Bad Credit Payday Loans

While you've tried to stay on top of your finances, a couple of rough spots in the road have damaged your credit rating. Some time back, you were late with a few payments due to a temporary work layoff or some time spent recuperating after a hospital stay. Even though you are caught up and working hard to regain your good credit rating, the task will take some more work. This is where utilizing a bad credit payday loan can come in very handy if some sort of unanticipated financial crisis should arise.

Avoiding Late Fees

One of the more common reasons for people to work with lenders who offer payday loans is the fact that an unexpected expense arises at the most inopportune time. For example, the brakes on the car you use to get to and from work fail. Unfortunately, that failure occurs a couple of weeks before you'll receive your next paycheck and the money that's in your checking account is already allocated to making payments on other bills. If you use those funds to pay for the car repairs, those other bills will fall behind. That means accumulating a bunch of late fees that you can ill afford to absorb.

Choosing to take out a payday loan to cover the costs of the brake repairs eliminates the problem. Even allowing for the interest that you pay on the loan itself, you will still come out way ahead by avoiding all those late fees and penalties. Best of all, you keep your current creditors happy and don't run the risk of a fresh batch of negative comments finding their way to the major crediting reporting bureaus.

Preventing an Increase in Interest Rates

Using the same basic scenario, assume that some of those debts that you must pay while still managing to have the brakes repaired happen to be credit card accounts. If you are late with making at least the minimum payment due by that due date, the damage will likely be greater than simply incurring some sort of late fee. There is also a very real chance that the credit card company will increase the rate of interest that applies to your open balance.

In this scenario, bad credit payday loans help consumers to avoid situations that end up costing them more in interest payments over an extended period of time. Think about how much more you would pay over the course of a year if the interest rate on a few of your credit cards increased by five percentage points. That additional interest will only add to the time it takes to settle those balances in full, making it harder for you to get out of debt. Why place this additional burden on your shoulders when a payday loan would allow you to prevent this from happening?

Keeping Your Finances in Order

There is no doubt that you've put a lot of hard work into overcoming past financial issues. Slowly but surely, those efforts are paying off. While your credit score is still low, it is better than it was a few months ago. You want to maintain that momentum, even in the face of some sort of unanticipated expense. In the long run, this will help to ensure that your rating gets back to a reasonable level and that your current debts are eventually paid in full.

Seeing payday loans as a financial tool that helps you keep moving forward is very important. Prudent use of these loans to deal with situations that would undermine your efforts will mean you are always moving forward, not backward. Further, establishing a solid track record with a local payday loan lender will mean that you can get a loan whenever you like. Most lenders of this type maintain a history of your past loan activity. This means that if you've been diligent in repaying the loans on time, you can walk in, ask for a short-term loan, and have the money in hand in a matter of minutes.

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One Hour Online Payday Loans

When you have an urgent cash crisis, you’re naturally going to end up looking for a loan.  Going to a bank could take days or weeks and by the time the loan arrives there may already have been serious consequences.  Nobody wants to be late on their bills and face unpleasant circumstances like having the power shut off or getting an angry letter from the landlord.  In times like this, you want to get a one hour payday loan, not a two week line of credit from a bank.

What is a Payday Loan?

A payday loan is a loan that provides an individual with cash in less that a few days or a few hours depending on the amount requested and taken out. Payday loans require the applicant to be fully-employed with proof of generating an income of any kind in order to be qualified for the loan. Additionally, individuals who are interested in taking out a payday loan are often restricted and limited to only taking out as much as their average checks are from their traditional earnings.

Payday loans must be paid back in full within a set amount of days or on a set date depending on the service you have chosen and the amount of money you are taking out on loan.

Why is There a Loan Limit Set in Place?

Because payday loans are named after paying the loan back on “payday”, the loan limit is set in place to protect the service that is providing the loan to the individual in need. Additionally, loan limits may be lowered even more if the loan you plan to take out also includes interest.

Uses for Payday Loans

Payday loans can be used to pay for bills that you have piling up, medical expenses that you want to take care of or even personal purchases that you want to get before your next paycheck arrives from your official establishment of employment. Payday loans are ideal for those who are looking for cash quickly but do not want to jump through the hoops of traditional banking and loan institutions that may require purchase records and documentation of how the money is being spent at all times.

Benefits of Taking Out a Payday Loan

Taking out a payday loan allows you to get the cash you need quickly for just about any purpose with minimal hassle. Additionally, you can often take out a payday loan regardless of your current credit score as long as you are capable of providing proof to show you are employed and generating a living.

