Financial Solutions in Windsor
Located in Ontario, Canada, Windsor is Canada’s southernmost city. Along with tourism and manufacturing, finance is an industry that drives the Windsor economy. And any time residents need financial solutions, they can count on 514 Loans to help them through.
What are Payday Loans in Windsor?
A payday loan can be an ideal financial product for those who have a sudden or unexpected need. Of those that frequently used this products, most reported that they use payday loans to:
- Pay bills
- Cover unexpected expenses
- Make a necessary purchase
Our online loans also have larger credit limits and longer terms, which means they aren’t just a good way to pay bills, but they can also be used to pay off existing payday loans.
The costs associated with payday loans in Windsor vary, however, most lenders charge a rate of $15 for every $100 borrowed, as it is the maximum allowable cost in Ontario. This rate applies for a two-week period.
Unlike more conventional financial products, other payday lenders only offer loans for 14 days, (although some can go up to 60 days). While 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, be sure it’s the right solution for your situation and that you use a reputable alternative lender.
Note: Always do due diligence when shopping for online payday loans. It’s also a good idea to verify the authenticity of lending practices. Some of them do not operate in compliance with government regulations.
Instant Same Day Approval Even With Bad Credit
How to Get Our Payday Loans in Windsor
Due to better terms, cheaper rates and a more pleasant user experience, Windsor residents are turning to lenders offering alternative loan solutions. 514 Loans 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 direct deposit in your account.
At 514 Loans, you don’t need to worry about your credit score! No credit, good credit or bad credit, it doesn’t matter. We do not do credit checks. We will get you a better loan product that is right for you.
Payday loan borrowers are verified through an IBV (Instant Banking verification).
What is an Internet Banking Verification (IBV)?
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, providing a safer and more efficient environment for all users.
Once the verification is complete, we use our own set of criteria to qualify applicants.
Our qualification requirements oblige each borrower to:
- 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
We provide loans with same-day funding to help people across Windsor manage their finances better. To get quick cash, learn how our process works.
Our Approval Process
Get your cash advance in three easy steps:
- Fill out and submit an online loan application
- *Get instant access
- See money in your bank account
Note: Instant access means you get access to your funds right away, but an approval decision is still required before that happens. The lender always reserves the right to refuse an applicant. This usually occurs if an applicant is determined to be too high-risk.
Payday loan agreements are sent to Windsor borrowers once they have been passed the approval process. The borrower can review and sign the loan agreement and send it back to us. Feel free to contact us at any time for more details.
The Payment Breakdown
Our application process is 100% automated and our product is better! In comparison to conventional payday loans in other Canadian provinces, Windsor borrowers have to consider:
- The difference in cost between the products
- The amount of credit desired
- Their budget.
Total payback of our payday loans 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 annual borrowing rate (ABR) of a payday loan is approximately $15 per every $100 borrowed. This means that the ABR is about 390%.
Customers since 2017
Apply Online and Get Cash Fast
1. Apply Online
2. Get Same Day Approval
3. Money in Your Bank Account
Cash Advance for Windsor, Ontario
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 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. A credit check and collateral are not necessary, so Windsor borrowers can also qualify for cash advances instead of short-term loans. 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.
Our cash advances have an ABR of about 147%, which means that they start at $9.70 per every $100.00 borrowed for the same period. Customers who do repeat business with us can get as low as $6.37 for every $100. However, this does not include the annual percentage rate (APR) of our lender, which ranges from 26% to 32% and excludes our membership fees.
Please note: Pricing for new Windsor 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
Hit the “Apply” button and get fast 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.
Where are you from?
514loans - Payday Loan Alternative