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Payday Loans over the Phone

Did you know, that nearly 50% of Canadians live from paycheque to paycheque? Although this figure has improved marginally in 2021 after the CA$ 6 trillion stimulus cheques that theTrudeau govt rolled out on the back of the pandemic, but the current 47% still means that millions of Canadians are unable to set funds aside for emergencies.

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Written by: Piggyy

Rating

3.3/5

Loan Term

14 days -60 months

Est. APR

% 390 - 445

Loan Amount

$100 - 15,000

Rating

3.5/5

Loan Term

14 - 62 days

Est. APR

% 109.5

Loan Amount

$100 - $1,500

Rating

3.3/5

Loan Term

14 days - 60 months

Est. APR

% 173.81 - 495.36

Loan Amount

$50 - $10,000

If you fall in this category, you might find yourself at a loss on how to deal with unexpected bills, unforeseen contingencies, and other curveballs that life often throws our way before that next paycheque arrives. This is where Pay-day loans come in. 

 

In this article we’ll tell you all that you need to know about Payday loans; How it works, where you can get one in Canada, and how to set the ball rolling just by hitting a few buttons on your mobile phone. 

 

What Is a Payday Loan?

Concisely put, a payday loan is an unsecured short-term loan that’s meant to be repaid on your next paycheck. Although they often come with astronomic interest rates, the ease of processing, instant access, little or no credit checks nor collateral makes payday loans very attractive for millions of people that live paycheque to paycheque. 

It comes in handy for vehicle or home repairs, doctor visits, emergency travels, grocery shortages, etc. 

It is also important to note that payday loans are often limited to small amounts, typically between CAD$500 – CAD$3,000. The amount you’ll be able to access will depend largely on your monthly income levels. 

 

Who Can Get a Payday Loan?

Compared to other types of credit facilities offered by Canadian financial institutions, getting a payday loan is pretty easy. This kind of loan only requires only a regular source of income and a bank account. 

If you already have existing loans, or a bad credit score, you can still access a payday loan. 

For you to qualify for a payday loan, the requirement of most lenders is that a borrower must be minimum of18 years old, should have a steady verifiable source of Income, active checking account, and valid identity.

 

Getting a Payday Loan over the Phone 

Since payday loans come with high-interest rates and relatively short durations, they are very lucrative for banks and other financial institutions that offer credit facilities. Consequently, they all strive to make the application process as seamless and stress-free as possible for prospective borrowers. And besides, it’s 2021, the digital revolution is in full swing. Everything is accessible at your fingertips. 

 

What you need to get a Payday Loan Over the Phone. 

For anyone to qualify for a payday loan over the phone in Canada, here are the general requirements:

 

  • A mobile phone and a registered phone number. 
  • A source of income is required
  • You need to have an active bank, prepaid card account, or credit union
  • You need to have valid identification and should be at least 18 years old
  • Depending on the province, some lenders also require a Social Security number.

 

Where to get A Payday Loan Over The Phone In Canada

If you’re looking for where to best payday loan deals over the phone in Canada, many options are available. Here are a few of them

 

iCASH Payday Loan

The iCash platform provides your payday loans from CAD$100 to CAD$1500 which will be repaid in 1, 2, or 3 installments. Their approvals are within minutes from the time an online application is submitted. Once the loan is approved, your money will be sent to you in less than 5 minutes.

 

Pros

  • They have an easy online application process and their approvals come within the hour
  • Their repayment options are very flexible, as they allow you to pay back your loan in 1, 2, or 3 installments
  • They provide you with mobile app banking which allows you to make payments and track your repayment process
  • They offer payday loans available to consumers with bad credit
  • There are no fees for late repayments
  • They have a generous cashback program that comes with 20% of the fees you pay which will be returned to you as soon as you pay off your loan

 

Cons 

  • They have high interest rates that are common with payday loans
  • This platform is only available in British Columbia, Alberta, Manitoba, Nova Scotia, Ontario, New Brunswick, and Prince Edward Island.

 

Other details:

 

  • Their loan amount is CAD$100 – CAD$1,500 
  • Their APR varies by province 
  • Their loan term, 14 – 62 days (varies by province)  
  • Their application method is online

Loan Term

14 - 62 days

Est. APR

% 109.5

Loan Amount

$100 - $1,500
Review

GoDay Payday Loan

GoDay is another Canadian platform that provides payday loans of up to CAD$1,500 to borrowers. All you need to do is fill out a quick online application which is detailing your info and the amount you intend to borrow.

