’s rent is required.
It could be time to square up with your landlord, your savings have dwindled, and you’ve only realized your lack of funds a day or two before rent was due.
Thankfully, an installment loan will help you in 2 ways. First and foremost, you’ll have the quick cash to cover this month’s rent. If you budget accordingly, the flexibility of Installment loans will also help you avoid falling behind again in the future.
Payments will be segmented into smaller amounts you can afford (unlike your current Payday Loan and rental rates). As you repair your financial potholes, you’ll slowly but surely cover the balance of your installment loan.
Falling behind on your car payments can be hazardous to your credit. An Installment loan is a great solution that helps you make the necessary payment while allowing you to stay on course with your budget.
An installment loan can help you phase out and replace a Payday Loan that typically causes additional financial concerns in the future.
If you have Bad Credit
The benefits are twofold. Firstly, if you’ve run into bad luck with prior loans, you’ll have somewhere to turn when you need money. According to credit.com, installment loans won’t negatively impact your credit. Individual installment loans don’t account for enough money to play a huge roll in your credit score. In fact, the same blog explains that paying off an installment loan for a lengthier term has a positive influence over credit scoring models.
Are you caught in a Payday Loan cycle? Are you using a big part of your paycheck to cover your Payday Loans? Consolidating your Payday Loans with an installment loan allows you have 1 smaller payment instead of seeing most of your paycheck disappear as soon as you receive it.
Avoid NSF Charges
Unpaid NSF fees are damaging to your credit. If they remain unpaid for 30 days, your account will be considered delinquent and reported to the credit bureau. Delinquent accounts do harm your credit score and can further complicate your situation. Our Installment Loan can help you avoid unnecessary NSF charges.
When January 24th rolls around, most people are awaiting the doom and gloom of their credit card bill from the holidays. Sometimes you have to financially overextend during the holidays so you’re able to purchases gifts for your friends. Or maybe there was a big family trip you couldn’t back out of – even though you were a little light on funds. Regardless, an installment loan can help you recover the financial stress of the holidays.
No Credit Check LoansBenefit From Our Policy
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.
What is a short term loan good for?
It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.
Short Term Loans
We understand that sometimes, there are limits to stretching your paycheck to accommodate those unforeseen expenses that come when you least expect it. Don't worry, we got your back.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.
Terms of Repayment
Our installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.
Abusing microloans can cause negative impacts to your financial well being. Our interest rates are higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Call them whatever you want
We specialize in
Installement loans are Canadians' trendiest choice ever since 2017.
Payday Loans are...
- old news
- extremely expensive
- short payback of 14 days
- being replaced by Installment Loans
Cash Advance Loans
Cash? Who does that anymore?
Our Installment Loans are delivered instantly by Interac e-Transfer.
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Short Term Loans
Our short term loans are offered as follows:
- 300$ to 3000$
- 90 to 120 days payback period
Our process is entirely done online.
- Apply today
- Get approved within 1 hour
- receive your money in your bank account.
Any installment loan agreements are treated with the outmost discretion.
Our installment loans are quick and easy. Get your today.
Our installment loans range between 300$ and 3000$.
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
Our 1-hour approval process is pretty fast. Apply today and witness it for yourself.
Our installment loans are actually direct loans between the lender, and you, the applicant.
Excessive debt causes problems with your family life and weighs tremendously on your mental health. And between mortgages, car payments, and credit cards, it feels like the world is conspiring to land you in debt.
According to the credit-reporting firm Equifax, the average Canadian household carries $22,800 in non-mortgage-related debt. When we look at people aged 46-55, that figure rises to $34,100.
When the unexpected happens, it can feel overwhelming. Where do you come up with extra money when your budget is already stretched almost to its limit? For unforeseen expenses like car repairs, major purchases, medical bills, and more, online installment loans can help.
Proudly serving Canadians with installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.
Where are you from?
Vancouver, Surrey, Coquitlam, Burnaby
Edmonton, Calgary, Medicine Hat, Wood Buffalo, Red Deer, Lethbridge, Airdrie, Fort McMurray, St. Albert
Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon
Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun
Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls
Halifax, Cape Breton, Dartmouth, Truro, Sydney
Moncton, Saint John, Fredericton
Prince Edward Island