Payday loans Scarborough

The Smart Payday Loan Alternative

Payday Loans Scarborough

Benefit from Alternative Lending

Scarborough’s economy is an integral part of Toronto’s business community. Along with manufacturing, the financial industry is also a driver of the local economy, with over 18 banks and 19 payday loan locations in the downtown area. 

As such, the city of Scarborough offers many opportunities for its residents to borrow money. However, for those borrowers that live here but do not meet the stricter lending criteria of conventional financial institutions, 514 Loans can help by allowing them access to funds via alternative lending.

Why Use Payday Loans in Scarborough, Ontario?

One word: convenience.

Anyone can apply from the convenience of their home, or while on the go. Our is a more user-friendly experience, and along with reliable customer service, we utilize technology to automate and process results in a faster and safer way. 

Bank-level security and a simpler application procedure make online payday loans from 514 Loans the better option. Simply fill out the online application form, and you’re practically done! 

The loan origination process is expedited using electronic loan contracts that can be signed easily on any cell phone. 

Note: Always do due diligence when shopping for online loans. Verify the authenticity of lending practices because some are not are compliant with government regulations. Additionally, the cost of borrowing can be too much for Canadians, depending on their financial situation.

Understanding the Cost of Borrowing

Installment loans and traditional payday lending can be solutions for a sudden financial need, and have been used by the residents of Scarborough for many years. Most people in Ontario, Canada reported that they have used these loans ion the past to pay bills, cover unexpected expenses, or to make a necessary purchase. 

However, while the costs associated with these loans vary, most lenders charge a rate of $15 for every $100 borrowed for a two week period. 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 installment loans and traditional payday loans at other companies can be many times higher than those of a credit card. 

This is the financial trap many Scarborough residents fall into, but should be avoided at all costs. When you consider the high cost of borrowing and the short term of reimbursement, you may want to consider a better alternative, such as 514 Loans.

514 Loans is aiming to provide borrowers with a safer, less expensive and more flexible loan product with affordable interest rates. Our services are available to borrowers in Scarborough, as well as the rest of Ontario.

Instant Same Day Approval Even With Bad Credit

Online Payday Loans Scarborough

For a better user experience, Scarborough residents are turning to more flexible online payday loan providers for their short-term financial needs. The process is automated and can be completed on a mobile phone in no time.

A loan can be funded on the same day or within 24 hours.

514 Loans is offering borrowers in Scarborough a new and fresh solution. Our application process is 100% automated and our online payday loan product is better! Our more advanced loan solution can be used to:

  • Pay unexpected expenses
  • Catch up on bills
  • Make ends meet on a short-term basis

Our online payday loan options also have larger credit limits and longer terms, which means they can also be used to pay off existing payday loans. 

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.

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Instant Same-Day Approval Even With Bad Credit

Get a Cash Advance in Scarborough through Online Payday Loans

With a lower cost of borrowing and more flexible terms, borrowers in need of fast cash are turning to lenders like us that offer alternative loan solutions. 

The 514 Loans application process is very similar to that of other payday lenders, with no credit checks and no collateral necessary. Some clients can even qualify for a cash advance as well. 

Our Loan Process

Get your cash advance in three easy steps:

  1. Fill out and submit an online loan application.
  2. *Get instant approval.
  3. See money in your bank account.

 Note: While instant approval means access to your funds fast, it doesn’t mean an approval decision has been made. No matter the type of loan, the lender always reserves the right to refuse an applicant. This will occur if an applicant is determined to be too high-risk.

The Payment Breakdown

When comparing our product to a conventional payday loan, the borrower has to consider the difference in cost between the products, the amount of credit desired and their budget. A payday loan is usually due on the borrower’s next paycheck, while our advanced 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 of a payday loan is approximately $15 per every $100 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 $100 when the customer does repeat business. This does not include the annual percentage rate (APR) of our lender, which ranges from 26% to 32% and excludes our membership fees.

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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Cash Loans in Scarborough, Ontario

We do not conduct credit checks.

Borrowers are verified through an instant banking verification (IBV) and we use our own set of criteria to qualify applicants. In order to apply for a loan at our establishment, the borrower must:

  • Be a Canadian citizen
  • Be over 18 years old
  • Have a full-time job
  • Have an active bank account
  • Have a paycheck that is automatically deposited
  • Not be in bankruptcy status

An IBV 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 utilizes bank-level security and provides a safer and more efficient environment for all users.

Any Credit Type Can Apply for Payday Loans in Scarborough

Do you have no credit, good credit, or bad credit? It doesn’t matter because we have a loan product that is right for you! 

Our lending 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 514 Loans is the better choice!

Please note that pricing for new customer loans may be different from the following example. Customers are offered a more advanced loan product and a preferred customer rate after their third renewal.

Example Cost of Borrowing Associated with Our Cash Advances for Returning Customers

Loan Amount: $300.00

Number of payments: 6

Bi weekly payment amount: $69.34

Total customer obligation: $416.04

Term: 3 months

Don’t wait! Hit the “Apply” button and get cash now!

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.

  1. You must be over 18 years of age
  2. You must be a Canadian citizen
  3. You must be employed full-time
  4. You must have an active bank account
  5. You must not be engaged in a consumer proposal
  6. 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:

    1. A copy of your driver's license
    2. 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?

    Manitoba

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

    Quebec

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

    Alberta

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

    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

    Scarborough, ON

    Monday
    9 AM - 6 PM
    Tuesday
    9 AM - 6 PM
    Wednesday
    9 AM - 6 PM
    Thursday
    9 AM - 6 PM
    Friday
    9 AM - 6 PM
    Saturday
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    Sunday
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