GoDay has an excellent rating from their previous users on Trustpilot, they have 4.6 out of 5 stars.

 

Pros

  • They have an easy online application process that can be completed within minutes
  • They offer quick approvals with the funds deposited into your account in less than an hour
  • They offer you the choice between receiving your funds through direct deposit or INTERAC e-Transfer
  • Their payday loans come without any collateral
  • They give approvals even to consumers with bad credit
  • They have locations across Canada if you prefer in-person service

 

Cons

  • They have high-interest rates which are common with payday loans
  • They only give smaller amounts to first-time borrowers, which start at only $100
  • They do automatic withdrawals from the borrower’s account 

 

Other details:

  • Their loan amount is CAD$100 – CAD$1,500 
  • Their APR varies by Province 
  • Their loan term is up to 62 days 
  • Money will be sent as little as 1 hour after getting approved 
  • They check your credit

Loan Term

14 days -60 months

Est. APR

% 390 - 445

Loan Amount

$100 - 15,000
Review

Cash Money Payday Loan

Cash Money is one of the prominent financial institutions in Canada. They lend up to CAD$1,500 with payday loans, and you can apply easily online, via email, or a phone call. 

Once your loan is approved, it will be transferred to your account in less than 15 minutes via INTERAC e-Transfer. They also give you the option to pick up your cash immediately in their store, or via Opt+ Prepaid Mastercard, especially if you’re qualified to get your cash instantly loaded onto your card.

 

Pros

  • They offer you the ability to apply for a payday loan online, via a local store, or over the phone
  • Their application process can be completed in less than 10 minutes
  • They provide a fast turnaround on your loan which means that you’ll know your application status within 24 hours
  • They send your funds via INTERAC e-Transfer, cash through their local store, or via Opt+ Prepaid Mastercard
  • Their customer service is always available online, in person, or over the phone
  • They give out a special promo that includes loan discounts on your first payday loan

 

Cons

  • They have high interest rates that are common with payday loans
  • Their payday loans are only for people in Manitoba, B.C., Nova Scotia, New Brunswick, Northwest Territories, Newfoundland, Nunavut, Prince Edward Island, Quebec, Yukon, Saskatchewan, and Ontario,
  • They give a short-term loan of 14 days. 

 

Other details:

 

  • Their loan amount is CAD$100 – CAD$1,500 
  • Their APR varies by province 
  • Their loan term is between 14-40 days (varies by province) 
  • Money will be sent within 15 minutes via INTERAC e-Transfer after getting approval 
  • Their application process is via online and in-store
  • They check your credit. 

Loan Term

14 days - 60 months

Est. APR

% 173.81 - 495.36

Loan Amount

$50 - $10,000
Review

Advantages of Getting a Payday Loan

All though there are a few advocates that speak against payday loans as they may trap low-income people in a debt cycle. However, there’s no denying that Payday loans can be a lifesaver sometimes. Here are some advantages of getting a payday loan. 

 

  • Payday loans are unsecured loans
  • Payday loans are very easy to access 
  • Payday loans have fewer requirements than other types of loans 
  • Most lenders don’t check your credit

 

Wrapping Up

 

Factors to Consider When Applying for a Payday Loan Over the Phone

As you can see, payday loans are available in almost all provinces and territories across Canada. Note that while some of these platforms provide you with fast access to the money that you need, ensure to take some time to consider your options before you apply.

 

Here are a few important things you should consider whenever you want a payday loan over the phone

  • Fill out all applications correctly

 

Financial documents are delicate. An error could cause delays in processing or worse, render your application invalid. 

  • Loan Conditions. 

Although Payday loans often come at periods when you need some money urgently, you should take a minute to consider the loan condition very carefully to avoid getting a bad deal. 

  • Ensure that you consider the interest rate. And lookout for any hidden charges. 
  • Compare the repayment due date to your next pay date. 
  • You also need to consider the repayment method to make sure that you can repay the loans conveniently. 
  • Be security conscious.

When you make any financial dealings over the phone, there’s always a risk of falling victim to scammers. 

  • Make sure that you have the right phone number, correct email address.
  • And lastly, ensure you don’t give out compromising personal details or that of your credit card

Piggyy

״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates

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