There are many loan products available in Ontario. Conventional financial institutions offer solutions such as lines of credit, personal loans, car loans, mortgages, and credit cards. The problem is that credit checks are necessary to qualify borrowers and those with bad credit are refused.
Luckily, there are non-prime lenders in Ontario that offer financial solutions to borrowers with bad credit. Products such as payday loans, Installment loans, and cash advances are available to borrowers who have had trouble with their credit.
Don’t let a bad credit history stop you from getting a loan. We are here to help.
514loans is proud to offer alternative loan solutions to borrowers in Ontario. Our flexible loans are significantly less expensive and have friendlier repayment terms than payday loans or cash advances.
Online Loans Ontario
Getting a loan online has never been easier. Our automated loan management system allows for an exceptional online experience. We do not require any pieces of identification or any documents. Borrow money with ease using the short loan application on our website. You can apply online using your desktop or cell phone in just minutes.
We will begin processing your request as soon as we receive your complete application. Loan approvals can be granted in just one hour. Although some loans can be funded on the same day, it can take up to 24 hours for the funds to appear in your bank account.
Forget online payday loans. Apply for our installment loan instead.
Instant Same Day Approval Even With Bad Credit
Bad Credit Loans Ontario
Do you have bad credit? It’s all good! We got you covered. We do not do credit checks. Verifying a customer’s credit can have negative impacts on their score. Our applicants are verified through an IBV (instant banking verification).
Previously, lenders in Ontario relied on paper documentation that created many problems for both the lender and the borrower, including inconvenience, identity theft, and fraud. Rest assured. The process utilizes bank-level security and has assisted the segment in providing a safer environment for all users. Please note that we do not have access to usernames and passwords.
Before you apply, make sure you:
Are employed (full time)
Are over 18 years old
Are not in bankruptcy
We use our own criteria to process short term loan applications. This eliminates any negative impacts that credit verifications have on your credit score.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Are you tired of waiting in line at your local payday loan store? How about long online applications that require you to upload documents?
Since 2002, our lender has been providing personal loans in Ontario and British Columbia. Our interest rates as well as our loan terms are simply a better choice. Our loan management system expedites the application process so you don’t have to wait. All you have to do is apply. Once we receive your application, our agents will do the rest. We will deposit the funds directly in to your bank account as soon as your application is approved.
514loans can be accessed from anywhere in the province. It doesn’t matter if you are living in Toronto or Thunder Bay. Our instant loans are available to customers all over Ontario.
Cheap Loans Ontario
There is nothing worse than paying payday loan rates.
15 dollars for every 100 dollars borrowed is equal to an annual borrowing rate of 390%.
To make matters worse, Payday loans have a maximum loan term of only two weeks. This means that you would have to reimburse the entire loan on your next paycheck. Short terms associated with payday loans can impact your budget negatively. Giving up a large part of your paycheck is not a good solution and can result in having to seek a loan renewal.
Don’t get yourself caught up in a loan cycle. Our installment loans are designed to be a friendlier solution to borrowers in need of a cheap loan product.
Depending on the risk, our lender charges an interest rate of 26 %to 32 % in annual interest.
We are over 60% cheaper than a payday loan.
Our annual borrowing rate is 147% when you consider our fees.
Below is an example cost of borrowing associated with our loans for returning customers
Please note that pricing for new customer loans may be different from this example. Customers are offered a more advanced loan product and a preferred customer rate after their third renewal.
Loan Amount: $300.00
Number of payments: 6
Bi-weekly payment amount: $69.34
Total customer obligation: $416.04
Term: 3 months
Please remember to always borrow responsibly
What are you waiting for? Apply for our installment Loan in Ontario.
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.
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)
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?