If you need money quickly and see ads for “Guaranteed Approval” payday loans online or at a bank, it might sound really good. But you might also be unsure if they are actually true. What can you do if you have a bad credit score and need a payday loan in Canada?
It’s really tough to find a payday loan that is guaranteed, and there are many different ways you can borrow money (like going to a store or using the internet). We want to help you understand how to apply for a payday loan and get approved without any confusion.
What is a guaranteed Payday Loan
A payday loan is like borrowing money from your future paycheck. It’s a quick loan that gives you cash right away, usually up to $1500. You don’t need to give anything valuable as a promise to pay it back. And you can get the money really fast, sometimes in just a few minutes. It’s also easier to get than a loan from a regular bank. It works a bit like loans for people on ODSP.
A payday loan is not the same thing as your paycheck. Even though it looks at your paycheck to see if you can pay it back, it comes from a different place called a direct lender.
A payday loan is like a helping hand for Canadians who need money quickly to fix unexpected problems. Sometimes things happen, like a broken car or a big bill, that can mess up your plans for saving money.
But there are lenders who want to help you, even if you don’t have the best credit score. They can give you money right away so you can take care of the problem and not worry about money anymore.
Also Read – 5 Tips To Repair Credit After Student Loan Default
What Are The Requirements For A Payday Loan
In Canada, good lenders have rules that people must follow to get a loan. They can also say no to someone who might not pay the money back. So, getting a loan is not always certain. It’s important to be responsible when borrowing money.
But nowadays, people who give out loans know that someone’s worth is not just determined by their credit score. So, getting approved for a loan might be easier than you think.
- Getting a loan from a direct lender is easier and more likely to be approved compared to getting a loan from a bank. Different loan places have different things they look at to decide if you can get a loan, but usually it’s quicker and simpler to go straight to a direct lender, even if you’ve been told “no” before.
- Nowadays, when you ask someone to lend you money, they don’t just look at your credit score. They consider other things too. So even if you don’t have a good credit score or don’t have one at all, you should still try asking for a loan because it can be really helpful for your money.
- Your job, how secure it is, and whether you have borrowed money before all impact whether you can get a loan. At My Canada Payday, we understand that many Canadians want a loan to improve their money situation, and we support each person who applies. Just like how the rules in Windsor might be different from other places.
Applying For A Payday Loan Looks Like
- You have to ask to borrow money by filling out a form online. You tell them how much money you want and give them important information about yourself. It’s really quick and easy because you don’t have to use paper or go to a bank.
- Our special computer programs look at your application very carefully and quickly tell you if you can get a loan or not.
- Once you get approved, you will receive an email with a special agreement that you can read, sign, and send back using your computer or tablet.
- You will get the money you have been waiting for in just a few minutes. It will be sent to your special account using very safe and secure technology. Once you have the money, you can spend it on anything you want!
- The loan agreement will have a plan for when and how you need to pay back the money you borrowed. On these specific dates, the amount you borrowed and any extra money you owe will be taken out of your bank account automatically. It’s important to read the agreement carefully so you know when to expect this and can get ready for it.
Also Read – How Can You Reduce Your Total Student Loan Cost – 5 Easy Tips
Are Guaranteed Loans Actually Guaranteed?
No, it’s not completely certain that you will get a loan online, even if some lenders say they guarantee it. But don’t worry, there are still many online lenders that are very likely to give you a loan.
- At My Canada Payday, we won’t say no to your application just because of your credit score. We understand that you are more than just a number, so even if your credit score is low or you don’t have one, we will still consider other things when deciding.
- Your credit score is like a special code that helps people know who you are and keeps all your money and important information organized.
- Our loans are like borrowing money without giving anything valuable as a promise. You can use the borrowed money for anything you need. This is helpful for many Canadians when they don’t have enough money.
- Almost everyone who applies for a loan is given the okay right away. It’s really easy to get this loan in Canada.
Also Read – How Do I Apply For Student Loan Forgiveness
What If I Have Bad Credit
If a bank or agency said no to giving you money before because of your bad credit, you might think you can’t get a personal payday loan. But at My Canada Payday, we have rules for who can get a loan that are more than just looking at your credit score!
Some lenders say you have to have a certain credit score, but we don’t. You will probably still be allowed to borrow money, but you might not be able to borrow as much as $1500.
It’s important to be careful with loans that promise to guarantee money. These loans might not be safe or trustworthy. It’s better to use a lender like My Canada Payday. Money is a serious matter and should be thought about and researched carefully.