Payday Loans Canada
What is a Payday Loan?
A payday loan is a form of short-term loan, designed to help people get through a tough financial period. Payday loans in Canada are meant to provide fast cash to help bridge the gap for a short period of time, which is why the total cost of borrowing can be higher than other forms of lending.
Online payday loans are not designed to solve long-term financial difficulties. If you are in need of major financial support, consult a debt consolidation service.
What Can I Use an Online Payday Loan for?
Online payday loans are best used for emergency expenses, unanticipated bills or to supplement your cash flow for a short period of time.
Have you ever found yourself in a situation where you were only a few dollars short for an upcoming credit card payment or utility bill? If so, filling out a payday loan application could have saved you from some unnecessary fees.
All too often, Canadian consumers get caught in this financial trap. Because they were a few dollars shy and couldn’t pay off a balance in full, they get penalized with additional fees and interest charges.
But taking out a payday loan online can help pad your finances to prevent this kind of situation before it happens.
How can a Payday Loan help?
Have you been having a hard time keeping up with your bills? Are you worried that some emergency expenses could wipe out your bank balance?
You are not alone. Thousands of Canadians count on payday lenders for online payday loans to provide access to funding that would otherwise be off limits to them because of a weak credit score.
All over Canada, payday loans bail people out of tough financial situations on a regular basis. From British Columbia to Ontario to New Brunswick and everywhere in between, Canadians turn to a payday lender in tough times.
Loan Qualification Requirements
Our objective is to provide you with the fastest possible access to the cash you need. To expedite the process when you apply online, you will need to:
- be over 18 years of age
- Have a full time job
- be a candian citizen
- have an active bank account
A Better Way of Borrowing
Installment loans are the ideal alternative to payday loans because they allow quick access to cash, don’t require a credit check and have a much lower total cost of borrowing.
Without the need for a credit check, you can fill out our application form online and your funds can be approved and deposited into your bank account on the very same day!
When the funds are transferred and the loan is accepted, your charges will be debited from your bank account.
Payday Loan Alternatives
The best payday loan alternative is an installment loan, which is a cash loan that needs to be repaid over 90 days, not on the day of your next paycheck.
These loans are used in the same way as a payday loan – to pay for unplanned expenses or supplement your cash flow – but they are far more flexible and affordable.
Because they provide a longer repayment term and lower interest rate than a payday loan, this alternative source of financing is a hit with our customers. With a lower and more manageable repayment, you’ll always have the option to renew your installment loan if your situation changes and the repayment becomes more challenging than expected.
We recommend the responsible usage of payday loan alternatives. Only borrow the money you need today.
Total Cost of Borrowing - Example
Someone borrowing $300 via an installment loan to be repaid over a period of three months on a bi-weekly payment schedule will have to make 6 payments of roughly $75 to repay the principal amount along with any other charges or fees. In this example, the total payback amount is roughly $450.
Same-Day Deposits
Our online application form lets you to provide your documents (ex. income verification) from anywhere you can connect to the Internet. In only a few minutes, you can apply from the comfort of your own home on your desktop computer or while on the go from your laptop or mobile phone.
Once approved, your cash will be transferred to your account without delay, usually on the same day!
Now that’s fast cash!
Loan Amounts from $300 to $3,000 - Repaid over 90 to 120 days
- Fast & affordable online payday loan alternatives
- Borrow $300 to $3,000
- No credit check required, easy-to-meet qualification requirements
- Direct deposit to your account
Payday Loans Near Me
No matter where you are in Canada, payday loan alternatives are always available via our website. Our friendly customer service team is always on hand to answer all your cash questions.
No Credit Required
No Credit? No Problem! We do not perform credit checks on any of our customers’ loan applications.
Quick and Easy Loans
Borrow quick and easy cash in only 3 steps!
- Fill out your application – it only takes only 5 minutes to fill in
- Your loan application gets processed within an hour
- Your lender will deliver your money the very same day
Apply Now!
