Loans

No credit check payday loan in Canada: how does it work?

Do you need money right now and can not wait for your paycheck? A payday loan can help you with this. But should you apply for it? Read this article to find out the pros and cons of these fast loans.

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by Julia Bermudez

05/30/2022 | Updated on 09/14/2022

Find out the advantages and get the money you need today!

no refusal payday loans in canada
Learn everything you need to know about no refusal payday loans in Canada. Source: Adobe Stock.

If you need money quickly, read this article to find the best no refusal payday loans in Canada. After all, sometimes, you just need some extra cash right away.

However, not every payday loan is worth it. When you’re facing a financial shortage, the last thing you need is one more debt on your back. You have to be cautious when looking for a lender and read everything about it, especially the fine print.

But if you do need a little amount of money to fix some simple situation, a payday loan can solve it perfectly. The money will come in and out smoothly and leave no harm to your finances. 

To find out the advantages of a no refusal payday loan in Canada and how to make the best out of it. Keep reading this article with valuable tips and improve your knowledge about finances.

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Find funds you need quickly with payday loans: what is it?

So what is a payday loan? It is a personal loan for small amounts of money. You can get from $100 to $1,500 on your account within 24 hours.

These loans are very small because you’ll have to pay them back in full by your next paycheck or in 60 days. It is more like a cash advance for when you can not wait until the date you regularly receive your salary.

So, if you have enough income to cover your loan and have a stable source that you’ll get for sure by the next month, it will work just fine. You’ll face just a little bureaucracy, but way less than you’d do for a regular loan. There is not much paperwork about it. Most lenders work online, and the application process is simple.

Requirements for getting a payday loan

Some lenders might check your credit score, but most times, it is not necessary. Usually, the requirement is:

  • Be at least 18 years old.
  • Provide an address.
  • Prove that you’ve been working and have an income for at least three months.
  • Having a checking account.

Lenders don’t have to worry too much about your score because your repayment will be set on autopay. As soon as your paycheck arrives in your checking account, the lenders will take their part of it. 

However, the fees for this type of loan are very high. And if the money on your account does not cover the amount you’re supposed to pay, you’ll face high interest in it.

Use this resource if you can not solve it any other way. Try to ask your employer for a cash advance or borrow from family and friends. You can also negotiate the payment deadline for your bills and see if they can wait until you get your paycheck.

If none of these work, search for the best conditions to get this loan. We’ll show you some good options for the best no refusal payday loans in Canada.

Understand the Benefits of Payday loans

couple getting no refusal payday loans in canada
Should you apply for a payday loan? Check its benefits. Source: Freepik.
  • Don’t worry about your credit score. Payday loans are a specific loan category where your score doesn’t matter much. Everyone will face the same terms and rates. However, if you have a good credit score, you have alternatives for the loan, like applying for a credit card with a lower APR.
  • Get it quickly. Once you finish your application process and get approved, the money will be on your account within 24 hours.
  • Clear laws regulate it. Your lenders have rules to charge for your loan, with limits established by law. For example, a lender is prohibited from charging you any amount that exceeds $15 or $21  per $100 borrowed, depending on the province you are in.
  • No need to place collateral. It is unsecured, and you don’t have to risk your assets.

It is called “no refusal” because it has very few eligibility requirements. However, if you don’t fit these requirements, you can be denied the loan.

Find out if you can have one today: 5 good options for payday loans in Canada

pile of coins with coins sag from no refusal payday loan
Get money in just a few hours. Source: Freepik.

If you have already tried to solve your situation differently and the payday loan is your decision, pick a good lender. The following list has some of Canada’s best no refusal payday loans.

Cash Money

Operating since 1992, more than 1.2 million Canadians have already used their services. You can get a payday loan from $100 to $1,500 and get up to 62 days to repay it. You can apply online or via phone.

If you prefer an in-person service, you can go to one of its offices to talk personally with a lender. As soon as you get approved, you’ll have the money within 24 hours on your bank account – but it can be as fast as 15 minutes.

iCash Payday Loans

ICash is one of the fastest online lenders in Canada. The application process is straightforward, but they have an income requirement of at least $800/month on your bank account. As usual, get from $100 to $1,500 loan to pay in 7 days or two months. Remember that the longer the loan term, the higher will be the APR.

GoDay Loans

Since 2012, GoDay has been specializing in being the fastest online lender. With a quick online application, you can get your approval almost instantly. Choose the amount you want to borrow, between $100 to $1,500. The money will be in your bank account in only 1 hour. 

Captain Cash

If you’re in financial trouble, call Captain Cash to rescue you. With fast loans, you can get the cash almost instantly, no matter your credit score. The loans range from $500 to $750, with up to 3 months to pay them back. The interest rates are 28% – 34.4%, and all you need to do is prove you have an income with a screenshot of your bank account.

Money Mart

With more than 40 years of experience, Money Mart offers a wide range of loan options, including payday loans. Go to an in-store to talk to a lender and ask for any amount between $120 and $1,500. The money will be available through direct deposit in your bank account in just a few hours.

These loans can help you out of a financial shortage. And, as soon as you reestablish yourself, think about investing to make your money grow. The following article will show you some good options for low-risk investment for beginners.

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About the author  /  Julia Bermudez

Julia Bermudez is a writer here on this portal. Since childhood, writing has been a passion, and her curiosity for different subjects led to this profession. Julia has a degree in Cultural Production, and her subjects of most significant interest are health, finances, and self-development.

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