Payday Loans Montreal
Every year, almost two million Canadians turn to payday loans. Borrowers across all income brackets turn to this financial tool when they need an urgent financial solution.
If you’re in Montreal, you might be wondering what your choices are when you need money urgently.
Payday loans are a popular option for many Canadians, however, these loans have some serious downsides. Payday lenders charge $15 per $100 borrowed. That amounts to annualized interest rate near 400% .
Furthermore, most payday loans are only available for 14-day terms and the entire loan with the fees must be reimbursed in two weeks. Moreover, payday loans are not legal in Montreal and the service is only available through non compliant companies that you are better off not dealing with.
The bright side is that there is a better loan alternative available. Many companies like 514loans offer access to a more flexible loan product with better rates, longer terms and bigger credit limits.
Loans: Montreal Options
- A personal loan
- Lines of credit
- Credit cards
Obtaining a personal loan, a line of credit or a credit card can be a lengthy process even for those with good credit. That’s because the process requires a long application, some documentation and a credit check. As a result, approval can take days and are not convenient when addressing a pressing financial need.
Another option you may want to explore is a title loan. A title loan is usually issued on a vehicle you own outright. They can be approved same-day, which makes them a quick and easy way to access cash in Montreal.
Luckily companies like 514loans offering Montrealers No credit check loans that are easy to get .
Instant Same Day Approval Even With Bad Credit
Bad Credit Loans Montreal
If you have bad credit, conventional financing may not be available to you.
If you have a limited credit history or no credit history, you may want to consider our installment loans. Our automated loan management system provides an excellent user experience and does not rely on credit ratings.
These loans are offered by reputable lenders who are willing to look past bad credit or a sparse credit history.
How does a bad credit loan work?
Usually, the lender won’t perform a credit check. Instead, they will use their own criteria to evaluate your application along with the data provided through the IBV (instant banking verification)
Since the lender doesn’t perform a credit check, bad credit loans can often be approved fast. If you need cash immediately, then a bad credit loan could be a good choice.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Online Payday Loans Montreal
Short- term loan solutions are instantly available to borrowers and do not require any on premise meetings or lengthy application processes.
An application can be submitted using any device of your choice ( cell phone, tablet or computer).
The entire process can be completed with the following three simple steps
- Application ( with IBV)
- Instant approval
- money in your bank
Instant approval is possible by automating the evaluation process and does not mean you cannot be refused. Our lender reserves the right to refuse any applications if evaluation does not produce a favorable result.
Now you’ve had to a chance to review most of your options for getting a loan in Montreal. Traditional products, like credit cards and personal loans, often take a long time to approve. That means they’re not the best choice if you need the funds quickly.
The problem is often the credit check, which can also hurt borrowers who don’t have great credit scores.
By contrast, most fast cash loan options bypass the credit check. That makes them more accessible to more people.
It also means you can get the loan in short order. Often, a fast cash loan option can be approved same day, and some lenders are even faster.
So, what do you need to qualify for a fast cash loan in Montreal?
Each lender will have their own requirements, so you should carefully review the loan application. You may be required to provide some documentation, such as a bank statement or proof of citizenship.
Generally speaking, most lenders will ask that you meet two or three criteria:
- You must have full-time employment
- You must be 18 years of age or older
- You must not be in bankruptcy
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 a Loan That Fits Your Needs
When it comes to loans, you have plenty of options in Montreal. If you need cash fast, you still have many great options. Even if you have bad credit or no credit, you can still get loans that meet your needs.
Are you looking for a fast cash loan option that offers you more flexibility? Apply for an online installment loan today! The cash you need could be just a few clicks away.
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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