No Hidden Lender Fees
514Loans believes that payday loan agreements should be transparent and that the cost of borrowing should be reasonable. The annual percentage rates (APR) and fees of our alternatives are clearly displayed on our website, as well as the loan agreement.
Easy Loan Applications
No delays. No excuses.
Providing you with the best customer service experience is our top priority.
Government of Canada
For payday loans, Canada has clear regulations that are explained on this official government site. Payday loans are convenient, and necessary at times, but they have a very high cost of borrowing.
Through 514Loans, you can get an installment loan. This payday loan alternative has a total repayment amount that is less than half of a payday loan, with a repayment period of 90 to 120 days.
Annual Percentage Rate
The annual percentage rate (APR ) for payday loans typically ranges between 390% to 470%. The APR for our payday loan alternatives never surpasses 200%.
Payday Loan Alternatives
Our Payday Loan Alternatives are called “Installment Loans“. Please borrow responsibly.
What Can Installment Loans Be Used For?
At 514Loans, our goal is to provide the short term loans Canadians need, when they need them. By streamlining the application process, we can help you get the financing you need for all kinds of situations.
Here are some examples of how our customers use their installment loans:
- Eliminating credit card debt
- Paying for automotive repairs
- Business investments
- Paying medical or dental expenses
- Paying school expenses
- Taking a vacation
- Renovating a kitchen or bathroom
- and more!
Fast Response
Customers since 2017
Hour Approval
%
Satisfaction
APPLY ONLINE AND SECURE FUNDS QUICKLY
1. Apply Online
2. RECEIVE SPEEDY APPROVAL
3. FUNDS DEPOSITED INTO YOUR BANK ACCOUNT
Trusted Partners and Providers
EFT Canada
is our reliable provider of advanced electronic payment services
Decision Logic
is our trusted partner for bank transaction verification
Microbilt
provider of risk management reporting for our valued clients
Interac e-Transfer
is one of our methods of processing electronic payments to our clients safely and fast
Inverite
is our trusted partner for real-time instant bank verification
CreditBook
is our trusted partner for risk management
Versapay
is our trusted partner for accounting automations
A Convenient Alternative to Traditional Payday Loans
Applying has never been easier - no documents required!
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!
Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.
Approval in Minutes
Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!
Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.
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.
Installment Loans versus Payday Loans
Payday Loans
Downside of Payday Loans
Installment Loans
- Installment loans in Canada are 50% to 60% cheaper than payday loans and are available with longer repayment terms, making them significantly safer for your credit score.
- As the borrower, you benefit from a straightforward reimbursement process and avoid the risks associated with costly and dangerous loan cycles.
- When you take out installment loans in Canada, you also benefit from an automated stress-free payment plan that enables you to budget more efficiently for your future financial obligations.
- Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully reimburse.
Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.
What are you waiting for? Apply Now!
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Frequently Asked Questions
What is an installment loan?
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 for an installment loan?
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)
Can self-employed individuals apply for an installment loan?
Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).
How much can I borrow with an installment loan?
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 will the funds be deposited?
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 documentation is needed for an installment loan?
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)
Offering Installment Loans in Canada, Even with Bad Credit
When Canadians find themselves in need of short-term loans, bad credit shouldn't stand in the way. And the repayment process for those loans should be as simple as paying rent or mortgage, phone plans, electricity and other monthly bills.
Installment loans offer the bridge you’re looking for when you’ve landed in a spot of financial trouble. The small and steady payments allow you to easily plan your budget accordingly. Most importantly you can usually obtain prompt approval for these loans without a credit check.
Here are some of the most frequent situations that may call for an installment loan:
Rent
It doesn’t matter who you are, you need a roof over your head. But an unexpected expense can cause anyone to be short on their rent, often a day or two before it is due.
Thankfully, an installment loan can help you in a few ways. First and foremost, you’ll have the cash to cover this month’s rent. And if you budget accordingly, the flexibility of an installment loan will also help you avoid falling behind financially in the future.
Car Payments
Falling behind on a car payment can be hazardous to your credit. An installment loan is a great solution that helps you make the necessary payments while allowing you to stay on course with your budget.
