Everyone who has ever borrowed money from a bank or online lender understands that paying off loan interest is a part of the process. Stated simply, loan interest amounts to the cost of borrowing for consumers. When borrowers pay interest charges, that’s how lenders mitigate their risk and receive compensation for their services.
If you are comparing installment loans from different lenders, learning how to calculate loan interest will give you a much better understanding of the total cost of borrowing, and let you properly evaluate your options, so you can make an informed decision.
This guide will explain the factors that influence your monthly payments, show how to calculate interest costs, and offer some tips to get the best possible interest rates the next time you apply for a loan. But first, some general info about interest and loan structures.
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Simple VS Compound Interest
To pay off any kind of financing, borrowers must pay back the initial sum of money borrowed, known as the principal amount, plus the interest, which is expressed as a percentage and applied to the principal. But there are several different ways that interest can be calculated, and they have a huge influence over how much interest you will pay over the term of the loan. The most important distinction to understand in this regard is the difference between simple and compound interest.
Simple interest calculations are so-called because they are a straightforward calculation of the daily interest rate applied to the principal for the corresponding number of days between payments.
Compound interest, on the other hand, is based on both the principal amount, as well as the interest it accumulates over time. This means that borrowers end up paying interest on a larger and larger amount, as compound interest charges continually accrue and are added to the principal each time it is compounded.
The Difference Between an Amortized Loan and a Simple Interest Loan
A simple interest structure is most often used for short-term financing involving relatively small sums of money, such as payday loans or personal loans. Simple interest is only calculated on the principal amount of the loan, which makes them easier to calculate and understand. These kinds of loans benefit borrowers who pay back their debts quickly because the faster they pay it off, the less they will pay in interest.
Certain kinds of lending, such as student loans and mortgages, that involve large sums and long repayment terms, are usually structured in the form of an amortized loan. These loans charge a fixed monthly payment, but the lender applies these payments differently over time. In the early phases of an amortizing loan, more of the payments are applied to the interest, but, over time, a larger portion of each payment is applied to the principal.
So, What Determines Loan Interest Payments?
When borrowers apply for any kind of financing, whether payday loans, personal loans or mortgages, several factors influence both the credit approval process and the loan structure. The variables that have the greatest impact on how much loan interest you will end up paying include:
Initial Principal Amount
The initial principal amount of a loan is the lump sum the borrower receives. Stated simply, the more you borrow, the more you will pay in total interest. Until you manage to pay off your remaining loan balance, a portion of each monthly payment you make will go towards paying the cost of borrowing.
When lending large amounts of money, lenders expose themselves to significant risk, so it comes as no surprise that they will want to maximize their return. Also, it takes time for borrowers to earn enough to pay back large sums, so large principal amounts tend to have longer repayment schedules, and thus, more interest costs.
Loan Interest Rates
Interest rates are expressed as a percentage of the loan principal, reflecting how much the lender charges. A loan’s annual percentage rate (APR) reflects the annual cost of borrowing, including interest and any fees required to obtain the credit. That is what separates APR from the nominal interest rate: a fee you must pay in order to get the loan is part of what the loan costs. Loan applicants with a weak credit history and low credit scores are typically required to pay higher interest rates.
Depending on the type of loan, interest rates can either be fixed or variable. Fixed rates provide borrowers greater certainty, as they will not change over time. Flexible rates, on the other hand, can sometimes be offered at a lower rate, but they could rise significantly over time.
Repayment - Schedule & Amounts
Loans can be structured in many different ways, including weekly, bi-weekly or monthly payment schedules. This simply means how frequently the borrower agrees to make loan payments to the borrower. Making frequent payments will help borrowers pay off their debts faster, and pay less in overall interest, but many people prefer a more relaxed repayment because it makes managing the monthly finances easier.
Loan Terms
Strictly speaking, the terms of a loan can include a wide variety of terms and conditions, but what most people mean when they talk about their loan term is the amount of time they have to repay their debt.
Running the gamut from payday loans to mortgages, they can range from only a few weeks to decades. Shorter terms translate to relatively higher monthly payments but less interest cost over time. Long term loans have the advantage of smaller monthly payments, however, greater interest will be paid over the long run.
