Payday loans in Quebec: A detailed guide
Sometimes unexpected expenses pop up. But hey, that’s life, right? On the other hand, there are times when you deserve to treat yourself. But as hard as you work, your income isn’t enough to cover extracurricular activities.
When you find yourself in these types of situations, payday loans are the way to go. The good news is, for residents of Quebec, lending options are much more affordable for borrowers. The interest rates on loans are lower due to government regulations.
With that said, if you’re interested in learning how to qualify for a payday loan, check out the information below!
Payday Loans Quebec
Yes, payday loans in Canada are quite common. However, they’re illegal in Quebec. Payday providers generally charge $15 for every $100 loaned to the borrower. This amount is equal to an Annual Borrowing Rate (ABR) of 390%.
Also, a short-term loan solution similar to this is required to be paid back within two weeks. It’s a bad deal for individuals who need quick cash.
Fortunately, 514loans has something better to offer. Our loans are over 60% percent less expensive, and the loan terms range from 90 and 120 days. In comparison to traditional payday loans, our product provides better options in terms of cost and repayment terms.
Most payday loans are due on the borrower’s next paycheck. Alternatively, our advanced loan solution can be repaid in a series of installments. All payments include capital, fees, and interest, which reduces the overall total owed with each payment. This type of plan significantly minimizes the chances of a financial mishap down the line.
Basically, 514loans provides an incredible loan alternative for borrowers in Quebec. Our installment options are user-friendly, and the terms and costs are drastically lower than regular payday loans.
Instant Same Day Approval Even With Bad Credit
Payday Loans in Montreal: The difference
Most short-term personal loans in Canada are often payday loans. A payday loan is a short-term financial solution that is generally paid back in a lump sum, due by the borrower’s next paycheck. The Annualized Borrowing Rate of a traditional payday loan is roughly 390% to 560% or higher depending on the province.
Payday loans are available in lots of physical locations throughout Canada and multiple online websites well.
Even though getting a payday loan is relatively easy, the expensive fees and short loan terms usually turn into a hassle. For instance, if payday rolls around and the borrower doesn’t have the funds to pay back their debt in full, they’ll have to roll the principal balance over into a new payday loan.
If the borrower can’t make their payment on time, it’ll trigger a new loan cycle that’s detrimental to the borrower’s finances and credit score. Not to mention, it puts them in a cycle of debt that’s hard to escape.
These days, most individuals who need loans in Canada are making the switch to installment loans for a more affordable borrowing solution.
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2. Get Same Day Approval
3. Money in Your Bank Account
Small Loans Quebec
It’s not easy to get a small loan through a bank, This is where 514loans come into play. Applying for a loan in Quebec has never been so simple. Our automated system lets us process your loan request immediately. No matter your credit history, our online loan services are always available for you.
514 loan products are the right choice no matter what you need them for. You can use the borrowed money for catching up on past due bills, taking a getaway trip, or anything you’d like.
Keep in mind, our lender changes the interest rate of 26% to 32% if you’re a high-risk applicant. Also, membership fees apply as well. You can check out our example cost of borrowing to find out more information.
Why Choose an Installment Loan?
Online Installment loans in Canada are approximately 50% to 60% less expensive than payday loans. Plus, they’re available with extended repayment terms, which makes them much safer for your credit score.
As the borrower, a simple reimbursement process is the better option, and it helps you avoid the risks that come with expensive loan cycles. When you use no credit check installment loans in Canada, you can also take advantage of the automated, no-hassle repayment plan. It allows you to put together a better budget for your financial future.
Not only that, but you’ll further benefit from rate reductions and increased credit limits with each loan that you pay back.
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.
Payday Loans Quebec No Credit Check
Is a bad credit score stopping you from getting your loan approved? Don’t worry, 514loans can help. When we go through the loan process, we don’t look at your credit report. We look at other contributing factors to see if you qualify for a loan in Quebec.
You can apply for a personal loan by using your computer, phone, or tablet. Also, our application can be done in 3 simple steps:
1) Easy online loan application with IBV (Instant banking verification).
2) Instant approval
3) Money in your bank account
IBV is common these days. It allows us read-only permission to authenticate your bank account. Prior to using this method, we relied on paper documentation, which caused lots of issues for both the lender and the borrower.
Plus, identity theft and fraud are more common when using paper documents as well. You can rest assured that we do not have access to your login credentials. The process uses bank-level security to keep your information safe.
We’ll start processing your request right when you finish our online application. Once you’re approved, you’ll receive a 514loans electronic contract that can be signed on any device. The money will automatically deposit into your bank account immediately after completing this last step.
Be aware that although the money can be deposited on the same day, sometimes it might take up to 24 hours to see the deposit in your account.
It is also important to note that instant approval does not mean you can’t get refused. Greenriver finance reserves the right to refuse any application that is deemed as high risk.
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.
Personal Loans Quebec: Qualification Requirements
Our application process is easy to complete on your PC, tablet, or smartphone. When applying for a loan, there are several things that you need to qualify:
- You have to be a Canadian citizen
- You are over the age of 18
- You have full-time employment
- You have an open, active bank account
- You are not going through consumer proposal or a bankruptcy process
It’s that simple! As you can see, getting loans online through 514loans is hassle-free. We don’t determine your loan eligibility by your financial past or how you used to reimburse creditors.
Instead, we look at your current ability to pay back our lender.
How Does 514 Loan Repayment Work?
A good example loan repayment through us is a $700 loan with 8 bi-weekly installments of $147.00.
This example includes a membership fee that’s required to be paid by the client as long as there’s a balance owed on the account.
Furthermore, the numerical figures above do not include administration fees, fees for withdrawals refused by your financial institution.
This example is figurative and used only for descriptive purposes. The actual price may differ slightly from the example above.
In regards to NSF fees, a fee of forty dollars will be charged for returned cheques and also charged for bounced pre-authorized payments. Your banking institution will also charge you for NSF fees as well.
If you want to defer a payment to a later date other than the one set on the original agreement, an administration fee of forty dollars will be billed. To defer a payment, you’re required to inform the lender at least three business days prior to the date of collection.
Payday Loans You Can Count on and Trust.
As you can see from the information above, the lending options that 514 Loans offer are a lot better than traditional payday loans. If you’re in need of quick cash, we’ve got you covered. We provide same-day approval, and funds are deposited directly into your account.
Plus, you can use the money towards whatever you need it for. There are no stipulations.
If you have questions for us, feel free to call 1-844 508-2274.or apply now .
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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