Payday loans Windsor
Windsor is a city in Ontario, Canada. Located on the south western side of the province and on the south bank of the Detroit River, it is Canada’s southernmost city. A great downtown club scene, Little Italy, the The Art Gallery of Windsor and the symphony orchestra all contribute Windsor’s culture and make this little city a big tourist attraction. Tourism is one of the city’s leading industries along with manufacturing. Finance and Insurance is another industry that drives Windsor’s economy. The large 5 banks operate over 40 branches offering prime financial solutions all over the city. The non-prime sector is also alive and well with 18 locations providing other non-prime financial solutions and pay loans.
A payday loan is an ideal product for a sudden financial need and has been used by the residents of Winsor, Ontario 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 may want to consider another alternative.
514loans is aiming to provide borrowers in Windsor, Ontario with safer, less expensive and more flexible loan products. Our services are available to borrowers in Ontario as well as the rest of Canada. Please keep reading.
Instant Same Day Approval Even With Bad Credit
Due to better terms, cheaper rates and a more pleasant user experience, Windsor residents are turning to lenders offering alternative loan solutions. 514loans is offering borrowers in Windsor Ontario access to a more advanced loan product. Our easy application process can be completed using a computer, a tablet, or any mobile phone. Our automated loan processing software provides a pleasant user experience and lightning fast loan approvals. Although some applications can be funded on the same day, it can take up to 24 hours to see the deposit in your bank account.
We do not do credit checks. We get loans for even those with bad credit. Payday borrowers are verified through an IBV (Instant Banking verification). Once the verification is complete, we use our own set of criteria to qualify applicants. In order to apply for a loan at our establishment, the borrower must:
-Be over 18 years old
-Have a fulltime job
– have a paycheck that is automatically deposited
-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 utilizes bank level security and has assisted the segment in providing a safer and more efficient environment for all users.
No credit, good credit or bad credit, it doesn’t matter. We will get you a better loan product that is right for you.
Our application process is 100% automated and our product is better! Our more advanced Loan solution can be used to pay unexpected expenses, to catch up on bills or even take a small and well deserved vacation. Our loans also have bigger credit limits and longer terms which means they can also be used to pay off existing payday loans.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Cash Money Windsor
Looking for a cash advance in Windsor with a lower cost of borrowing and more flexible terms? You have come to the right place. Borrowers in need of fast cash money loans are turning to lenders that offer more advanced loan solutions than a payday loan. This is where we come in. Our loan 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, borrowers can also qualify for a cash advance instead of short term loan. Even with a bad credit score. Our process is also automated and doesn’t require any documentation or travel.
Our cash advance 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.
Below is an example cost of borrowing associated with our cash advances for returning customers
Please note that pricing for new customer loans may be different from this example. Customers are offered a more advanced loan product and a preferred customer rate after their third renewal.
Loan Amount: $300.00
Number of payments: 6
Bi weekly payment amount: $69.34
Total customer obligation: $416.04
Term: 3 months
What are you waiting for? Hit the Apply button and get cash now!
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.
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)
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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