Between 1.5 and 2 million Canadians will access a payday loan every year. Many turn to these loans because they need to cover an unexpected expense like car repairs. Some people find themselves just a little short one month and need the cash to cover it.
In almost every case, though, Canadians turn to payday loans because they’re convenient and widely available. People often aren’t aware of all the payday loan alternatives that are out there.
If you’re wondering about payday loans, Calgary, you probably have lots of questions. How easy is it to qualify for a payday loan? What other options do you have, and what are the eligibility requirements there?
If you’ve asked these questions, you’re in luck. This guide goes over eligibility requirements for Calgary payday loans. It also looks at the better alternatives that are out there.
Payday Loans Calgary
Like other major cities in Canada, Calgary licenses payday lenders to operate in the city. There are plenty of options in most urban Canadian centers, with the payday industry having grown by leaps and bounds.
That might sound like good news for residents of Calgary, who can get fast access to cash. Some Canadian cities are now cracking down on payday lenders. In BC, for example, some places are no longer issuing licenses.
Why? Payday lenders are often predatory, using easy access to loans to trap borrowers into a cycle of debt.
Payday loans come with high interest rates, which often see people paying $75 on $500 for a couple of weeks. What’s more is lenders demand the loan be repaid fast. Most payday loans are due in full 14 days after you take it out.
For many Calgarians, that’s a tall ask. If you were short a couple of weeks ago, what are the chances you’ll have enough money to pay back almost $600?
Even if you get paid in that window, that likely represents a good chunk of your paycheck. You might be able to swing the payment, but that doesn’t mean you’d be in the clear. It could leave you scrambling for funds before your next paycheck.
This situation isn’t rare with most types of payday loans either. People often end up taking out another loan to pay off the first one. Then, when that one is due, they have to take out yet another, creating a costly cycle of debt.
Payday loans are still popular, often because people don’t understand how much they cost. They may also not realize they have other options.
Instant Payday Loans Calgary
Another reason payday loans are so popular is because they’re easy to get. In Calgary, you can often apply for this short term loan solution and get your funds within a few hours.
That’s much different than if you apply for a loan at the bank or a credit union. You might wait days or weeks, just to be turned down. More people would access personal loans and lines of credit if they felt they were as convenient.
If you’re in a pinch, though, the payday loan isn’t the only option you have to get cash fast in Calgary. In fact, it’s not even the best option you have.
Instead, take a look at online installment loans. These credit products are better, because they give you much more flexibility when it comes to paying them back. Smaller payments are more manageable for any budget. You may repay your loan in 6 to 12 bi weekly payments and still have enough money for your other obligations.
What’s more is that online installment loans are often as easy to get. Much like payday loans, you can usually get this cash advance within hours. If you need cash fast, there’s no reason to turn to a payday lender when there’s a better option right in front of you.
Instant Same Day Approval Even With Bad Credit
Payday Loans Calgary No Credit Check
Whether you’re thinking about a payday loan or a payday loan alternative, you’re wondering how you can qualify. Will a lender actually give you the funds you need?
This is one reason people turn to payday lenders in Calgary so often. Most payday loans come without credit checks. That means almost anyone can qualify for one.
This is good news for borrowers who don’t have credit history. If they tried to apply at the bank, they’d be turned down. They may even end up stuck in a cycle where they can’t build credit in order to qualify for other loans.
It also helps Calgarians with bad credit as well. If you have bad credit, then you may not qualify for a traditional loan with the bank. Even if you did, they might charge higher interest or refuse to give you as much money as you need.
If payday lenders aren’t checking credit scores, how do they determine who gets a loan? The eligibility criteria for a payday loan are often simple:
- You must be 18 years of age or older
- You must show proof of income and employment
- You mustn’t be in bankruptcy
You may need to provide proof that you’re a Canadian citizen or fill out an Instant Banking Verification (IBV) form.
Getting a payday loan is easy for most people, which is why they’re so common. It can be just as easy to get an online installment loan though.
The eligibility criteria for this type of loan is often similar to that for a payday loan. On top of that, you can get more money, a better interest rate, and a more flexible payment schedule.
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Online Payday Loans Calgary
Payday lending is also convenient because you don’t need to visit a store to get a loan. You can do a Google search for “best online payday loans in Calgary,” and you’ll come up with plenty of options.
Online lending is more convenient for Calgarians. It means they can fill out the online loan application whenever it’s convenient for them. The approval process is often automated too, which means you can still get your funds deposited in your bank account fast. Automated l efficient customer service is
Using e-transfers and other technology, you can get the cash you need almost instantly. That’s much different than the bank, which can take days or weeks to transfer funds. That’s if you’re even approved for a loan with them.
Payday lenders aren’t the only ones making good use of technology, though. Many online lenders offer better payday alternatives. The personal installment loan is one example.
You can find plenty of financial institutions in Calgary offering better alternatives. They use the same technologies, like e-transfer and process automation, to make applying for a loan quick and easy.
That means you can apply for a personal installment loan online, whenever it’s convenient for you. You’ll still get your funds fast too.
With that in mind, you’re probably asking yourself why you wouldn’t apply for a personal installment loan. It’s just as quick and easy as applying for a payday loan. Beyond that, an installment loan is a better option for you.
You can get the cash you need when you need it. You can often get more money, save interest, and get the flexibility you need to pay the loan back.
Do You Qualify for the Best Payday Loan Alternative?
An online installment loan may sound like your absolute best bet when you need cash in a hurry. You might wonder if you can qualify for one, though.
If you can qualify for a payday loan, you’ll qualify for an online installment loan too. Much like the payday loan, you’ll need to be 18 years or older and be able to prove you have full-time employment. So long as you’re not in bankruptcy, you’re all set to get a better kind of loan!
Are There Other Requirements?
To get an online installment loan, you’ll need to fill out a short application form. This is provided by the lender. Each lender will have a different form.
Some lenders may have different criteria. You may need to provide Instant Banking Verification (IBV) forms for some. Others may want proof you’re a Canadian citizen, or they may want a bank statement that shows regular income.
In most cases, though, you don’t need much to qualify for a great payday loan alternative. It’s a much simpler process than applying for a credit card or a loan with the bank. Since there’s no credit check, you don’t need to worry if this is your first loan or you’ve missed payments on other debts.
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.
The Cash You Need Without the Payday Loan Terms
All too often, Canadians feel that a payday loan is the only choice they have to get the cash they need. As demonstrated here, anyone searching for payday loans Calgary has plenty of other choices to consider.
Qualifying for a payday loan may seem like the simplest route. Payday alternatives like online installment loans are just as accessible. Beyond that, they’re more manageable and flexible, which can help you stay on top of your debt.
Escape the cycle of debt by choosing a better payday loan alternative. Apply now and get the cash you need a better way.
Frequently Asked Questions
Are payday loans legal in Canada?
Yes payday loans are legal and are used by millions of Canadians in need of a rapid loan solution. Payday loans are an expensive form of non-prime financing and should only be used when the borrower has no other options.
How much should a $500 payday loan cost?
Considering most payday loan providers charge $15 per every $100 borrowed, $500 will cost $575.00 after a two week period. This is equivalent to an APR (annual percentage rate) of 390%.
What is an IBV?
An IBV (instant bank verification) provides us with view only permissions to the data of your banking transactions. The process uses Bank level security and protects both the lender and the borrower from fraud and identity theft. It also allows us to expedite the underwriting process and provide a better user experience to all customers. IBV’s are extremely attractive to experienced borrowers and have become standard practice with online lenders worldwide.
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.
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