Example Loan Interest Calculations
Simple Interest Loan
As their name suggests, simple interest loans are the easiest to understand and calculate. This simple formula can be used to find out how much the interest will cost:
Multiply the loan principal by the APR by the number of years in the repayment term. For someone who borrowed $10,000 at an APR of 5% for 3 years, the calculation would look like this:
10,000 x 0.05 x 3 = $1,500 Total Interest Paid
Amortizing Loan
Calculating interest costs on amortizing loans gets significantly more complicated because, over time, different portions of each monthly payment are applied to the principal and interest.
To illustrate, here’s how the amortization schedule would break down for the first and last 5 payments of a $100,000 loan offered at an APR of 3.5% for 5 years:
Amortization Schedule
Payment Number
Payment Amount
Principal
Interest
Outstanding Loan Balance
$100,000
1
$1,819.17
$1,527.50
$291.67
$98,472.50
2
$1,819.17
$1,531.96
$287.21
$96,940.54
3
$1,819.17
$1,536.43
$282.74
$95,404.11
4
$1,819.17
$1,540.91
$278.26
$93,863.20
5
$1,819.17
$1,545.40
$273.77
$92,317.80
55
$1,819.17
$1,787.66
$31.51
$9,017.12
56
$1,819.17
$1,792.87
$26.30
$7,224.25
57
$1,819.17
$1,798.10
$21.07
$5,426.15
58
$1,819.17
$1,803.34
$15.83
$3,622.81
59
$1,819.17
$1,808.60
$10.57
$1,814.21
60
$1,819.50
$1,814.21
$5.29
$0.00
Loan amount
$100,000
Payment
$1,819.17
Number of Payments
60
Payment frequency
Monthly
Interest rate
3.50%
Total Cost
$109,150.53
Total Interest Paid
$9,150.53
Tips for Getting Better Interest Rates
Every borrower wants to get the lowest interest rate possible on their loan, but the terms and conditions offered by lenders will vary widely, depending on the application. Here are a few things you can do to get the best loan interest rates the next time you apply for a personal loan:
Request a Short Repayment Period
Lenders always want to reduce their risk and get their money back as quickly as possible, so by making loan payments with greater frequency, you could also get a better interest rate. Short-term loans require higher payments, but they always get a better interest rate than long-term lending.
Build Your Credit Score
To a lender, a low credit score is a red flag that identifies risk, which is why people with weak credit scores are forced to pay the highest interest rates, if they manage to qualify at all.
Contact your financial institution or a credit rating agency to check your credit score before applying for a loan. For lenders, high credit scores translate to creditworthiness, which means they will offer lower interest rates.
Manage Your Debt-To-Income Ratio Carefully
This ratio reflects how much of your monthly income goes towards financing existing debt, and it is almost as important as your credit score when applying for loans. It shows the lender your ability to manage the cost of borrowing. The lower it is, the more likely you are to get a more advantageous interest rate.
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Easy Installment Loans
Installment Loans Across Canada
We know it’s tough to find good loans in Canada when you’re stuck with a bad credit score. A payday loan is often not the right choice. That’s why 514Loans is committed to offering short-term loans in Canada to anyone who needs one.
Our loans don’t require a credit check, so even applicants with a bad credit score can be accepted. And same-day responses from our loan agents mean that you get your money when you need it.
Debt Consolidation
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.
Your Privacy is Important
Your loan is no one else’s business but your own. That’s why we take your privacy very seriously. Any and all personal documents that you provide to us are handled with the utmost care and with your safety in mind. We use SSL encryption for improved network security, and we ensure that our site is accessed over HTTPS, for all users, 100% of the time.
We do this because when it comes to finding safe online loans, Canada deserves the best options in cybersecurity.
Convenient, Modern Alternative to Traditional Payday Loans
Applying has never been easier!
Your journey begins with our three-step online application:
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Select your loan amount and complete our online application
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Upload the two required documents
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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 Canada. Loans are then able to be granted faster, meaning you get your money when you need it.
Approval in Minutes
We are all about user experience, and that means not having to wait days to find out the results of your application.
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling our partner lenders to review your application in no time!
Your installment loan is funded by the partner lender as soon as you sign their online paperless loan agreement.
Received Funds
Once your partner lender approves you, all you have to do is kick back and relax. They deposit the funds directly 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
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payday loans ranges between 390% to as high as 560%.
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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:
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A client can not reschedule the first payment.
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A client can not reschedule two payments in a row
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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:
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You must be a Canadian citizen
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You must be over 18 years of age
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You must be employed full time.
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You must have an active bank account.
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Must not be engaged in a consumer proposal or a bankruptcy process.
