Borrowers in Edmonton have been using payday loans for many years. This loan product maybe expensive, however, they are easy to get and can serve as a good solution when an unexpected financial urgency arises.
Most payday loan companies charge rates of $15 per $100 borrowed for a two week period and this is equivalent to a near 400% annual percentage rate.
In addition to that, payday loans are very short-term solutions. You’ll likely need to pay them back in one installment in only 14 days.
The combination of high interest and short term can lead to a cycle of debt.
Every year, millions of Canadians rely on payday loans to help them deal with unexpected expenses. Some may even use them to keep cash flowing between paychecks.
Payday loans aren’t always the best option you have, though. While there are plenty of payday lenders, you should look at payday loan alternatives.
If you’re looking for payday loans in Edmonton, start here.
Online Payday Loans Edmonton
There are also plenty of online options available to borrowers in need of fast cash. Being online means it doesn’t matter if you are in Edmonton or Nova scotia. You can utilise the reach of the internet to broaden your search and find a better loan product.
Online loans are attractive for many reasons:
– You can avoid travelling to your local payday loan shop and apply online right from your cell phone or any other device of your choice.
– The process is a lot simpler and doesn’t require any documentation.
– Online lenders do not use your credit report to evaluate your request.
– The funds can be deposited directly in your bank account in less than 24 hours.
Due to state of the art technology, online lenders can provide a more efficient customer service.
The entire process can be completed with the following simple steps:
1) Online application
2) Instant approval
3) funds automatically deposited in your bank account
Automated loan processing systems allow lenders to automatically evaluate your request and provide instant loan approvals. please note that any high risk applicant can still be refused.
Payday Loans Edmonton No Credit Check
Payday lenders use their own unique criteria to analyse loan applicants. They use the personal information you provide and the data from your IBV (instant banking verification)
This makes Payday loans available to just about all Edmonton residents regardless of their credit.
Good credit, Bad credit or No credit it doesn’t make a difference just as long as you :
- Are a Canadian citizen
- Are Over 18 years old
- Are Employed full time
- Have an active Bank Account
Payday loans aren’t the only type of loan that doesn’t rely on your credit score. Many payday loan alternatives are also designed to give people a more intelligent cash advance for more than half the cost.
Companies like 514loans offer online installment loans with larger credit limits, loner terms and a cheaper APR than conventional payday loans. Apply now and let one of our agents assist you in obtaining a more constructive short term loan.
Instant Same Day Approval Even With Bad Credit
Instant Payday Loan Edmonton
Loans can be funded instantly using email money transfers. This means that the funds can be received in less than 90 minutes. Over the years Payday lenders have become creative in creating a customer service that caters to a more technologically savvy clientele.
Why Are Payday Loan Alternatives Better?
There are quite a few reasons payday loan alternatives are better than a payday loan. The first is the cost.
As mentioned, payday lenders often charge an interest rate around 400 percent. By contrast, the interest rate on an installment loan may be less than half of that. You’ll end up paying less in interest, which helps to make the loan more affordable.
An installment loan also doesn’t need to be paid back all at once. Instead, you can usually pay it back over the course of a few months.
So, an online installment loan is both less expensive and more flexible. That can be the difference between handling all your financial commitments and falling deeper into debt.
Can I get a loan to pay of payday loans?
Our installment loans have larger credit limits and can serve those who are caught in a loan cycle. Furthermore, smaller payments and longer terms can make reimbursement easier. Having to reimburse two loans on your next pay check can cause you to fall behind on other payments, cause NSF fees and have a negative impact 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
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.
Get the Cash You Need Fast
It’s time to rethink payday loans, Edmonton. Many Canadians have turned to payday loans because they aren’t aware of the many other choices they have.
Whether you need cash fast or you have bad credit, an online installment loan could be the right choice for you. With lower interest rates and more flexible terms, these payday loan alternatives are a better fit for many Edmontonians.
Ready to get started with a better payday loan alternative? Apply now and discover a better way to get the cash you need, fast.
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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