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Payday loans Ottawa
Ottawa is Canada’s capital. The city is situated between Montreal and The American border. The city’s location on the south bank of the Ottawa River was an important factor for its settlement and development. Originally a Lumbering community, Ottawa has developed in to a magnificent city with a population of just under 1 million people. Many industries contribute the fast growing GDP of the Capital. The industry leaders are High Tech and Federal Government, contributing to a combined 37.1% of the city’s GDP. Other industries like Health and Education, Construction and Trade account for close to 20%, while Finance, Insurance and real estate only account for about 10 % of the capitals GDP. Although Finance is not the biggest industry, Ottawa’s non-prime finance segment is still thriving with about 15 payday loan stores close to the downtown area. This is due to the fact that bank do not offer small loans and this is where payday lenders come in.
A payday loan is an ideal product for a sudden financial need and has been used by Ottawa residents for many years. Most people in Canada 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 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 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 loan responsibly and benefiting from this service.
514loans is aiming 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.
Instant Payday Loans Ottawa
Due to a better user experience, Ottawa residents are turning to Instant payday loan providers when they need cash fast. The process is automated and doesn’t require any documentation. 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 origination process.
514loans is offering our customers 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 advances 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!
Instant Same Day Approval Even With Bad Credit
Payday Loans Ottawa no Credit Check
Payday loans have made their way to the Canadian market approximately twenty five years ago. For over two decades, payday lenders have been providing alternative loan products and assisting borrowers in obtaining emergency cash when they need it. No Credit checks, accepting bad credit and rapid application processes make these loans attractive to non-prime borrowers in Ottawa as well as the rest of Ontario.
The industry has gone through a lot regulation throughout the years and this has resulted in a better and more legitimate loan service. Although the market was substantially regulated, the ABR (annual Borrowing rate) is still at about 390%. This makes 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 any type of cash advance. 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 non-prime lending organisation. Some unethical providers offer consumers the option to pay only the interest and rolling the open 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 unethical lending practice is charging more than $15 dollars for every hundred dollars borrowed for a 14 day term. Borrowers should steer clear of any lenders who provide such services and take their business to a more credible loan provider.
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 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 now and see why 514loans is the better choice!
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Affordable Payday loans Ottawa
Our loan product is significantly more affordable. Smaller payments and longer terms make our loans 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. Don’t give up your entire pay check.
Below is an example cost associated with a payday loan in Canada
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
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 pay check, 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 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% annually.
In conclusion, both loan products are more expensive than conventional financial 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.
We remain devoted to working with our customers and keeping them informed. Together we can help establish more ethical lending practises as well as intelligent borrowing habits. Our customer service representatives are waiting to serve you in obtaining your loan today.
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:
- 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)
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?
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
Ottawa, ON
Payday Loans Service Areas