Installment Loans versus Payday Loans
Payday Loans
Downside of Payday Loans
Though obtaining a payday loan can be a simple process, the expensive fees and short loan terms often complicate the situation. If, when payday comes, the borrower doesn’t have the money to reimburse their debt in full, they are often forced to roll the principal over into an entirely new payday loan.
Unlike credit cards or installment loans, payday loans can’t be paid off in installments; the whole sum has to be reimbursed in one payment. If the borrower is unable to make their payment, it will often create a loan cycle situation that can be catastrophic to one’s budget, credit score, and economic well being.
Nowadays, more people looking for loans in Canada are turning away from payday loans and towards installment loans as a better short-term financial solution.
Installment Loans
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Installment loans in Canada are more than 90% cheaper than payday loans and are available with longer repayment terms, making them significantly safer for your credit score.
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As the borrower, you benefit from a straightforward reimbursement process and avoid the risks associated with costly and dangerous loan cycles.
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When you take out installment loans in Canada, you also benefit from an automated stress-free payment plan that enables you to budget more efficiently for your future financial obligations.
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Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully reimburse.
Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.
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We all fall on hard times
Installment loans can see you through until skies look a little brighter
Short-Term Loan Requirements
Offering users a great customer experience is our number one priority. In order to achieve this, we start by making the application process as simple as we can.
Once you’ve filled out the application, all we need from you are two documents in order to expedite the process. Make sure you can provide the following:
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Photo ID (ie. a driver’s license or a passport)
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Proof of Address (ie. a phone, electric, cable or 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 five short minutes by hitting the “Apply Now” button.
When it comes to installment loans, Canada has the best service available: 514Loans, offering great payment plans and reasonable interest rates. We look forward to assisting you in finding the best financial solution for your needs.
Canadian Banks
Scotiabank
Royal Bank
TD Bank
CIBC
BMO
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HSBC
Alterna
Canadian Western
First Nations
Laurentienne
Manulife
National Bank
Tangerine
SECURE FUNDS DEPOSITED ON THE SAME DAY
Better than Payday Loans
514loans has built the underlying technology and infrastructure for providing everyone in Canada fast access to better short-term financial solutions.
Installment loans in Canada are more flexible and cost substantially less than payday loans. The difference in cost and term length results in the elimination of predatory loan cycles which keep people trapped in debt. This helps the borrower to establish a budget that better suits their future financial obligations.
514Loans is proud to offer:
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Faster processing due to our underlying platform
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Less expensive ABR (Annualized Borrowing Rate)
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Longer loan terms than payday loans
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Preferred customer privileges with even cheaper rates and longer terms (for returning customers)
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A better overall user experience
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.
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You must be over 18 years of age
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You must be a Canadian citizen
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You must be employed full-time
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You must have an active bank account
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You must not be engaged in a consumer proposal
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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:
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A copy of your driver’s license
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A proof of residence (any most recent utility bill with your name and address indicated on it)
Consolidate Your Debts and Get out of Dangerous Loan Cycles
Debt Consolidation
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, unable to keep up with high interest rates, or are facing a potential bankruptcy, give us a call now and let us help you consolidate your debts into one small monthly payment.
Debt Counselling
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 atConsolidated Credit by calling 1-800-656-4187.
Call today 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. Doing 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
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Lowered monthly payments to creditors
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Lower interest rates than credit cards, Payday Loans or Installment loans
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Get a clear understanding of how to budget to avoid loan cycles in the future
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Have more money left on your paycheck to begin saving again.
Disadvantages of a Debt Management Program w/ Consolidated Credit
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Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
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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.
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Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.
Unsecured Loans
Offering Installment Loans in Canada, Even with Bad Credit
When Canadians find themselves in need of short-term loans, bad credit shouldn’t stand in the way. And the repayment process for those loans should be as simple as paying rent or mortgage, phone plans, electricity and other monthly bills.
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 easily plan your budget accordingly. Most importantly you can usually obtain prompt approval for these loans without a credit check.
Here are some of the most frequent situations that may call for an installment loan:
Rent
It doesn’t matter who you are, you need a roof over your head. But an unexpected expense can cause anyone to be short on their rent, often a day or two before it is due.
Thankfully, an installment loan can help you in a few ways. First and foremost, you’ll have the cash to cover this month’s rent. And if you budget accordingly, the flexibility of an installment loan will also help you avoid falling behind financially in the future.
Car Payments
Falling behind on a car payment can be hazardous to your credit. An installment loan is a great solution that helps you make the necessary payments while allowing you to stay on course with your budget.
