Online Payday Loans In Ontario
Due to the uncertainty of life, there comes a time when unexpected or sudden expenses show up and you are in need of some money. That is when payday loans can help you out. If you are a resident of Ontario, Canada, and are in need of some extra money then ‘Better Than the Bank’ can help you in getting your payday loan. So, how do you know if you qualify for a payday loan or if they provide payday loans to individuals with bad credit score? Continue reading to find out more.
Do I qualify for an online payday loan in Ontario?
In order to be eligible for a payday loan in Ontario, the whole process is a lot easier than one would think. You don’t need to have thousands of dollars resting in your bank or a spotless credit score when it comes to being eligible for a payday loan.
So what exactly do you need to be qualified in order to apply for a payday loan? The requirements are listed below:
1. The Applicant Should Be Of Legal Age
If you want to apply for a payday loan in Ontario, then the minimum age requirement is usually 18 to 19 years. Hence, if you have legitimate and authentic proof that you are of legal age, then you shouldn’t have trouble getting your payday loan.
2. The Applicant Should Have A Bank Account
The applicant should have a Canadian bank account that has been opened for at least three to six months. While applying for the payday loan, the applicant will be asked to provide their banking history. In certain cases, they are also asked to present further proof, like a utility bill or recent paystubs.
3. The Applicant Should Have A Steady Job
If you have been working in a steady job for the past couple of months (three to six months) in Ontario and are getting paid at least $300/week or $800/month through direct deposit then you qualify for a payday loan.
4. The Applicant Must Be A Resident Of Ontario, Canada
In order to apply for a payday loan in Canada, the applicant needs to have a Canadian citizenship and should be residing in Ontario.
5. The Applicant Needs To Provide All Of Their Valid Information
As an applicant, you are required to provide your valid email address, home address, and mobile phone number. This way, your lender can easily get in touch with you in case anything goes wrong.
Moreover, it is recommended that you should only apply for payday loans when it is absolutely necessary and do it responsibly. This includes:
- Making sure that you borrow the amount of money you can easily afford to repay back.
- Never borrowing money by using your information and doing it for someone else.
- Making sure that you only borrow the amount that you need at that time and nothing more.
- Making sure that you repay your payday loan before its due and pay back the complete amount at the right time.
- Not taking out more than one payday loan at a time and only focusing on your current payday loan.
- Being informed about your lenders and who you are planning on borrowing from; hence, you are able to receive the best terms and rates possible.
Are online payday loans in Ontario available to those with bad credit?
If you were ever refused a loan, couldn’t pay off your debt, declared bankruptcy, then you are probably one in more than a million Canadians who have bad credit. When you have bad credit, it impacts almost all areas of your life. For instance, having bad credit makes it harder to take out loans like an auto loan or a mortgage. Also, you cannot get approval when applying for a credit card or even when applying for a job at times.
However, you do not have to worry about your bad credit when it comes to applying for payday loans in Ontario. There are multiple lenders out there and we here at ‘Better Than the Bank’ will send your application to several lenders at a time. This will help in greatly increasing your chances of getting approved. Also, it should be noted that getting a payday loan is not guaranteed, but the fact that your application will be viewed by different lenders vastly increases your chances of getting your payday loan.
Usually, individuals with bad credit have a hard time and find it difficult to get an approval from the traditional lenders. This is because the other traditional creditors and banks think of these applicants as being more of a high risk. However, here at ‘Better Than the Bank,’ we strive in helping people and believe that everyone deserves to request for a payday loan even if their credit history is not good. Hence, we make sure to help the individuals, who have bad credit, get payday loans in Ontario despite their past.
Moreover, if you are someone who’s going to apply for a payday loan but have bad credit, you will be required to answer a couple of questions regarding other aspects of your financial life. Lenders who are willing to approve your payday loan despite your bad credit will look at other important factors, which is going to help them in deciding if they should approve your request for a payday loan or not. Listed below are couple of the things that lenders will ask you:
- The monthly or yearly income that you get.
- If you are self-employed or are employed somewhere else.
- The size of the business or company where you work at.
- If there is anyone present that can co-sign the loan for you.
- If you are going through bankruptcy currently.
- The amount of debt that you carry or have at the moment.
Furthermore, there is a vast difference when it comes to getting a loan from a bank and getting a payday loan from a lender. As mentioned above, there are lenders who are willing to give you your payday loan despite your bad credit as compared to banks that generally lend money to the applicants who have a good credit score and a spotless financial history. Listed below are a couple of major differences between how lenders and banks handle everything when someone applies for a personal loan:
- There are certain lenders in Canada that offer payday loans in Ontario with a guaranteed approval, even if the applicant has had a recent bankruptcy or anything else that negatively impacted their credit history. However, this will not be the case when you apply for a loan from a bank as they will most probably reject it.
- There are numerous alternative lenders that can be found online when it comes to payday loans in Canada. This means that these lenders do not have brick-and-mortar branches unlike banks. Hence, they are able to accept the risk of giving money to borrowers who have bad credit and they do not have outrageous charging rates.
- As mentioned earlier, the majority of the lenders who are willing to provide payday loans to individuals with bad credit in Ontario, Canada, will examine several other factors of those applicant’s financial life before approving the loan. Usually, if these other factors seem to be normal and fine, then the lender ends up approving the loan. On the other hand, a bank does not look at these other factors and their main focus is the applicant’s credit score only. If the credit score is bad then most likely the bank will not approve the loan.
Can I get a payday loan on child tax benefits in Ontario?
The Canada Child Benefit (CCB) is a cash benefit that’s free of tax and present for Canadian parents in order to provide them assistance on a monthly basis. This cash benefit is based on several different factors, like the number of children and their age to name a few. This money is deposited into the person’s bank account each month.
However, life can be unexpected and sometimes things happen that aren’t within one’s control. So what can you do in this case when your child cash benefit hasn’t arrived yet but you need the money? If you are a single parent or have a partner who supports you, you can still apply for a payday loan that can help you out when sudden expenses show up and put pressure on your finances. With your Canada Child Benefit (CCB), you will have a qualified income that can help in securing your cash advance.
As mentioned above, there are several factors that are looked upon in order to be eligible for the Canada Child Benefit. Firstly, you should be a Canadian resident and have a child who is below 18 years of age and under your primary care. Your child must be a Canadian resident as well. Eligible parents can apply online through their CRA accounts. They can also submit a RC66 CCB application form. Once everything checks out and you get approved for the benefit, you will start to get the payment in monthly installments.