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7 Surprising Things You May Not Know About Payday Loans in Canada

Loan Express | January 24, 2023

Short-term loans can be a lifeline for Canadians who are short on cash. Learn more about payday loans – especially some things you may not have known – with Loan Express.

Loan Express does not require credit checks, decline a loan based off a credit check, nor do credit checks affect the minimum approved amount of the loan. The following article is purely for educational purposes.

You Can Get A Payday Loan In Canada With Bad Credit

Life comes at you fast, and sometimes it results in bad credit. Having bad credit as you forget payments or hold onto a lot of debt is extremely common amongst Canadians, but Loan Express will provide you with a payday loan no matter your credit status. Some advice Loan Express has for including your credit score includes:

Make Your Debt & Bills Organized and Manageable 

When organizing anything in your life, a virtual or hand-written list is your best friend. Compile a list of your current bills and loans, go through bank and credit card statements, and write down all fixed expenses, loans, and bills. 

Then, write down your monthly income, the amount you pay towards your bills and loans, and the total balance, interest rate, deadlines, and other necessary details. Keep your credit report and last year’s tax paperwork on hand, so you don’t miss any information. 

Pay more than the Minimum Payment

Once your budget is sorted out, determine how much you can put toward paying off your debt. Paying more than the minimum will save you money on interest and help rid you of your debt faster. 

If you have a $15,000 balance on your credit card with a $450 minimum payment, while only making the minimum payment, it can take almost four years to pay off the balance – and over $5,000 in interest. If you paid $550 a month – only $100 over the minimum – it would take you less than three years to pay off your debt. 

Refinance Debt with a Lower Interest rate

Refinancing to a lower interest rate can save you tons of money in interest and help you pay off debt faster. You can refinance mortgages, personal loans, student loans, and other types of debt. One way to go about this is through a debt consolidation loan. This personal loan will come with lower interest rates than your current debt. If you have credit card debt, you should consider transferring the debt to a balance transfer card.

Use Coupon & Promotion Information

You can save a shocking amount of money by utilizing coupons found on apps, websites, or in free flyers delivered to your mailbox. You don’t necessarily have to become one of the “Extreme Couponers” you see on TV, but using coupons for items you were going to buy can keep money in your pocket to put towards paying off debt. 

You Can Get An Instant Loan Without A Credit Check

With Loan Express, you can get an instant payday loan without a credit check. A no-credit-check loan is a financial tool to help those with low credit scores get money quickly. The application process does not involve a lengthy review of your personal information, so those who traditional lenders have turned down may find no credit check loans more accessible.

Taking out a no-credit-check loan is an easy and fast way to solve your cash crunch. When Loan Express approves you, you’ll have access to the funds within minutes. Payday loans are an excellent option for people who need quick cash if you are okay with paying it back within the allotted amount of time. You deserve to get the money you need, and we’re here for that.

Personal loans come in many amounts, with some ranging up to tens of thousands. They can also have different repayment term lengths or installment frequencies. The two types of personal loans you can find in Canada are as follows:

  • Secured Personal Loans: If you want a secured personal loan, you must provide collateral (such as real estate or a car) for your application to be considered. Be careful: if you miss too many payments or do not adhere to its fine print, the lender will have the right to seize the asset.
  • Unsecured Personal Loans: These are often small loans with a higher interest rate. These are easier for those who do not have or do not want to risk collateral. Repayment terms are usually shorter.

A financial emergency can happen at any time, and you need to be prepared. A sudden expense could drain your monthly savings and make you incredibly stressed. You can get cash fast without needing a credit check with a no-credit loan.

Applying Is Easy

Payday loans can be some of the most accessible loans to obtain, especially with the help of Loan Express. Payday loans with Loan Express require no credit score and no collateral – they are extremely easy and fast to apply for. You can ensure you are approved for a payday loan by:

  • Reviewing the eligibility criteria before applying.
  • Filling out your loan application honestly and fully. 
  • Applying for only the money you need and being sure you can pay it back when the time comes.
  • Responding to any questions asked by the payday lender.

You Can Get Your Payday Loan Instantly

Who doesn’t love the idea of getting cash without having to wait for it? E-transfer payday loans are an option that can be quickly and easily applied for. When you’re approved, your loan will be electronically transferred into your bank account, allowing you to worry less and live more.

The ease of applying for an e-transfer payday loan at any time of day makes it a favourite among many Canadians. As long as you have your documents, Loan Express can deliver easy and secure loans of up to $1500 in minutes.

Canadians on Certain Benefits Can Qualify For A Loan

There are different payday loans for Canadians who are on benefits and need emergency cash. Note that it is completely up to the lender to determine which kind of benefit qualifies as established income. 

Typical loans for Canadians on government benefits include: 

  • Payday Loans for Unemployed on Benefits in Canada
  • Payday Loans for Disability Income in Canada
  • Payday Loans that Accept Child Tax
  • CPP Payday Loans
  • AISH Payday Loans
  • ODSP Payday Loans

Unemployment

Loan Express lends on CTC, CPP, Pension, Disability, and many other guaranteed incomes. We do not lend on unemployment benefits such as EI or CERB at this time. 

Child Tax Benefit

You must meet specific criteria to fulfill the Canada Child Benefit eligibility rules. You must live with a child under eighteen years old AND be primarily responsible for the care and upbringing of the child. You also need to be a Canadian resident for tax purposes, although you do not have to be a citizen. 

Being a permanent resident, a protected person, an Indigenous person, or a temporary resident who’s lived in Canada for the previous eighteen months and had a valid permit for nineteen months is enough. The most important thing is that you are the primary person responsible for the child who, again, is under eighteen years of age. 

You may be feeling overwhelmed with life’s demands, but that doesn’t mean your financial situation has to suffer. You deserve peace of mind and the assurance that you will always have enough money for what matters most in this world: family! Our smart loans can free you from worrying about those surprise expenses that more often or not pop up when you have a child. Apply for the child tax credit loan and get back on track with a quick, easy approval process online! 

ODSP

The Ontario Disability Support Program, also referred to as ODSP, qualifies as a guaranteed source of income with Loan Express. The federal government and private lenders alike understand that dealing with the long-term effects of disabilities can be challenging. If you’re receiving assistance due to long-term injuries, then applying for a cash advance on your disability benefits could help get things back on track. 

AISH

The Assured Income for the Severely Handicapped, also known as AISH, can be used to get a payday loan. Getting the money you need is fast and easy with Loan Express!

Canadians On A Pension Can Get A Payday Loan

The Canadian Pension Plan, also referred to as CPP, qualifies as a monthly income for borrowers. This is especially beneficial for those who are no longer working and need a quick loan. 

You Can Get A Payday Loan 24/7, 365 Days a Year With Loan Express!

Loan Express provides short-term cash advances to Canadians in need of funds. Whether you need to replace a household appliance, cover your dog’s medical bill, or pay an apartment deposit, Loan Express settles your unexpected costs right away!

Our smart loans of up to $1,500 help you cover expenses that can’t wait until your next paycheck – a quick and easy alternative to loans offered by banks and financial institutions.

Better still, we put the money in your account within just 5 minutes. Fast, easy, and secure, our instant loans put your finances back on track. Complete the short online application and take control of your finances today.