What is the difference between personal loans and payday loans?

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Payday loans are small, short-term credit solutions that have high interest rates and are supposed to be paid off in a lump sum on your next payday. Personal loans are long-term and have lower interest rates. They are known as installment loans, as they are supposed to be repaid at a fixed rate over a certain amount of time in monthly payments.

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What do I need to request a personal loan?

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You should have a government issued ID, be at least 18 years old and be a legal Canadian resident. Additionally, you’ll have to provide a proof of income and employment, and have an active bank account.

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How long does it take to get a decision?

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Most online loan companies approve clients within 48 hours.

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What interest rate will I have?

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Interest rates vary by lender and heavily depend on the following factors: your credit history, credit score, your debt-to-income ratio, income, the amount you borrow and the term of your loan.

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How can I use a personal loan?

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Personal loans are multipurpose. They allow you to pay for any unforeseen expenses, major purchases and various special occasions.

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How do I get my money?

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Typically most loan companies fund clients loan as an E-transfer to ensure a fast turnaround time but the funding will depend on the company you apply with.

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When do I get my money?

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If you have completed all the paperwork correctly and are approved by the lender, you’ll have your funds deposited to your bank account on the same day or within 1 business day..