The Smart Payday Loan Alternative

Simple Application, Quick Approval

Payday Loans Alberta

Payday loans are offered in most Canadian provinces, including Alberta. These loans are often advertised as a great way to get cash fast. You can be approved for one within the same day.

These are short-term loans are available to you even if you have bad credit. The approval process is quick and does not require any credit reporting.

Unfortunately, payday loans are often one of the most expensive options for Albertans.

Many people don’t realize how much interest they’re paying on a payday loan. The lender may advertise that you’ll pay just $75 in fees over two weeks, however, If you do the math, you’ll see that works out to an interest rate of almost 400 percent!

Furthermore, the short term length can make it difficult for people to pay the loan back. You’ll need to pay back the loan in full in 14 days.

If you needed the loan because you were a bit short before, then paying it back may leave you in the red all over again. This leads many people into a cycle of debt, where they take one payday loan to pay off another.

The good news is that there are many payday loan alternatives available. Many of them are more affordable and flexible. Best of all, they’re just as convenient.

Online Payday Loans Alberta

One of the reasons many Albertans turn to online payday loans is because they’re easier to get. There are plenty of online payday lenders doing business in Canada.

Online companies provide a better customer service. Utilizing technology to automate the process saves the customer time, however, the rates are the same as local payday loan shops.

Luckily, payday loans are not your only option. There are plenty of online lenders who offer payday loan alternatives.

One example is our online installment loan. This personal loan solution is similar to payday loan but it is superior in many ways.

How does an online installment loan work?

Unlike a payday loan, our loan terms range between 90 and 120 days and the ABR (annual borrowing rate) more than 90% cheaper.The conclusion is that our online Installment loans are just as simple to get, but they are far more manageable.

Payday Loans Alberta No Credit Check

Another reason Albertans turn to payday loans is because there’s no credit checks. Lenders will approve almost anyone, provided they show proof of employment and income.

That’s good news for anyone who has bad credit. A bank or credit union will often turn you down for a loan if you have bad credit.

No credit check also makes a payday loan an option for Albertans without a credit score. You may still qualify for a payday loan If you don’t have credit history,

It’s also helpful if you need cash fast in order to cover an unforeseen expense.

If you have bad credit, a payday loan can be a quick way for you to get emergency funds.

Payday loan alternatives are also not subject to credit checks. Our installment loans come with bigger credit limits, longer terms and a lower ABR 9Annual cost of borrowing).

Fast Approval Even With Bad Credit

Instant Payday Loans Alberta

Maybe you went a little over on a shopping spree or you bought a present for someone special. If you’re on a tight budget, any of these scenarios could cause you to fall behind on your bills.

If you work with an online lender, the process can be incredibly fast. You can avoid traveling to your local payday loan shop and apply from your cell phone, computer or tablet. The entire process can be completed from the comfort of your own home.

Some lenders make it easy to apply online. You’ll need to fill out a short application form and provide instant banking verification. There’s no credit check, which speeds up the process further.

The best loan companies serving Alberta have an automated process, which makes getting funds even faster. They use their own criteria instead of conducting credit checks and the evaluation is also automated.

Our instant loans offer more flexibility thanks to their longer terms. You can pay them back over three to four months. That’s much easier to manage than trying to reimburse the entire loan amount in just 14 days.

Lower costs of borrowing also make online installment loans a better choice for any Albertan. By choosing this kind of loan over a payday loan, you’ll save yourself money and make managing payments easier. You’ll avoid the cycle of debt and remain loyal to your budget.

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

Easy Payday Loans Alberta

So, how easy is it to get a payday loan alternative in Alberta?

To apply for a payday loan alternative like an online installment loan, do a little research and find a lender you like. You’ll likely need to fill out a short application form.

You’ll likely need to meet a few criteria:

Being 18 years or older
Being employed full time
Not being in bankruptcy
Being a Canadian citizen

The loan application process consists of 3 easy steps

1) Online application

Enter your personal information on our online application and complete your IBV (Instant banking verification).

2) Instant approval

Our loan management system will automatically evaluate your request

3) Money in your Bank

The funds will be automatically deposited in your bank account as soon as you sign your electronic loan agreements.

Below is an example cost of borrowing for a $500.00 no credit check loan.

Loan Amount: $500.00

Number of payments: 6

Bi weekly payment amount: $125.00

Total customer obligation: $750.00

Term: 3 months

It is important to note that this example is approximate and may be slightly different from an actual loan.

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.

Same Day Money Deposit

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 IBV?

An IBV is common practice in today’s non-prime financial segment. IBV’s give us read only permission, to verify your bank account. Previously, we relied on paper documentation that created many problems for both the lender and the borrower. Identity theft and fraud are very common when using paper documents.

Please note that instant approval does not mean your application can not be refused. Our lender reserves the right to refuse any application that is deemed high risk.

Which payday loan is best?

Payday loans are an expensive loan product. Lenders charge $15 for every $100 borrowed for a 14 day term. This means that the entire loan amount with the charges must be reimbursed on your next paycheck. Luckily, alternative loan companies like 514loans offer access to a more flexible and cheaper loan product.

Is a payday loan a bad idea?

A payday loan can be an ideal solution when a borrower needs money urgently. It is important to borrow responsibly when using a payday loan. For example, one must always refer to their budget before making an application. The borrower should never borrow more than 25% of their net monthly salary in order to ensure that the loan can be reimbursed without causing any financial hardship. There are more flexible non-prime financial solutions available and shopping around for an alternative is also recommended.

What is the best online payday loan?

A good service is often offered with reputable loan companies. The borrower should always refer to customer reviews before applying for a loan online. Shopping around for more flexible alternatives is also a good idea. Comparing services should be a common practice for all borrowers looking for an online loan.

Get a Loan Built for Your Lifestyle

Ready to get the cash advance you deserve? Apply now for a better loan and discover loans that can help you improve your finances.

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

Alberta

+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

PAYDAY LOANS CALGARY

Instant bank verification with every major Canadian bank