Payday Loans Ontario

The Smart Payday Loan Alternative

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Payday loans Ontario

A unique combination of resources, manufacturing, and educated workforce, make Ontario the most productive province in Canada.  Ontario generates close to 40% of Canada’s GDP and almost 50% of all employees in tech, finance, and other key industries are employed there.

Regardless of its economic performance, Ontario residents often find themselves in need of a short term financial solution. Such services are not offered by more conventional financial institutions and this is where payday lenders come in. 

A payday loan is an ideal product for Ontario residents faced with a sudden financial need.  Most payday lenders do not verify credit and this makes the service attainable for even those with poor credit. Most Canadians 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 for every $100 borrowed, for a two week period. Unlike more conventional financial products, merchants in this segment, offer terms that range from 14 to 60 days.

 It is important to note that although these loans are easy to obtain and quick to reimburse, the rates associated with payday loans, 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.

It is important to be very responsible when taking out a payday loan. Borrowers must first consider their budget in order to determine the amount they should apply for. Making sure that the total reimbursement does not cause future financial problems, is key to using the product responsibly and benefiting from this service. 

514loans is aiming to provide borrowers with a safer, less expensive and more flexible alternative. Please keep reading.

Offering loan solutions across Ontario including:

Online Payday Loans Ontario

There are many payday loan shops in Ontario. There are physical storefronts that offer onsite services as well as online payday loan companies that do not require the applicant to travel at all. One can apply simply by using their computer or cell phone. Most online companies offer a more user friendly experience and are rapidly gaining popularity in Ontario. With such a vast range of providers, it can be difficult to find the right lender. Prior to submitting an 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 their net monthly salary. This will avoid the need to borrow again in the short term and prevent a possible loan cycle.

Our loan terms can range from 90 to 120 days and have an ABR (annual borrowing rate) 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.

E Transfer Payday Loans Ontario

Payday loans have made their way to the Ontario landscape twenty five years ago. For over two decades, payday lenders have been providing non-prime financing and assisting borrowers in obtaining emergency funds when they need it. A rapidly evolving segment resulted in adopting technologies that expedite the processing times of applications. E-transfer loans are now available just about everywhere and can result in funding a loan in less than 90 minutes. The industry has also gone through a lot of regulation throughout the years and this has resulted in a better and more legitimate loan product. Although the market was substantially regulated, the ABR (annual Borrowing rate) is still at about 390%. This makes e-transfer payday loans the most expensive non-prime financial products in the segment. Furthermore, not all lenders are compliant to regulations. Predatory lending practices are a huge concern when shopping for a payday loan. The internet has become a breeding ground for many unethical lenders who prey on unexperienced borrowers in search of a payday loan. It is extremely important for new users to get informed about laws and regulations prior to engaging with any type of non-prime lending organization. Some unethical providers offer consumers the option to pay only the interest and roll the loan over to a new term. No part of the payment is ever applied to the principal amount and the amount owed never decreases. Another example of the unethical lending practice is charging more than $15 dollars for every hundred dollars borrowed for a two week term. Borrowers should steer clear of any lenders who provide such services and take their business to a more credible establishment. Reading the payday loan act is an efficient way to identify fraudulent lenders. Staying informed is key to choosing the right payday loan provider.

Frequently Asked Questions

Do I Qualify for a Payday Loan in Ontario?

514 Loans has a few qualifications that you must meet when applying for a payday loan. These qualifications consist of the following:

  • You must be a Canadian citizen
  • You must be over 18 years of age
  • You must be employed on a full-time basis
  • You must have an active bank account
  • You must not be engaged in a consumer proposal or a bankruptcy process

If you meet the above qualifications, you will also need to complete an Internet Banking Verification (IBV) since our lenders do not conduct credit checks.

Who Benefits from a Payday Loan?

We serve Canadians from all walks of life, from self-employed business owners to full-time single parents. Everyone could use a helping hand every now and then, so 514 Loans is here for you! However, you will need to meet some qualifications when applying for a payday loan.

Can I Get a Payday Loan even with Bad Credit?

Yes! 514 Loans will review your situation and provide you with the right loan solution. And unlike other payday lenders, we don’t run a credit check. We conduct an IBV to verify your banking transactions once you qualify and are deemed a “potential borrower.”

How Do I Repay My Loan?

You can repay your loan at your next payday. We will design a payment schedule that suits your pay frequency, whether that’s weekly, bi-weekly, bi-monthly, or monthly. Keep in mind that 514 Loans offers loan terms of 90 or 120 days. But if you have a loan that’s over $1000, we can provide you with an extended payment schedule.

Payday Loans Ontario No Credit Check

Payday lenders do not conduct credit checks. Borrowers are verified through an IBV (Internet Banking verification). Each provider has its 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 fulltime job

  • Not be in Bankruptcy status

  • Complete an IBV (Internet Banking Verification)

An IBV (internet banking Verification) is a banking verification system that gives us read-only permission, to verify a potential borrower’s banking transactions. Previously, payday lenders relied on paper documentation that created many problems for both the lender and the borrower, including inconvenience, identity theft and fraud. Rest assured that we do not have access to your username or password. The process uses bank level security has assisted the segment in providing a safer and more efficient environment for all users.

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Loans Ontario

With a lower cost of borrowing and more flexible terms, residents of Ontario are turning to lenders offering other loan products to satisfy their financial needs. The 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 alternative solutions. The process is automated and doesn’t require any documentation. The borrower simply fills out the short application form, completes an IBV (Internet banking verification) and the request is processed exactly like that of a payday loan. Smaller payments and longer terms make this product more appealing to customers. Unlike payday loans that should only be used for a pressing financial problem, our loans are more versatile and can be used for just about anything. 

When comparing these two solutions, 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 alternative 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 (annual borrowing rate) 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 APR (annual percentage rate) of our lender which ranges from 26% to 32%.

In conclusion, both products are more expensive than more conventional prime lending institutions. We ask all consumers to avoid excessive use of these services and to borrow responsibly. Our informative email campaigns are designed to keep consumers informed about other financial products, that can help non-prime borrowers graduate to more conventional forms of financing. 

514loans is offering borrowers in Ontario a new and fresh solution. Our product can be used to pay unexpected expenses, to catch up on bills or even take a small and well deserved vacation. We remain devoted to working with our customers and keeping them informed. Together we can help establish more ethical lending practices as well as intelligent borrowing habits.

Below is an example cost associated with a payday loan in Ontario

Loan Amount: $500.00

Term: 2 weeks

Fees: $75.00

Number of payments: 1  

Total reimbursement: $575.00


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

Loan Amount: $500.00

Total fees: $174.71

Total interest to the Lender: $24.21

Number of payments: 6

Bi-weekly payment amount: $116.45

Term: 3 months

Total reimbursement: $698.70

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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Areas Served

Proudly serving Canadians with no credit check installment loans in Canada, 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?


Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon


Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun


Calgary, Edmonton, Lethbridge. Red Deer. St. Albert, Grande Prairie, Airdrie


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


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