Finding One Hour Payday Loans

If you are looking to get a payday loan within an hour, searching for a one hour payday loan service can be done locally and right from home, online. Getting your payday loan within an hour requires that you have all of the proper documentation, proof of income and other records available at the time of applying for the loan. Some payday loan companies can approve your loan in less than an hour based on qualifications and the income you are currently generating versus how much you are asking for with the loan.

Before making the decision to take out a payday loan it is important to weigh the pros and cons of the loan and to determine whether or not it is plausible for you to pay the loan back in full on time. Assessing your current situation and need for money as well as your future sources of income can help you to make the right decision when it comes to applying for any type of payday loan.

You can get payday loans for up to $1500 in as little as 15 minutes!
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How Does My Canada Payday Work?

Getting a payday loan couldn't be simpler.

All you have to is fill out a one page form and you are ready to get some money deposited into your account.

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Our customer service agents are happy to help you apply for your loan. It only takes a few minutes to be approved and your money can be in your account in just half an hour. We work hard to approve everyone and pride ourselves on approving almost everyone for a cash advance! We are certain that you will find us to be the best lender in all of Canada.

Vancouver: 604-630-4783
Halifax: 902-332-3579
Toronto: 289-472-5204
Toll Free: 877-730-8406

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What do I need to qualify for a loan?

To qualify with us, you need to be employed (not self-employed) at a job that is local to you, and you must be paid regularly. You must be paid by Direct Deposit or cheque. You will need to provide proof of your income by submitting screen captures of your web-banking using our MyCanadaPayday application. We require a complete 60 days of banking history. Occasionally, we will also require a fax of a void cheque, recent paystubs, a recent utility bill or other proof of address, or a bank stamped direct deposit authorization form.

Once we have the information we need, we evaluate each loan application individually. You will be informed by e-mail whether you qualify, usually on the same day as your application.

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A Guide to Payday Loans

What is a payday loan?

A payday loan is a short-term, unsecured loan for a small sum of money, typically only offered to people in stable employment, and intended for one-off, unexpected costs. Life doesn’t always go the way we plan, and bills sometimes need to be paid before payday. A short-term cash advance can make the difference between paying that bill in full and bouncing a cheque. The average payday loan in Canada is around $280, borrowed for an average period of ten days. Typically, a payday loan is paid back with interest on the borrower’s next payday, hence the name. With My Canada Payday, loans are normally due on your next payday, but customers can borrow for up to 60 days by calling or e-mailing to make arrangements to pay on their next-but-one payday once their loan application is complete. Loans of up to $1500 are available.

Who uses payday loans?

Ordinary people looking for financial flexibility and convenience. A 2007 report commissioned by the Canadian Payday Loan Association found that the typical payday loan borrower is 40 years old, employed full-time, and earning an average income. Around two million Canadians will take out a payday loan every year, so you probably know someone who has used payday loan services.

Are payday loans safe?

As with any kind of borrowing, you should use payday loans responsibly. Payday loans should be used to cover occasional or unexpected costs, not to prolong unsustainable spending. Borrowing is not a substitute for a good budget. The Canadian Payday Loan Association offers free financial education materials. When you apply for your payday loan, make sure to read the terms and conditions. Make sure also that you will have enough money in your nominated bank account to repay the loan, plus interest, on the due date. As with any loan, failure to pay it off on the due date will incur further costs. If you cannot pay in full on the due date, contact us so that we can work out an alternative repayment schedule. My Canada Payday helps customers to manage their debt by not allowing them to take out a second loan until the original loan has been paid in full. If you have ongoing financial problems, the CPLA also provides a list of national and provincial credit counselling services. Depending on your circumstances there may be other options more appropriate than a payday loan, such as an overdraft or debt consolidation.

What does Canadian law say about payday loans?

The law on payday loans varies from province to province. My Canada Payday offers payday loans to residents of Ontario, Nova Scotia, Saskatchewan and British Columbia, and holds valid licenses to issue payday loans in all four of these provinces in accordance with provincial law. In all three of these provinces, the amount of interest that can be charged on a payday loan is capped by law in order to protect borrowers. Nova Scotia and Prince Edward Island limit the interest payable on the initial sum to 25%, British Columbia, Saskatchewan and Alberta limit interest to 23%, Ontario limits it to 21%, and Manitoba imposes a limit of 17%. Payday loans are not currently available in New Brunswick, Quebec or Newfoundland.

