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Everything You Need to Know About Fast Cash Loans

According to the Government of Canada,64% of Canadians have an emergency fund equal to 3 months’ worth of expense.

Yet, that means that 13 and a half million Canadians do not have a safety net. What can these people do when unexpected expenses arise?

Read on to learn everything you need to know about fast cash loans and how they can help you when you are in need.

What Are Fast Cash Loans?

A fast cash loan is a loan that you can get in order to quickly get money into your account.

Often, fast cash loans take a day or less to arrive in your bank account. That way you get immediate access to these extra funds right when you need them.

So when would quick loans be useful? Whenever an unexpected expense comes up such as a necessary car repair, family expense, or so on.

Sometimes your budget just can’t stretch until your next paycheck for many reasons.

Advance online loans give you immediate cash so that you can pay for immediate expenses. Then, when you next get paid, you can repay that short-term loan in full with interest and charges.

Often, you have until the end of the month to pay back your loan plus interest, although some lenders are flexible with the repayment period.

Some lenders allow you to borrow for longer periods, as well, even up to several months. With these, you can repay the loan back in installments.

The main similarity all these fast cash loans have in common is that they are often for small amounts and for short-term periods of time.

Fast Approval Even With Bad Credit

Benefits of Fast Cash Advance Online Loans

There are many perks to choosing to go for fast loans. The most obvious one is that you get a loan offer decision right away. If you are approved, you will get your money very quickly so you can get back to your regular life.

Another big benefit of fast cash loans is that you protect your credit score. Being late or missing a payment will impact your credit score. Then, in the future when you want to ask for credit, you could be denied.

By opting for online loans, you avoid credit score problems down the road.

Peace of mind is also a benefit of quick loans. Stress over finances is regrettably common in the United States. In fact,77% of Americans are anxious about their financial situation.

Last but not least, fast cash loans are convenient. You don’t have to go into a bank, fill out big piles of paperwork, offer collateral, or anything else that many loan applications require.

Fast Response

56,000

Customers since 2017

Hour Approval

APPLY ONLINE AND SECURE FUNDS QUICKLY

1. Apply Online

2. RECEIVE SPEEDY APPROVAL

3. FUNDS DEPOSITED INTO YOUR BANK ACCOUNT

How to Apply for Quick Cash Loans

The best thing about applying for a quick cash loan is how simple and straightforward the process is.

In order to qualify, you need to be a Canadian over 18, you must be working full time and not be in bankruptcy. That’s it.

You apply online by filling out aquick and simple form. First, fill in your name, address, and basic information.

The next page takes you to a short form where you will fill in details about your income such as your employer, how long you’ve worked there and when your next payment will be coming.

The last step is bank verification. It’s as simple as that.

Then, once you are approved, the funds are automatically deposited into your account.

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 from 514loans range between 22% and 32%.

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 98 days on a bi-weekly payment schedule, at an APR of 32%, will cost the borrower 7 payments of approximately $44.99. The total amount reimbursed is roughly $314.93, of which $14.93 is the cost of borrowing. This includes all membership fees as well as interest and capital.

Missed Payments

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.

How to Be Responsible With Online Loans

Now you know that online loans are fast and easy, but that doesn’t mean you don’t need to be responsible. If you aren’t careful, you can get into a bad financial situation that could impact your future security.

Here are some tips on how to be responsible with online loans.

Use When Necessary

Fast cash loans should not be used without consideration. Use these when you need emergency funds, not when you want to buy consumer goods that are not necessities.

Sticking to a budget, saving up for big-ticket items, and being conscious about wants versus needs are vital financial skills.

Never apply for quick loans to make purchases that you can live without such as taking a vacation or new furniture. Of course, if a certain purchase will allow you to make a living, then it is a good idea.

Understand the Fees and Costs

Whenever you get any kind of loan, you should be knowledgeable about the fees and costs.

Many times the loan agreements and conditions are simple and straightforward. Yet, there are some shady lenders who deceptively hide the true costs of their loans. With these loans, you can quickly find yourself in adebt trap.

Do Not Borrow More Than You Need

It can be tempting to borrow the full amount you might be approved for. But remember, the more money you borrow, the more it will cost to pay it back.

You do not want to be in a situation where you have spent the loan but are unable to pay it back.

Keep in mind that even small loans, when unpaid or late, can wreak havoc on your credit score. Be prudent in your use of borrowed money.

SECURE FUNDS DEPOSITED ON THE SAME DAY

Enjoy the Convenience of Online Loans

Thanks for reading. At the end of this article, you should have a good understanding of how fast cash loans work, what you need to do to apply and how to be wise with these loans.

Next, check outour loan terms and see why 514Loans has had over 56,000 customers since 2017.

Canadian Banks

Scotiabank
Royal Bank
TD Bank
CIBC
BMO
Desjardins
ATB Financial
HSBC
Alterna
Canadian Western
First Nations
Laurentienne
Manulife
National Bank
Tangerine

Frequently Asked Questions

What is an installment loan?

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. The Community Financial Services Association of America, a US payday-lending trade association, reports that non-sufficient funds (NSF) charges 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 for an installment loan?

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)

Can self-employed individuals apply for an installment loan?

Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).

How much can I borrow with an installment loan?

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 will the funds be deposited?

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 documentation is needed for an installment loan?

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)

Areas Served

Proudly serving Canadians with no credit check 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?

Prince Edward Island

Charlottetown, Summerside

514loans - Payday Loan Alternative

225 Rue Chabanel O #1004
Montreal, QC H2N 2C9

+1 844-508-2274

Monday: 9 AM - 6 PM

Tuesday: 9 AM - 6 PM

Wednesday: 9 AM - 6 PM

Thursday: 9 AM - 6 PM

Friday: 9 AM - 6 PM

Saturday: CLOSED

Sunday: CLOSED

Fast Cash Loans Canada

Instant bank verification with every major Canadian bank