What is a Payday Loan?

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What to Know About Payday Loans

When unexpected expenses pop up and your next paycheque is days away, Canadians turn to payday loans from Speedy Cash.

Payday loans, also commonly known as cash advances, are unsecured personal loans, typically ranging up to $1,500.00 or up to 50% of your income.

In other words, payday loans are small, short-term loans that are meant to be an immediate cash advance in times of need for those who cannot access other credit or other avenues of cash before their typical payday.

Those who are interested in payday loans should plan to use their next occurring payday to repay the loan in full, including the finance charge.

What is the Cost of Borrowing a Payday Loan?

A finance charge, also known as the cost of borrowing, is a fee that is added to your principal amount at the time of borrowing. This charge is the fee you pay back to the lender for their services.

The maximum charges permitted for a Payday Loan is 14% of the principal. We charge $14 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%.

Payday loans can be very convenient because they provide you with the money you need almost instantly. The application process is quick and hassle-free because Speedy Cash does not require a credit check.

Why Payday Loans Can Be a Convenient Option

Payday loans can be a great resource! They can be used for anything from paying bills, car and home repairs, or for travel. There is no restriction as to what you can use your payday loan for. Most payday loan companies offer various loan types to help cover you in any financial situation such as Child Tax loans, Pension loans, Emergency loans, and Vacation loans!

Payday loans can also be granted online, which is a huge bonus for those who can’t leave the house, or who don’t have means of transportation.

Typically, the same requirements are needed to apply for an online loan, and everything that is processed online is 100% confidential and, is usually done directly through the company’s website. The cherry on top? Typically funds are e-transferred within a matter of minutes! 

While this is pretty amazing, remember that you do have to pay your loan back, typically on your next payday. Most payday loan companies offer multiple ways to pay back your loan and work with you to find a way to pay that is best for you.

One of the most common things to happen when people miss their due date is they are out of town and unable to make it to the original location to pay back their loan. Well, paying back your loan has never been easier!

Speedy Cash offers an e-transfer option or, even an auto debit option to ensure their funds are reimbursed, and that you are not charged any overdue late fees.

Payday Loan Requirements

Payday loans can be very convenient because they provide you with the money you need almost instantly. The application process is quick and hassle-free because payday lenders do not require a credit check. Typically, with a payday loan application, most lenders require the following:

• One piece of Government Picture ID
• Pre-Authorized Debit Form (PAD)
• 30-60 Day Bank Statement
• Proof of Address
• Your most recent Pay Stub (if your income is not Direct Deposit)

Get Quick Cash with a Speedy Cash Payday Loan!

Payday loans can be a helpful financial tool when you’re dealing with urgent expenses and need quick access to cash before your next paycheque. Whether it’s an unexpected car repair, a medical bill, or a temporary gap in your budget, payday loans offer a short-term solution to help you stay on track.

If you’re facing a financial emergency and need fast support, Speedy Cash is here to help. Our simple online application makes it easy to get started and you could receive your cash as soon as the same day.

Apply to borrow money now to see if a payday loan is the right fit for your needs!