Payday Loans Canada
Same day payday loans for the funding of your essential items!
- *Whizz is an independent comparison website, not a lender or a broker.
- *Applying won't affect your credit score.
- *All loans are subject to creditworthiness and affordability checks.
Save thousands of dollars with our Fixed and Lowest ever interest rate loans.
Why a large number of people choose Whizz? Because we brightening their rainy days since 2017. We made online borrowing simpler, faster, and more affordable.
Why choose "Whizz"?
Need urgent money? Don't worry! Apply online and get fast approval*.
Borrow $100 to $5k
You are free to borrow as min $100 to max $5000 with long repayments terms.
Secure application
Use our modern age secured application process to ensure you get funds securely and quickly.
Instant cash access
Want to quickly access your credit? We approve your small loan online within few minutes.
Dedicated support
Our loan specialists are always ready to help you throughout the whole process until you get approval.
Due to the Covid-19 pandemic, approx. 1 million Canadians become unemployed. According to MNP LTD President Grant Bazian "The virus has understandably created significantly more financial anxiety for those directly impacted by job loss, declining wages and business closures."
A fresh survey in Canada shows that around 42-43% of Canadians admitted that they are not fully confident to cover their living expenses over the coming year. Modes of borrowing money are Credit Cards (15%), Lines of credit (8%), asking friends or family for money (10%), and taking bank loans (3%) as published in Wealth Professional.
Most of the Canadians reported choosing Payday Loan to borrow money for their necessary expenses.
According to Canada.ca, around 45% of Canadians reported that they are using payday loans to cover unexpected or immediate expenses. Furthermore, 41 % of Canada's people use them for their expected expenses like utility bills.
These payday loans in Canada are loaded with many advantages for borrowers that are not available in traditional lending. But unfortunately, most people stay out of it or unfamiliar with the right information about such short-term loans.
Don't worry!! Here at Whizz, we are trying to cover everything about payday loans online like what are they, how they work, and how they can be used in the right way. Stay with us and explore online payday loans in Canada.
What are payday loans?
As a layman's thinking, payday loans are short-term cash advances that are designed to help people to overcome their financial troubles until they get their next payday.
The best thing about a payday loan is that such short-term loans are directly credited to your bank account, and usually within 24 hours your application is approved.
The repayment process for payday loans online is simple; repayment amount included interest is automatically debited from your bank account on the due date. Make sure to maintain enough bank balance.
If you took out a payday loan and struggling to pay back it, don't worry! The best way is to talk to your payday lender and find out a mid-way.
How does payday loan work?
As already mentioned above, payday loans work like any other type of traditional bank loan. You can apply for a specific amount of money and then pay back the loan amount with interest on the due date as per your loan contract.
Online payday loans come with instant approval which makes such short-term loans different from bank loans. The offered loan amount is up to C$5000 or more with more flexible terms and conditions. Mostly the loan repayment process is scheduled for your next paycheck arrival.
One of the main features of such small payday loans online is the speedy process. In this scenario, Whizz only deals with online lenders from which you can get faster loan approval and instant money.
Even in today's modern tech world, Interac® e-Transfer payday loans in Canada available 24/7 that leads so many Canadians to get instant money. Everybody knows that in emergencies getting fast money is very crucial.
Like traditional bank loans, such guaranteed payday loans in Canada are come with a due date and must be repaid in full with interest charges. Since these are unsecured payday loans and mean that you don't need collateral, but you need to pay slightly higher interest on it.
Bonus Tip: Before applying for a loan, try to calculate the interest on your loan amount. By this, you can pre-assume the affordability of your loan.
Can anyone get a payday loan?
Like traditional lending, anyone whose age is above 18 years can easily apply for payday loans in Canada. But only age is not a single factor and your loan approval also depends upon your credit history and other financial criteria.
If your credit score is low then your chances of getting payday loan approval might below. But the good news is that some loan matching websites like "Whizz Payday Loans" can help you to find the best lender. These websites are incorporate with online lenders that accept "bad credit" payday loans in Canada.
This indicates that your loan application is approved even if you have an adverse credit score. However, keep in mind that you have to pay a bit more interest rate.
General requirements for payday loan:
To get money fast, first of all, the applicant must have a valid bank account in his/her name to get funded; a steady source of income to repay the loan, and some identification proof. A credit check or no credit check varies from one lender to another, but all lenders might ask some questions to determine whether a borrower can afford to repay the loan amount or not.
Bonus Tip: Apply for a loan amount that you can easily payback on the due date. By this, you can avoid the payday debt trap.