An installment loan can also help you phase out and replace a payday loan, which typically reduces additional financial concerns in the future.
Debt Consolidation
Are you caught in a payday loan cycle? Are you using a big part of your paycheck to cover your payday loans? Consolidating that debt with an installment loan allows you to have a single small payment, instead of seeing most of your paycheck disappear as soon as you receive it.
If you have Bad Credit
Even people with bad credit are usually able to take out our installment loans. The benefits of that can be huge; you get somewhere to turn to when you need money, and you don't have to do so at a further cost to your credit score.
According to credit.com, installment loans won’t negatively impact your credit. Individual installment loans don’t account for enough money to play a huge role in your credit score. In fact, the same blog explains that paying off an installment loan for a lengthier term has a positive influence over credit scoring models.
Avoid NSF Charges
Unpaid NSF fees are damaging to your credit. If they remain unpaid for 30 days, your account will be considered delinquent and reported to the credit bureau. Delinquent accounts do harm your credit score and can further complicate your situation. 514Loans can help you avoid unnecessary NSF charges.
Holidays
When January 24th rolls around, most people are nervously anticipating their credit card bill from the holidays. Sometimes you have to financially overextend yourself during the holidays so you’re able to purchase gifts for your friends. Other times it’s a big family trip you couldn’t back out of, even though you were a little light on funds.
Regardless, an installment loan can help you recover from the financial stress of the holidays.
No Credit Check Loans
Benefit From Our Policy
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.
What is a short term loan good for?
It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.
Short Term Loans
We understand that there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don't worry, we've got your back when it comes to installment loans in Canada.
Our Loan Rates
Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.
Repayment Example
A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.
Terms of Repayment
Our installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.
Borrow Responsibly
Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.
Types of Loans
Go ahead
Call them whatever you want
We specialize in
INSTALLMENT LOANS
Installment Loans
Installment loans are Canadians' trendiest loan choice since 2017.
Payday Loans
Payday Loans are:
- Old news
- Extremely expensive
- Have a short payback of 14 days
- Being replaced by installment loans
Cash Advance Loans
Cash? Who does that anymore?
Our Installment loans are delivered instantly by Interac e-Transfer.
Instant Loans
Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.
Mobile Loans
Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).
Unsecured Loans
Our installment loans do not require any guarantees nor liens. We do not offer title loans.
Short Term Loans
Our short term loans are offered as follows:
- 300$ to 3000$
- 90- to 120-days payback period
Online Loans
Our process is entirely done online.
- Apply today
- Get approved within an hour
- Receive your money in your bank account.
Private Loans
Any installment loan agreements are treated with the utmost discretion.
Easy Loans
Our installment loans are quick and easy. Get yours today.
Small Loans
Our installment loans range between 300$ and 3000$.
Personal Loans
We offer personal loans to Canadians electronically. Apply today for your personal installment loan.
Fast Loans
Our one-hour approval process is pretty fast. Apply today and witness it for yourself.
Direct Loans
Our installment loans are actually direct loans between the lender, and you, the applicant.
Our Blog
Dispelling The Myths: 5 Common Misconceptions About Short-Term Loans In Canada
Short-term loans (also known as installment loans) have gained popularity in Canada as a reliable financial option for those facing unexpected expenses. However, like many financial solutions, there...
The Value Of Financial Literacy In The Face Of Uncertain Times
Many Canadians are facing financial challenges, and it is not just about making ends meet; it is also about understanding how to manage money wisely and make better choices armed with current and...
Breaking The Cycle Of Payday Loans: 6 Tips For Responsible Borrowing
In Canada, payday loans are a swift solution when you have an immediate crisis and need money fast. This type of loan, however, has the unfortunate drawback of extremely high interest rates and...
Areas Served
British Columbia
Vancouver, Surrey, Coquitlam, Burnaby, Abbotsford, Kelowna
Saskatchewan
Saskatoon, Regina
Manitoba
Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon
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
225 Rue Chabanel O #1004
Montreal, QC H2N 2C9
Payday Loans Service Areas