Payday Loans Hamilton
Hamilton is the fifth most populated city of Ontario. Located on the western end of Lake Ontario, it is one of the largest industrial centers (steel production), and the city is also a financial hub.
The non-prime financial segment has rapidly expanded in the neighborhood in recent years, and over 20 payday loan shops are operating in the downtown region. Conventional financial institutions do not offer small and short-term loans, or serve customers who have a bad credit report.
Consequently, borrowers have to jump through hoops to get an approval, or they are forced to wait for months before getting a response from these institutions. This is where alternative payday loan companies like us come in.
Can You Afford the Total Cost of Borrowing?
A payday loan is an ideal product for a sudden financial need and has been used by the residents of Hamilton, Ontario for many years. Most borrowers reported that they used payday loans to pay bills, cover unexpected expenses, or to make a necessary purchase. The costs associated with these loans vary, however.
Most lenders charge a rate of $15 per $100 borrowed, for a two-week period. Unlike more conventional financial products, most merchants in this segment offer 14-day terms. Although these loans are easy to obtain and quick to reimburse, the rates associated with payday loans in Hamilton can be many times higher than those of a credit card.
When you consider the high cost of borrowing and the short term of reimbursement, you will begin to see how they can be detrimental to your economic wellbeing when not used responsibly. Paying back a $500 loan in two weeks can cost up to $575.00. This amount represents a significant part of the average paycheck and can lead to falling behind on other financial obligations.
514 Loans offers payday loans and cash advance solutions that are far more constructive than conventional financial products. Bigger credit limits and more flexible repayment terms result in easier reimbursement, allowing the borrower to respect their budget.
Instant Same Day Approval Even With Bad Credit
Better Online Payday Loans in Hamilton, Ontario
There are many payday loan shops in Hamilton, Ontario. While these physical storefronts offer on-site services, online payday loan companies are quicker, easier and much more convenient. Hamilton residents don’t have to travel at all. Everything they need is at their fingertips and can be completed in minutes online.
Online payday loan companies like 514 Loans offer a more user-friendly experience and are rapidly gaining popularity in Hamilton and across Canada. Utilizing technology in order to automate the process, instant loan providers have evolved in Hamilton’s online payday loan landscape.
Using bank-level security, a document-free process and no line-ups, our online payday loans are the more convenient choice.
Our Payday Loan Application Process
The borrower simply fills out the short online application form, completes an IBV (Instant Banking Verification) and the request is processed in only one hour. Email money transfers and electronic fund transfers further simplify and speed up the loan origination process.Talk about fast and easy!
514 Loans provides some of the best payday loans Hamilton has to offer because our customers have access to a new and fresh solution.
Our automated loan management system results in a lighting-fast application process, and our customer portal provides a superior user experience for all users.
Our cash advance solutions can be used to pay unexpected expenses, to catch up on bills or even take a small and well-deserved vacation. Larger credit limits and longer terms offer customers a more flexible and better loan product hands down!
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Instant Same-Day Approval Even With Bad Credit
Get a Payday Loan in Hamilton for Emergencies
When you need an online loan urgently, but don’t have good credit, we’re your go-to lender! With a high acceptance rate and rapid processing times, we make it a priority to give you an answer within an hour.
We understand that most applications are urgent, and we work for you! Our loans are designed to meet your needs and give you the edge when it comes to successful reimbursement. Apply now and see why Canadian borrowers are switching to our loan product today.
Cash Advances & Payday Loans Hamilton—Get Approved Fast!
Hamilton loans from 514 Loans are easily accessible online and available to all borrowers, regardless of their credit score and background. With a lower cost of borrowing and more flexible terms, Hamilton’s residents are turning to lenders that offer other forms of cash advances and alternative loan solutions.
The loan application process is identical to that of other payday loan companies, and the criteria are also the same. With no credit checks and no collateral necessary, payday borrowers can also qualify for a cash advance as well. Loans are granted even to those with a bad credit score. This process is also automated and doesn’t require any documentation or travel.
Repayment Process for a Payday Loan in Hamilton
A payday loan is most often due on the borrower’s next paycheck, while our cash advance can be reimbursed in a series of payments. All payments include capital, interest and fees, reducing the total amount owed with every payment.
The ABR (Annual Borrowing Rate) of other payday loan companies is approximately $15 per $100 borrowed. This means that the ABR is about 390%. 514 Loans offers a much better deal. With an ABR of about 147%, our cash advances start at $9.70 per $100 borrowed for the same period, and returning customers can get as low as $6.37 for every $100.
However, this does not include the APR (annual percentage rate) of our lender which ranges from 26% to 32% annually.
Hamilton Residents Benefit from Fast Cash Solutions
No credit, good credit or bad credit, it doesn’t matter. We have a loan product that is right for you. Additionally, our partners can help you to monitor your credit score and make better decisions for your financial future. The information is available in our approval email notification, so don’t wait!
Apply for payday loans now and see why 514loans is the better choice!
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.
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514loans - Payday Loan Alternative