Introduction
Payday loans are a popular option for those who need quick access to cash in Ontario. With a variety of banks and lenders offering these loans, it can be difficult to know which one to choose. In this article, we’ll be exploring the top 10 banks offering payday loans in Ontario. We’ll take a look at their interest rates, repayment terms, and eligibility requirements, so you can make an informed decision on which lender is right for you.
Top 10 Banks Offering Payday Loans in Ontario
1. Magical Credit
Magical Credit is a payday loan lender based in Ontario, Canada. They specialize in providing loans to individuals with low credit scores, and they aim to help those who have been turned away by traditional lenders.
Magical Credit offers payday loans of up to $1,500, with repayment terms of up to 62 days. The application process can be completed online, and the company aims to provide quick funding to approved borrowers.
One advantage of Magical Credit is that they may be more willing to work with individuals who have low credit scores, as they understand that unexpected expenses can arise regardless of someone’s financial history. They also offer flexible repayment schedules and do not charge any hidden fees or penalties for early repayment.
Website: www.magicalcredit.ca
2. Money Direct
Money Direct is a payday lender that operates in Ontario, Canada. They offer short-term loans of up to $1,500, which are intended to help individuals cover unexpected expenses or cash flow problems until their next payday.
The application process for Money Direct payday loans can be completed online, and the company aims to provide quick funding to approved borrowers. They also have multiple brick-and-mortar locations throughout Ontario, making it easy for borrowers to apply in person if they prefer.
Money Direct charges interest rates and fees that are higher than traditional loans, so it’s important to only borrow what you need and make sure you can pay the loan back on time. The repayment term for a Money Direct payday loan is typically two weeks or slightly longer, depending on the borrower’s payment schedule.
Website: www.moneydirectstore.ca
3. My Canada Payday
My Canada Payday is a payday loan provider that offers short-term loans to individuals who need quick cash. No credit check is necessary, and the company has an easy application process.
To apply, borrowers need to fill out an application form that includes their basic details, such as name, birthdate, address, and the amount they want to borrow. After submission, the application is analyzed, and approval or denial is given right away.
In Ontario, the highest permitted interest rate under agreements for payday loans is $15 for every $100 advance. This means that borrowers in Ontario can’t be charged more than $15 for every $100 that they borrow. Under the Payday Loans Act, of 2008, borrowers in Ontario also can’t be sold or offered any goods or services in connection with the payday loan.
Website: www.mycanadapayday.com
4. Cash 4 You
Cash 4 You is a payday loan provider operating in Ontario that offers short-term loans to individuals who need quick access to cash. There is no credit check required by the company, and there is a straightforward application process.
To apply, borrowers need to fill out an application form that includes their basic details, such as name, birthdate, address, and the amount they want to borrow. After submission, the application is analyzed, and approval or denial is given within minutes.
Website: www.cash4you.ca
5. GoDay
GoDay is a licensed online payday lender in Canada that offers online short-term loans, including payday loans, to Canadians in Ontario and other provinces. They offer fast cash and customers can fill out an online application to receive funds directly into their bank accounts quickly.
According to Loans Canada, GoDay is a safe and reputable online lender that is BBB accredited and licensed in the provinces in which they operate, including Ontario. Lionsgate Financial Group states that it is easy to apply for a loan with GoDay and that a payday loan allows borrowers to borrow between $100 and $1,500.
Website: www.goday.ca
6. Loan Express
Loan Express is a payday loan lender operating in Ontario, Canada. They offer short-term loans of up to $1,500, which are intended to help individuals cover unexpected expenses or cash flow problems until their next payday.
One advantage of Loan Express is its quick approval process, which can be completed online within minutes. Funds can also be received quickly, as the company offers same-day funding in many cases.
Loan Express charges interest rates that are higher than traditional loans, so it’s important to only borrow what you need and make sure you can pay the loan back on time. The repayment term for a Loan Express payday loan is typically two weeks or slightly longer, depending on the borrower’s payment schedule.
Website: www.loanexpress.ca
7. Money Mart
Money Mart is a well-known payday lender operating in Ontario, Canada. They offer short-term loans of up to $1,500, which are intended to help individuals cover unexpected expenses or cash flow problems until their next payday.
The application process for Money Mart payday loans can be completed online, in person at one of their many brick-and-mortar locations throughout Ontario, or over the phone.
Money Mart charges interest rates and fees that are higher than traditional loans, so it’s important to only borrow what you need and make sure you can pay the loan back on time. The repayment term for a Money Mart payday loan is typically two weeks or slightly longer, depending on the borrower’s payment schedule.
One advantage of Money Mart is its flexible repayment options, as they allow borrowers to extend their repayment terms for an additional fee if needed. They also offer other financial products and services, such as prepaid debit cards, checks to cash, and money transfers.
Website: www.moneymart.ca
8. iCash
iCash is a financial institution that provides fast, small loans online in Ontario and other Canadian provinces. iCash offers low-cost payday loans and fast cash advances in multiple repayments, with easy application and instant approval. Customers can receive money by e-transfer all over Canada. Additionally, iCash offers loans to people on social assistance and disability.
iCash also offers payday loans in Ontario, including Toronto, Ottawa, Mississauga, Brampton, Hamilton, and other cities. Residents of Ontario can also apply for bad credit loans up to $1,500 through iCash, regardless of their credit score. The process of obtaining a loan with iCash is simple, and borrowers can receive their funds within 5 minutes 24/7 when they apply for an online payday loan.
Website: www.icash.ca
9. Cashmax Payday
Cashmax Payday Loans is a company that offers payday loans in Ontario, Canada. Their loans are meant to help individuals who need quick access to cash for unexpected expenses, emergencies, or bills that can’t wait until their next paycheck.
Cashmax Payday Loans offers loans ranging from $100 to $1,500, depending on the borrower’s income and creditworthiness. The loan terms are typically 14 days, but they can be extended up to 62 days in certain circumstances.
One advantage of Cashmax Payday Loans is that they have multiple locations throughout Ontario, making it easy for borrowers to find a convenient location to apply for a loan. They also offer online applications and approvals, which can be completed from the comfort of your own home.
10. Speedy Cash
Speedy Cash is a Canadian-owned and operated lender that provides payday loans to Canadian customers. Its payday loans are designed to solve temporary cash-flow needs with a loan range of $200 to $1,500, repayment terms of 14 days, and interest rates ranging from 15% to 23%. Funding time is within 24 hours, with the funding method of direct deposit or email money transfer and repayment options of automatic debit. To be eligible for a payday loan, you must be of the age of majority in your province, have an active bank account, have a steady income, and provide the required documents. The maximum charge permitted in Ontario for payday loans is 15% of the principal, and Speedy Cash charges 15% of the principal for its payday loans.
Website: www.speedycash.com
Conclusion
In conclusion, while banks in Ontario do not typically offer payday loans, there are many alternative lenders available that provide short-term loans to those in need. In this article, we’ve explored the top 10 banks offering payday loans in Ontario and provided information on their interest rates, repayment terms, and eligibility requirements. It’s important to remember that payday loans should only be used in emergencies and that borrowers should carefully consider the terms and conditions of the loan before accepting it.
