Payday Loans Mississauga

The Smart Payday Loan Alternative

Apply and Qualify Without the Hassle

514loans aims to provide borrowers with a safer, less expensive and more flexible loan product. We offer the number-one alternative to payday loans across Ontario and Canada.

How You Can Benefit from an Online Payday Loan

Mississauga is a large city in Ontario that is located close to Toronto. In addition to being a cultural hotspot, this Ontario city also has a very strong economy. 

With 20 payday loan stores in the downtown region, bad credit loans are easily accessible for anyone in need of an urgent financial solution. Products, such as online payday loans, installment loans, cash advances, and other loan services also act as great alternatives that help people to manage their finances.

Why Do People Usually Need Payday Loans?

Payday loans in Mississauga are for a sudden financial need, and have been used by residents for many years. Most people in Canada reported that they used online payday loans to pay bills, cover unexpected expenses, or to make a necessary purchase. 

While the costs associated with these loans vary, most lenders charge a rate of $15 for every $100 borrowed, for a two week period. Unlike more conventional financial products, merchants offer 14-day terms and can go up to 60 days. It is important to note that most companies only offer terms of 14 days

Although fast loans like those from 514 Loans are easy to obtain and quick to reimburse, the rates associated with other payday lenders can be many times higher than those of a credit card. Each Mississauga resident must consider whether or not the high cost of borrowing and the short term of reimbursement is a viable solution for their situation. We are available to provide assistance.

Online Payday Loans: No Credit Check

Each provider has their own set of criteria that they use in order to qualify applicants. In order to qualify for a loan at our establishment, the borrower must:

  • Be over 18 years old
  • Have a full-time job
  • Not be in bankruptcy
  • Complete an IBV

Payday lenders do not conduct credit checks. At 514 Loans, we verify each applicant’s through an IBV (internet banking verification). It is a system that gives us read-only permission to verify a potential borrower’s banking transactions.

A Better System

Previously, payday lenders relied on paper documentation that created many problems for both the lender and the borrower, including inconvenience, identity theft, and fraud. By contrast, the IBV process utilizes bank-level security and provides a safer and more efficient environment for all users. We do not have access to your username or password.

Do You Need Money Today?

Have no credit, good credit, or bad credit? It doesn’t matter because you can still apply for a payday loan in Mississauga. Alternative lending allows greater access to funds than traditional bank loans  

Additionally, our partners can help you monitor your credit score and help you make better decisions for your financial future. More information is available in our approval email notification, so don’t wait! Apply now and see why 514loans is the better choice!

Instant Same Day Approval Even With Bad Credit

Online Payday loans Mississauga

There are many payday loan shops in Mississauga, Ontario. And while there are physical storefronts that offer onsite services, you don’t need to be there in person if you can apply by simply using your computer or cell phone. 

By utilizing technology to automate the process, many payday loan providers have evolved in the online payday loan landscape. Bank-level security, a document-free process, and no line ups, makes getting a payday loan online the better choice. 

The Time for Applying Has Never Been Better

With such a vast range of providers, it can be difficult to find the right payday loan company. Prior to submitting an online payday loan application, borrowers should do their research and inquire about pricing, as well as terms and conditions. Shopping around is a great practice and can save money. 

Additionally, the borrower should always consider their salary, their expenses and cash flow, before applying for a payday loan. In order to avoid any negative economic impacts, it is important to apply for only a small part of your net monthly salary. This will prevent the need to borrow again in the short term and initiate a possible loan cycle. 

Our loan terms can range from 90 to 120 days and have an annual borrowing rate (ABR) that is about 60% less than your conventional payday loan. This significantly reduces the risk of causing any serious budgetary problems or future financial difficulties.

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Online Loans Worth Your While

With a lower cost of borrowing and more flexible terms, Mississauga residents are turning to lenders that offer other forms of a payday advance and alternative loan solutions. The loan application process is identical to that of a payday loan and the criteria are also the same. 

With no credit checks and no collateral necessary, payday borrowers can also qualify for a cash advance even with a bad credit score. This process is automated and doesn’t require any documentation or travel.

Payday Loan Agreements

When comparing our product to a payday loan, the borrower has to consider the difference in cost between the products, the amount of credit desired and their budget. A payday loan is most often due on the borrower’s next paycheck, while our advanced loan solution 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 of a payday loan is approximately $15.00 per every hundred borrowed. This means that the ABR is about 390%. With an ABR of about 147%, our cash advances start at $9.70 per every $100.00 borrowed for the same period, and can get as low as $6.37 for every hundred dollars for returning customers. This does not include the annual percentage rate (APR) of our lender, which ranges from 26% to 32%.

Below is an example of the cost of borrowing associated with our cash advances for returning customers

Please note that pricing for new customer loans may be different from this example. Additionally, customers are offered a more advanced loan product and a preferred customer rate after their third renewal.

Loan Amount: $300.00

Number of payments: 6

Bi weekly payment amount: $69.34

Term: 3 months

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.

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:

  1. A client can not reschedule the first payment.
  2. A client can not reschedule two payments in a row
  3. 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:

  1. You must be a Canadian citizen
  2. You must be over 18 years of age
  3. You must be employed full time.
  4. You must have an active bank account.
  5. Must not be engaged in a consumer proposal or a bankruptcy process.

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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.

  1. You must be over 18 years of age
  2. You must be a Canadian citizen
  3. You must be employed full-time
  4. You must have an active bank account
  5. You must not be engaged in a consumer proposal
  6. 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:

    1. A copy of your driver's license
    2. A proof of residence (any most recent utility bill with your name and address indicated on it)

    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?

    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

    Mississauga, ON

    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