Payday Loans Ontario

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Fast Payday Loans Ontario as an Alternative Solution

A unique combination of resources, manufacturing, and educated workforce make Ontario the most productive province in Canada. However, despite its economic prowess, Ontario residents often find themselves in need of a short-term financial solution. Such services are not offered by more conventional financial institutions. 

This is where Ontario payday loans can come in handy. 

Is the Cost of Borrowing Worth it?

Most Canadians reported that they used payday loans to pay bills, cover unexpected expenses, or to make a necessary purchase. Instant payday loans are ideal products 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 a poor credit score. 

The costs associated with these loans vary, however, most lenders charge a rate of $15 for every $100 borrowed over the course of a two-week period. Unlike more conventional financial products, merchants 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.

Make Sure the Loan is Right for You

It is important to be responsible when taking out a payday loan. Borrowers must first consider their budget in order to determine the amount for which they should apply. Paying back a $500 loan in two weeks, for example, 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.

Making sure that the total reimbursement does not cause future financial problems is crucial to using the product responsibly and effectively benefiting from this service. Additionally, customers must do their research and ensure that they are borrowing from a reputable alternative lender, whether it’s a storefront or an online company. 

514loans provides borrowers with payday loans in Ontario: a safer, less expensive, and more flexible alternative.

Our financial experts assist customers from across Ontario, offering their expertise and loan solutions. Some areas we cover include:

Online Payday Loans Ontario

There are many brick-and-mortar payday loan shops in Ontario, but there are a number of online payday loan companies (like 514 Loans) that offer you added convenience. Today, you can apply for an instant payday loan from the comfort of your home via laptop, tablet, or cell phone. 

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 by reading reviews and inquire about pricing, as well as terms and conditions. Shopping around allows Ontario borrowers to find a company that suits their financial needs and allows them to save money with a tailored payday loan agreement.

Choose Us for E-Transfer Payday Loans in Ontario

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.

The adoption of new technologies rapidly evolved to 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 process is so fast that it almost feels like an instant payday loan!

Borrower Beware

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 is substantially regulated, the ABR is still at about 390%. This makes e-transfer payday loans the most expensive of financial products. 

Furthermore, not all lenders are compliant to regulations. Predatory lending practices are a huge concern when shopping for online loans. The internet has become a breeding ground for many unethical lenders who prey on inexperienced 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 lending organization

Some red flags include: 

  • 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. 
  • An unethical lending practice consists of 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 Loans 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.

Qualifications for Payday Loans Ontario: No Credit Check

Payday lenders do not conduct credit checks. Borrowers are verified through an internet banking verification (IBV), a system that gives us read-only permission to verify a potential borrower’s banking transactions. 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

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, providing a safer and more efficient environment for all users.

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Flexible Loans for Good Credit, Bad Credit, & No Credit

With a lower cost of borrowing and more flexible terms, residents of Ontario are turning to lenders who offer other loan products to satisfy their financial needs. With no credit checks and no collateral necessary, payday borrowers can also qualify for alternative solutions. 

The application process is simple and quick since it’s automated and doesn’t require any documentation. The borrower simply fills out the short application form, completes an IBV and the request is processed exactly like that of a payday loan. 

Smaller payments and longer terms make this product more appealing to Ontario customers. Unlike traditional 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.

Borrowing from 514loans

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

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