Why surge in demand of payday loans?
According to the recent ACORN Canada study, there is a 70% surge for taking out payday loans and installment loans in Canada after the pandemic. In 2016 year, people adaptation for installment loans was only 11% which has now gone up to 45%.
Furthermore, 30% of Canadians admitted that they choose small and short-term payday loans because they found them more convenient and quick as compared to bank loans.
Study Background
ACORN Canada is a nationwide and independent organization of low and moderate-income families with 140,000+ members in 20+ neighborhood chapters across 9 cities.
Mostly, people with bad credit are the clients of payday loans. Such borrowers are declined for the bank loans due to their low credit profile but accepted by online payday loans with instant approval. That's why more and more Canadians are attracted to these small loans.
Another reason that accelerates the demand for guaranteed payday loans in Canada is due to the people that have less or no savings. According to Canada.ca, approx. 45% are taking payday loans to cover up their necessary and unexpected monthly expenses.
Bad credit and lack of savings are the main reasons that endorse payday loans in the market. Moreover, people who want to deal with their regular expenses or emergencies that need immediate cash also apply for same-day e-transfer payday loan Canada.
Payday loans online are meant for emergency funds, but many surveys found that such short-term loans are used to cover regular day-to-day living expenses.
Why are payday loans bad?
Generally, payday loans are a good source of cash to fight emergencies, but in some points, it might be a BAD idea.
First of all, if you are already have a huge amount of debts, or find yourself not comfortable paying back your loan amount, then it is a 100% bad idea to take payday loans. Avoid it as soon as possible!
Secondly, due to higher interest rates associated with payday loans online, it is generally not good to go for such loans. In this scenario, try to borrow money from your family, friends, or search for other cheaper forms of credit to save money.
However, if you still have no other option and need to choose payday loans in Canada, then make sure to carefully read the terms and conditions of your loan contract.
Bonus Tip: Stick to your monthly budget and make sure you have enough funds in your bank account for the repayment of your payday loans on the due date.
Benefits of payday loans- Unbelievable!!
Despite of payday loans negative points, most of the people choose it because:
1) They are easy to apply and access
Unlike traditional bank loans, payday loans are easy to access with the help of the internet. Many e-transfer payday loans Canada 24/7 lenders claim to provide cash on the same day.
The key feature of direct lenders for payday loans online is that they are available 24 hours, 7 days a week, and offer easy online applications. The loan application takes only 4-5 minutes to fully complete.
2) Fewer requirements for loan approval
Traditional lenders required lots of formalities for their loans like good credit score, Social Security Number, photo ID, and much more. But on the other hand, these instant payday loans direct lenders need fewer requirements to apply:
General requirements to apply for Whizz payday loans are:
- Age must be at least 18 years or above.
- Must have a government issued ID proof.
- Have a steady income source or regular job or living on government benefits for welfare loans in Canada.
- Have a valid bank account on your own name to receive funds.
3) No need to check credit
As we all know that traditional banks required a good credit score (Generally 660 to 724) for loan approval, but payday loans might be approved on adverse credit. Payday loans for bad credit are specially designed for the poor creditors that don't pull your past credit history.
4) They're unsecured loans
One of the advantages of payday loans online is that there is no need for collateral. Unlike other loans like auto loans and mortgages, if you can't able to repay your payday loan, the lender cannot seize your properties. However, payday lenders might send your debt for the collection process.
Which payday loan is best?
There are many types of payday loans available in the market, but the most important is to understand your financial situation and requirements. Check out the table below to better understand the features of online payday loans and find out which one matches your situation.
Payday Loans Types
| Payday loans categories | Features |
|---|---|
| Online payday loans | If you need quick cash without hassle, apply for online payday loans. |
| 6 month payday loans | Borrow funds against your monthly income with flexible and easy monthly installments repayments. |
| Payday loans for bad credit | Such payday loans are best for those who have poor credit score but need short term financial help. |
| Weekend payday loans | If you required loan on Saturday and Sunday, go for these 24/7 available payday loans. |
| Instant payday loans | Also known as instant approval payday loans, borrow up to C$5k at any time with quick approval. |
| e-Transfer payday loans | E-Transfer payday loans 24/7 available that are funded within few minutes via interac or email money transfer. New age payday loans. |
| Faxless payday loans | No fax payday loans offer paperless loan process which makes it possible to get money instantly. |
| Guaranteed payday loans | As name indicated, such payday loans are come with guaranteed approved. Approx. 98.8% application approval rate. |
Ready to get started?
Apply online, get instant decision, and if approved, access up to $1,500 or more.