How can I get a payday loan from My Canada Payday?>

My Canada Payday has storefronts in Surrey, British Columbia and Dartmouth, Nova Scotia. Alternatively, customers can apply online using a simple form. By applying online, customers can have money in their account within 15 minutes without even leaving their homes.

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No Credit Payday Loans

Traditional lenders usually issue personal loans and other cash advances to people with good or excellent credit. They use the consumer's credit score and report as their main basis for approval, and they deny people who do not have scores that are within a certain range. This process leaves many Canadians without a way to obtain a cash advance for emergencies, repairs, bills, and other reasons. These establishments do not have faith in consumers who have poor credit. Additionally, they often give consumers with no credit the cold shoulder. No credit payday loans can provide Canadian residents with funds even if he or she does not have existing credit.

Bad Credit vs. No Credit

Two consumer situations will turn away traditional lenders more than any other situations: bad credit and no credit. When it comes to approving personal loans, the lenders look at both of these situations as if they are the same. However, having no credit is completely different from having bad credit. A person with bad credit has had a chance with lenders and has not proven himself or herself worthy with timely payments. This person may also have an overwhelming amount of credit accounts open, which also causes the credit score to drop.

A person with no credit has not yet gotten the opportunity to establish such. This person may be a young adult, a college student, a new resident, or an elderly person who never bothered to request a credit card or credit line. Although these people have never proven themselves worthy or unworthy, many traditional creditors use this as a red flag to deny credit. They often choose not to issue a financial product to a person with no credit, instead of giving that person a first opportunity to prove himself or herself. Sometimes people with no credit have a harder time being approved than bad credit consumers.

How no Credit Payday Loans can Help

Payday loans are a special type of financial product that gives consumers of all classes a chance to receive help. These types of loans are not contingent on a person's credit score. In fact, the lender will not even look at an applicant's credit report. Instead, it reviews the person's monthly income and the ability to repay the advance. Unestablished debtors are welcome to apply for such products, as long as they meet the minimum criteria for approval.

Qualifications for Payday Loans

My Canada Payday offers no credit loans to needy Canadian residents. To secure such a loan, the applicant must be 18 years of age. The borrowing process requires a contractual signature, and minors are not eligible to enter into contracts. The applicant should also have a stable job with an income of at least $1,000 per month. At least three months with the same employer would qualify a person for the advance. This ensures the lender that the individual will repay the loan, and he or she will most likely not leave his or her job before repaying the monies.

It is also necessary for the consumer to have proof of Canadian residency and an established bank account. The bank account must be active for approximately 90 days and free of any negative transactions. Negative transactions include overdrafts and insufficient funds transactions.

Once the borrower qualifies for the advance and signs the contract, the company will disburse the loan proceeds into the person's bank account. The company and the person can complete the process in 24 hours. In some cases, the consumer can receive funding in a few hours. The lender will withdraw its payments from the borrower's bank account approximately 14 days after the loan disbursement, or when the client receives a paycheck.

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Fast Payday Loans Online

When you are in need of cash fast to pay for bills, medical expenses or other emergency situations, it can feel stressful and overwhelming to handle. Fortunately, there are a few options available depending on your location, qualifications and the amount of cash you are seeking to get in advance. If you are currently employed and you can provide proof of income, fast payday loans may be the right choice for you and your situation.

What is a Payday Loan?

A payday loan is a loan that is provided to an individual who is currently employed and can show proof of income on a regular basis. Payday loans allow you to get cash in advance for a set period of time which must be paid back by a set date to avoid additional fees and penalties. Many times, payday loans require you to pay an interest rate that is often determined by your credit or financial history and current situation.

Why Are They So Fast?

Banks offer a wide array of credit products, so their approval process has to be highly flexible.  This flexbility comes at a cost, as it adds layers of complexity.  When your loan application enters a traditional bank's undewriting process it will end up shuffling between several different departments and assessment officers before it reaches the right person. 

Each person will have to read the application and make a decision on its individual merits before forwarding it down the line.  All this work comes at a cost, which can be easily recouped on a $500,000 mortgage, but can be more difficult on a $200 loan where they can only charge somewhere close to prime.  Payday lenders specialize in a very small segment of the credit market, allowing them to streamline their processes to make small loans affordable to offer.

