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Bad credit loans Quebec
Having bad credit can cause many problems to a person’s everyday life. For example, individuals looking for an apartment may come across a landlord who conducts credit checks before producing a lease. Telephone companies, gas companies, and other utility providers may refuse to provide services to customers with bad credit. Poor credit history may also cause delays in saving money or even delay retirement. In addition, obtaining a loan can be impossible for borrowers with a bad credit score. Banks usually refuse any applicant with a credit score of less than 650 as they are deemed as too high risk. Credit cards and secured loans are also given only to individuals with good credit.
Quebec borrowers with such problems can only qualify for a loan through private lenders in the non-prime sector. Some customers resort to doing business with pawn shops in order to get urgent money. They will sell anything from jewelry, electronic equipment in exchange for a quick financial solution.
Individuals with a good credit score may also find it hard to get a small loan quickly. Banks do not provide small loans and applying for a loan at a bank is a long procedure. Applications are handled on person and loan approvals are long to obtain as well.
Luckily, Quebec borrowers can always get a loan through companies like 514loans. Our lender has been serving Quebecers since 2002 regardless of their credit score.
Bad Credit Loans Montreal.
Don’t let your credit report bring you down. We have assisted thousands of Montreal residents in obtaining a loan regardless of their credit score. Good or bad credit it just doesn’t matter. Our lender has been giving bad credit loans in Montreal for over 17 years.
Our partner lenders have been providing Montrealers with a more advanced loan solution. Before you apply you must :
- Be over 18 years old
- Be a Canadian citizen
- Have a full-time job
- Have an active bank account
- Have a paycheck that we automatically deposited in your bank account.
514loans is completely automated. Our simplified loan servicing process consists of three easy steps.
1) Online loan application
2) IBV (instant bank verification)
3) Instant approval
Our online loan application can be completed on your computer, tablet or cell phone. This completely eliminates face to face appointments.
We do not do credit checks. Our automated credit risk analysis is applied using your IBV (instant banking verification). We use our own criteria to qualify borrowers in need of a loan.
Our fully automated system allows us to deliver instant approvals to our accepted customers instantly. Please note that instant loan approval is not guaranteed. Our lender reserves the right to refuse any application that is deemed as high risk.
Which loan company is best for bad credit in Canada?
514 loans specialize in assisting borrowers with bad credit. We have served over 50 000 customers across Canada in finding a loan regardless of their credit score.
Who will give loans with bad credit?
There are plenty of companies in the non-prime financial sector offering loans to individuals with a bad credit score. Payday loans and other financial products are available across Canada. 514loans provides advanced loan solutions to individuals with poor credit.
Can I get a personal loan with a 450 credit score?
For over two decades payday lenders have been providing short term loans to customers with poor credit across Canada. Since payday loans are not offered in Quebec, customers can apply with 514loans to get an instant loan anywhere in the province.
Payday loans Montreal
A payday loan is a short term financial product that is very popular in Canada. It is important to note that payday loans are not legal in Montreal or in the rest of Quebec. Borrowers should be very careful when engaging with companies that offer payday loans in Montreal.
Payday loans come with a cost of 15 dollars per every hundred dollars borrowed. This means that they have an ABR ( annual borrowing rate) of 390%. Additionally, payday lenders only give loan terms of 14 days and must be reimbursed completely on the customer’s next paycheck.
Let’s be honest here. Giving up a big part of your paycheck on payday is not ok. How will this affect your budget?
Some lenders will allow the customer to only pay the fees and rolling the loan over repeatedly, without ever paying the principal loan amount. This is called predatory lending and should be avoided by the borrower at all times.
Our safer payday loan alternative costs significantly less than a payday loan. We offer terms of 90 to 120 days with payment plans that are consistent with the frequency of the applicant’s paycheck.
All payments consist of capital, interest, and fees, reducing the total amount owed with every payment.
Our lender charges annual interest of 24%to 32% in annual interest, depending on the risk associated with the application. Broker fees do apply so please refer to our example cost of borrowing below and remember to borrow responsibly.
Example cost of borrowing for a 300 dollar loan with a 3-month term
Loan Amount: $300.00
Number of payments: 6
Bi-weekly payment amount: $69.34
Total customer obligation: $416.04
Term: 3 months
The price shown above is offered to our regular customers and may be different from a new customer loan.
What loans can I get with a 500 credit score?
We are offering individuals with a low credit score a more advanced and safer loan product. Longer terms and cheaper prices, make our loans more attractive to non-prime borrowers.
What is an IBV?
An IBV (instant bank verification) provides lenders with real-time data of a borrower’s banking transactions. The process uses Bank-level security and protects both the lender and the borrower from identity theft and fraud. It allows lenders to verify identity and to quickly make a decision to either approve or decline a loan request. IBV’s have become standard practice with online lenders.
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.
Fast Approval Even With Bad Credit
APPLY ONLINE AND SECURE FUNDS QUICKLY
1. Apply Online
2. RECEIVE SPEEDY APPROVAL
3. FUNDS DEPOSITED INTO YOUR BANK ACCOUNT
Fast Response
56,000
Customers since 2017
1h
Hour Approval
Trusted Partners and Providers
EFT Canada
is our reliable provider of advanced electronic payment services
Decision Logic
is our trusted partner for bank transaction verification
Microbilt
provider of risk management reporting for our valued clients
Interac e-Transfer
is one of our methods of processing electronic payments to our clients safely and fast
Inverite
is our trusted partner for real-time instant bank verification
Versapay
is our trusted partner for accounting automations
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.
What are you waiting for? Apply Now!
Happy Customers
Please give your feedback
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
Desjardins
ATB Financial
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
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 $1000.
Borrow Responsibly
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Go ahead
Call them whatever you want
We specialize in **
**INSTALLMENT LOANS
Installment Loans
Installment loans are Canadians’ trendiest loan choice since 2017.
Payday Loans
Payday Loans are:
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Old news
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Extremely expensive
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Have a short payback of 14 days
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Being replaced by installment loans
Cash Advance Loans
Cash? Who does that anymore?
Our Installment loans are delivered instantly by Interac e-Transfer.
Instant Loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Mobile Loans
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Unsecured Loans
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Short Term Loans
Our short term loans are offered as follows:
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300$ to 3000$
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90- to 120-days payback period
Online Loans
Our process is entirely done online.
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Apply today
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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.
Our Blog
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
