The percentage of Canadians behind on their financial commitments quadrupled between 2014 and 2019. Nearly 40 percent of Canadians under the age of 65 consistently struggle to meet their financial obligations.
This is not a theoretical or metaphorical struggle, and it is not restricted to the categorically poor. Every week, Canadians with steady jobs and seemingly good incomes face stress and sleepless nights trying to figure out how they are going to pay their bills.
For many, the answer is a payday loan. If you’re asking “what is that and where can I find a pay day loan near me?” keep reading.
What Is a Pay Day Loan?
A pay day loan is a short term loan that specialized lenders make to applicants who need cash fast.
Pay day loans:
- Provide cash instantly or almost instantly
- Often do not require collateral
- Are offered by private lenders rather than banks or other traditional credit institutions
- Are available in all amounts from just a few hundred dollars to thousands of dollars at a time
- Can be used for any purpose
With more than 1 of every 7 Canadians regularly relying on credit to secure basic needs, it is no surprise that the popularity of payday loans continues to rise.
Who Uses Pay Day Loans?
Pay day loans are common across the whole of Canada. They are used by individuals of all backgrounds, social classes, and incomes.
Cash loan services may be sought by anyone:
- Facing an emergency situation
- Hit by unexpected expenses
- Dealing with higher-than-average or higher-than-predicted bills
- Whose hours were cut at work
- Whose paycheck was shorted due to accounting or processing error
- Waiting on money owed from someone else
- Juggling extra bills due to work or life transitions
- Facing bills that can only be paid in cash rather than by credit
Pay day loans are often particularly appealing to individuals who do not have friends or family willing to lend them money, or who have already tapped out other sources of support. They can also be an ideal alternative in situations where applicants need money immediately and cannot wait on friends or family prone to slow decision making or action.
Can I Get A Pay Day Loan With Bad Credit?
Many lenders specialize in providing funds to applicants with no credit, bad credit, or who are otherwise ineligible for standard loans and banking services.
If you are unsure whether or not you qualify for a pay day loan, it is best to apply rather than make assumptions. You may be surprised how much you qualify to receive.
What Do I Need to Get a Pay Day Loan?
In general, to qualify for such a loan, you must be:
- 18 years of age or older
- Employed (or otherwise able to document income)
- In possession of some form of legal ID (e.g. a drivers license)
In some cases, applicants may also need a checking account through which to receive and process their loans.
You do not need to submit to a credit check to apply. Cash loan providers do not run credit checks due to the time it takes and the hit that such reports incur on applicants’ credit.
How The Process Works
You can apply for a cash advance in person or online.
To begin, you will need to provide the following:
- Your full name and address
- Contact information (e.g. phone number, email address)
- Proof of employment or income
- The frequency with which you are paid
- Date of birth
- Social Insurance Number
- Bank account number and transit number
- Name and contact information of an emergency contact if you cannot be reached
The loan provider will review your information to determine that no fraud is intended and that you can be relied upon to repay the loan. This assessment may take a matter of minutes or up to 24 hours, depending on the amount of money you wish to borrow and the ease of verifying your information.
To prevent delays, double-check your information before submitting to ensure there are no typos or misplaced numbers which might cause errors. Applying online is often the fastest method.
Once you are approved, you simply need to sign the agreement acknowledging that you accept and will repay the loan.
If you have applied for a small amount of money in person, you may be able to receive cash on the spot. In all other cases, approved funds will immediately be deposited in your bank account. You may withdraw them from your bank in person or via your debit card.
When you next get paid, or on the date specified by your loan agreement, you must repay the funds borrowed. This can be done in person or using the same online system through which you applied.
Where Can I Get a Pay Day Loan Near Me?
While there are numerous places to secure cash advances, it is often easiest to apply online. The best online payday loan providers make it simple to submit your application quickly and efficiently from your computer, phone, or another mobile device.
Using Cash Loans Wisely
While pay day loans can be an incredible resource, it is important to use them wisely to avoid racking up debt you cannot repay.
To this end, keep these guidelines in mind when considering applying for a cash advance:
- Use free sources of support first (e.g. family and friends)
- Negotiate extensions on bills due to avoid the need for loans where possible
- Educate yourself on good financial management practices to minimize the need for loans
- Do not apply for more money than you need at any given time
- Repay loans in full as soon as possible
- Work with responsible and reputable lenders
- Pay attention to loan terms to ensure you understand what you are agreeing to (e.g. interest rates and repayment dates and terms)
Find Cash Now
Does this sound like exactly what you need? Don’t wonder “where can I get a pay day loan near me?” a minute longer. Get your check advance now.