Who Can Take Out a Payday Loan

Access to payday loans is available to any individual who is legally employed and can provide reasonable evidence of that employment.  This generally means either a consistent record of payments or pay stubs, but exceptions are sometimes made for existing customers who have irregular income streams such as teachers or other seasonal workers.

Uses of Payday Loans

There are many uses of payday loans as many payday offices and services do not place restrictions on why payday loans may be taken out or requested. Payday loans are ideal if you have unpaid bills that are overdue, medical emergency expenses, or basic necessities like food.  Taking out a payday loan for an investment is generally not a good idea as the interest rates are usually higher than any normal investment would be likely to generate.

Before Getting a Payday Loan

Before you begin considering taking out a payday loan for any reason it is important to assess your current financial situation, any bills you have and upcoming payments that may be due in addition to paying back the loan you want to receive. Understanding whether or not you can pay the payday loan back in full by the date of your next paycheque is really essential due to the penalties for overdue payments.  A single missed payment can end up costing you a lot of money unless you notify the lender beforehand to reschedule your payment.

Benefits of Payday Loans

Payday loans allow you to get the cash you are in need of anywhere from a few hours to just a few days. With payday loans it may be possible to take out a loan regardless of your current financial situation and your past credit scores depending on the amount of money you plan to take out and your proof of income and employment. Payday loans can also be used to purchase or pay for just about anything, giving you free reign over the money as opposed to taking out loans from bigger institutions including banks.

Searching for a Payday Loan That is Right for You

Finding a payday loan that is right for can be done by checking with local payday loan services and offices in addition to also conducting a bit of research online.  Online lenders are usually able to service the entire country, which gives you a significant amount of choice.  Looking for a payday loan company that is right for you online can help you to find a service that provides the type of loans you are seeking at an interest rate you are capable of affording.

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Online Faxless Payday Loans

Are you currently in a situation where you are lacking in your finances? Perhaps you are feeling stressed out as a result and wondering how you are going to be able to meet your impeding financial obligations, such as paying your rent/mortgage or even buying groceries. Asking a close friend or family member to borrow some money may not be an option, and going through the long and drawn-out process of applying for a traditional bank loan may be out of the question due to time restraints or poor credit on your part. Regardless of your current financial situation, the good news is that you always have the option of applying for a faxless payday loan.

What is a Faxless Payday Loan?

First of all, a payday loan is a small loan of under $1500 that you can take from a private lender to assist you in covering your expenses until your next payday. The concept of a payday loan is that the borrower should be able to get quick and easy money, and then pay it back with a bit of added interest with their next paycheck. This is often ideal for people in situations just like yours where they just need a bit of extra cash to get them by until payday.

Up until fairly recently, payday loans have been offered only from traditional storefronts.  These stores used paper records such as printed bank statements and pay stubs from a borrower's employer to determine creditworthiness.  When payday lenders added the ability to lend money to people from home, they did so by simply extending their existing business model to take those same documents by fax instead of in person.  With the increasing ubiquity of internet access, many lenders began offering faxless payday loans which allowed the applicants to send these documents via email if they had access to a scanner.

My Canada Payday has gone a step beyond this, and allows customers to submit their bank statements using a screen capture application.  Borrowers no longer need to have paper copies of their statements, which is increasingly common in this paperless era.  The entire process of downloading the screen capture application and submitting the banking details takes less than five minutes and under optimal conditions means that a loan contract will be delivered to the customer in less than ten minutes.

What You Need to Know

Since payday loans are meant to be short-term personal loans, the amount that you may get approved for can vary depending on your current income and how much you need to borrow. Therefore, you should not expect to be able to use a payday loan for larger expenses. In most cases, the maximum amount that you can get approved for with such a loan is based on the amount you make per paycheck with your current place of employment and is capped off at a certain amount for most lenders.

Furthermore, you should be careful to only borrow what you know you will be comfortably able to pay back within a few weeks. Your repayment terms, including how long you will have to pay off the loan, will be outlined in your loan agreement. Take the time to read through this before you agree to a payday loan so that you know what to expect when it comes time to repay the loan, which will likely come soon after you receive the funds. You should also be aware that most payday loans have a higher interest rate than a traditional loan, so be sure that you are aware of what your interest rate is and how it will affect your repayment amount as well.

Overall, payday loans can be a great way to get the money that you need without the hassle of a traditional bank loan. Furthermore, faxless loans can make the process of applying and getting approved even easier. If you are in a difficult financial situation, be sure to keep this option in mind.