An installment loan can also help you phase out and replace a payday loan, which typically reduces additional financial concerns in the future.
Debt Consolidation
Are you caught in a payday loan cycle? Are you using a big part of your paycheck to cover your payday loans? Consolidating that debt with an installment loan allows you to have a single small payment, instead of seeing most of your paycheck disappear as soon as you receive it.
If you have Bad Credit
Even people with bad credit are usually able to take out our installment loans. The benefits of that can be huge; you get somewhere to turn to when you need money, and you don’t have to do so at a further cost to your credit score.
An installment loan is reported to Equifax and TransUnion like any other credit agreement, so repaying it on time can help your score and missing payments can hurt it. Individual installment loans don’t account for enough money to play a huge role 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.
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. 514Loans can help you avoid unnecessary NSF charges.
Holidays
When January 24th rolls around, most people are nervously anticipating their credit card bill from the holidays. Sometimes you have to financially overextend yourself during the holidays so you’re able to purchase gifts for your friends. Other times it’s 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 from the financial stress of the holidays.
No Credit Check Loans
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. Please borrow responsibly.
When you apply for a loan
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 there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don’t worry, we’ve got your back when it comes to installment loans in Canada.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
Repayment Example
A 300$ loan with an APR of 32% is refundable in 7 bi-weekly payments of approximately $44.99. 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 $1000.
Borrow Responsibly
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Go ahead
Call them whatever you want
We specialize in **
**INSTALLMENT LOANS
Installment Loans
Installment loans are Canadians’ trendiest loan choice since 2017.
Payday Loans
Payday Loans are:
-
Old news
-
Extremely expensive
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Have a short payback of 14 days
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Being replaced by installment loans
Cash Advance Loans
Cash? Who does that anymore?
Our Installment loans are delivered instantly by Interac e-Transfer.
Instant Loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Mobile Loans
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Unsecured Loans
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Short Term Loans
Our short term loans are offered as follows:
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300$ to 3000$
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90- to 120-days payback period
Online Loans
Our process is entirely done online.
-
Apply today
-
Get approved within an hour
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Receive your money in your bank account.
Private Loans
Any installment loan agreements are treated with the utmost discretion.
Easy Loans
Our installment loans are quick and easy. Get yours today.
Small Loans
Our installment loans range between 300$ and 3000$.
Personal Loans
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
Fast Loans
Our one-hour approval process is pretty fast. Apply today and witness it for yourself.
Direct Loans
Our installment loans are actually direct loans between the lender, and you, the applicant.
Types of Loans
Go ahead
Call them whatever you want
We specialize in **
**INSTALLMENT LOANS
Installment Loans
Installment loans are Canadians’ trendiest loan choice since 2017.
Payday Loans
Payday Loans are:
-
Old news
-
Extremely expensive
-
Have a short payback of 14 days
-
Being replaced by installment loans
Cash Advance Loans
Cash? Who does that anymore?
Our Installment loans are delivered instantly by Interac e-Transfer.
Instant Loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Mobile Loans
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Unsecured Loans
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Short Term Loans
Our short term loans are offered as follows:
-
300$ to 3000$
-
90- to 120-days payback period
Online Loans
Our process is entirely done online.
-
Apply today
-
Get approved within an hour
-
Receive your money in your bank account.
Private Loans
Any installment loan agreements are treated with the utmost discretion.
Easy Loans
Our installment loans are quick and easy. Get yours today.
Small Loans
Our installment loans range between 300$ and 3000$.
Personal Loans
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
Fast Loans
Our one-hour approval process is pretty fast. Apply today and witness it for yourself.
Direct Loans
Our installment loans are actually direct loans between the lender, and you, the applicant.
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?
British Columbia
Vancouver, Surrey, Coquitlam, Burnaby, Abbotsford, Kelowna, Surrey
Saskatchewan
Saskatoon, Regina
Manitoba
Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon
Quebec
Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun
Alberta
Calgary, Edmonton, Lethbridge. Red Deer. St. Albert, Grande Prairie, Airdrie
Ontario
Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls
Nova Scotia
Halifax, Cape Breton, Dartmouth, Truro, Sydney
New Brunswick
Moncton, Saint John, Fredericton
Prince Edward Island
Charlottetown, Summerside
514loans - Payday Loan Alternative
225 Rue Chabanel O #1004
Montreal, QC H2N 2C9
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