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My Canada Payday - Streamlining the Lending Process

#DidYouyKnow - We are a fully licensed #Payday Lender in BC, Nova Scotia, Saskatchewan and Ontario.
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My Canada Payday

We pride ourselves on the ease of our process, which can be completed online and using your phone! There is no faxing, visiting a store, or signing paperwork required… and if you’re fast, it takes less than 30 minutes! Apply Now >

My Canada #Payday customers don’t have to waste their time commuting or standing in line!

My Canada #Payday customers don’t have to waste their time commuting, standing in line, and waiting for paperwork to be filed, but rather can submit a #loan application online, with approvals in as little as 30 minutes.
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Safe. Fast. Affordable. My Canada Payday

Nobody likes red tape, so we keep it simple. We aren't going to ask you a hundred questions about what you want the money for, and our signup form is only one short page. Apply Now >

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Once your loan is approved, we will pay you by Interac email transfer (for returning customers) or EFT Direct Deposit (for first time loaners or those whose bank does not support Interac Email transfer) if you are from BC, Saskatchewan or Nova Scotia. Returning reloan customers can have their money in as little as 30 minutes, while first time customers will see the funds the next business day. In Ontario, your loans will be issued via Interac Email Money Transfer only.

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My Canada Payday is in the business of getting you your fast #cash advance now!

Safe. Fast. Affordable - You can get#payday loans for up to $1500 in as little as 15 minutes! My Canada Payday is in the business of getting you your fast #cash advance now! Apply Now >

Credit Scores | mycanadapayday.com

Your credit score is a representation of your creditworthiness, based on your financial history. When a bank wants to know whether they should lend you money (and how much they should charge you in interest rates), they look at your credit score to determine how risky it would be to lend you money. The riskier you look, the less you can borrow, and the more interest you pay on the money they lend you. It isn’t just banks, either. People like your landlord and your cellphone provider can look at your credit score to determine the services that they will offer to you. Having a good credit score will make your life easier and cheaper in all sorts of ways. Regularly checking your credit report can also alert you to signs of fraud, like credit cards or loans in your name that you didn’t apply for.

Accessing and Understanding Your Credit Score

To order your credit report and score, contact one of the credit reporting agencies operating in Canada. There are two main reporting agencies, TransUnion and Equifax. You can order your credit report and score online, by telephone, mail, or fax, or in person. Note that, if you want to access your credit report online or if you want to see your credit score, you’ll need to pay, with online access being the most expensive. In Canada, you’re also entitled to unlimited free credit reports, so long as you apply in writing for a printed copy to be mailed to you. Forms are available on the TransUnion and Equifax websites. Note that these free reports will not include your credit score, just your written credit report. 

If you paid for your credit score and report, you’ll be able to see your numerical credit score. This is a number between 300 and 900, where 900 is the best possible score. The average Canadian has a credit score in the mid-700s. Your credit report will contain information about your borrowing history, including things like whether you pay your bills on time and how much you owe. This is the real meat of the report. Financial institutions will look at this far more closely than your numerical credit score, because it tells them more about what they can expect. It’s also a great way of finding out where you can improve, because even without your credit score, you’ll be able to read your report and pick out the sections that would make people worry about lending money to you. The Financial Consumer Agency of Canada provides a very informative guide to understanding your credit report.

Improve Your Credit Score

Improving your credit score isn’t necessarily easy, but it is simple. The faster you pay your debts, the better your credit score will be. Late payments, or payments of less money than required, will severely damage your credit, especially if any debts go to collections. Try to pay all bills in full before their due date. If that isn’t possible, pay at least the minimum required before the due date. Utility bills might not be included in your credit report, but those companies can still report late payments to reporting agencies. Credit cards also have a big impact on your credit score. Make sure that you never exceed your credit limit, and if possible, don’t even get close to it. For more individualized solutions, read your credit report, and review it regularly to see if your solutions are working and watch your score improve. 

The other way to improve your credit scores is to dispute negative information. You can do this by contacting credit reporting agencies, and corrections won’t cost you anything. Look carefully for any signs of fraudulent activity: fraudsters don’t care about your credit rating, and their bad debts can ruin it. Confirm any reported late payments against your own financial records to see if they were actually late, and look for any negative reports that are still on your credit report after their legal time limit. There may not be errors on your credit report, but if there are, fixing them is the quickest way to improve your credit score.