Everything you need to know about payday loans and no-refusal loans

Tout ce qu’il faut savoir sur le prêt sur salaire et le prêt sans refus payday loans no-refusal loans

Everything you need to know about payday and no-refusal loans !


Payday and no-refusal loans can be a solution to some problems. Are you facing a quick and urgent need for money? Whether it is to cover an unexpected expense (repairs on your vehicle, bills, etc.)? Several solutions are available to you to meet your needs and in particular the payday loan and the no-refusal loan. In this article we will review these two types of loans and give you all the important information you need to know before committing yourself.


1 – The payday loan

The payday loan is a type of short-term loan used to meet an urgent need for money. Unlike a traditional loan, you have access to money in a fast way but with higher fees than a traditional loan.


Lenders are an effective solution when you encounter financial problems by meeting their need for quick cash.


How does it work (payday loans and no-refusal loans) ?

The process is simple. In concrete terms, you can borrow a sum of money up to $1,500 from your lender that you will repay when you receive your next paycheck.

Be careful, the repayment period for this loan varies from one province to another, so you should find out more to avoid unpleasant surprises.


Applying for a payday loan

It only takes a few minutes to apply. Fill out the online form available on the website. You will then need to prove several points such as the fact that you are employed in a full-time job and that you reside at the same address within a minimum of 6 months.


The lender will ask you for several documents that are necessary for the creation of your payday loan application. These documents to be provided are as follows:


  • 2 pieces of identification with your photo,
  • proof of your social insurance number,
  • a document with the last 90 days of your bank statement,
  • proof of permanent address,
  • your last 2 pay stubs.
  • Paying back your payday loan

The repayment of the loan is made when you receive your next paycheck, which gives you time to repay. The financing fee that you must repay is $12 per $100 of loan. You have an amortization period of up to 2 years.

You also have the option of paying the finance charge later, at the time of your paycheck after you apply for the loan. Also, you can ask to pay off the principal in the first few weeks so that you can reduce it. Alternatively, if you have the full amount due (including fees) you can pay off the entire loan directly.

Check directly with your lender to see which solution you prefer and which is the most suitable for your situation.


The advantages of a payday loan

Using a lender to borrow money is a great time saver. Indeed, applying for credit with a financial institution takes time since they will initiate a credit investigation and require time to process the information you provide.

This kind of procedure can take from one to two weeks to process. When you need funds quickly, this is not the ideal solution. On top of that, following the analysis period of your file, if you get a bad credit score based on your information, you may not be able to get the loan you requested.

With a short-term loan, there is no need to go through the credit check, so you save time. Payday lenders have other criteria to base their credit score analysis on when granting a payday loan. In this case, your credit score won’t have an impact on getting the money you need. On top of that, you have less paperwork to submit to lenders.

In short, this solution saves you time that you don’t have. Once your application is completed, you receive the money directly into your bank account within 24 hours.

Information to consider

Payday loans have higher fees than a traditional loan, so you can’t use them for long-term solutions.  It is important to keep in mind that payday loans are a short-term option. Therefore, avoid using them for everyday items such as groceries or rent. Also, be aware that depending on the province, payday lenders may not extend or renew the loan.


You also have a cooling off period to cancel the payday loan. This period varies depending on your province of residence. Therefore, think about checking beforehand or contact us directly.


2 – The no-refusal loan


When you are in an urgent financial situation, you can use a no-refusal loan. Regardless of your credit rating, you can benefit from a loan and receive the funds within 24 hours following your request.


The benefits of a no-refusal loan

If you need funds quickly, going to a traditional financial institution is a time-consuming method (10 to 20 days) and does not necessarily ensure that you will qualify.

If you use lenders, funds are released quickly and sometimes as soon as your application is made (within the same day as your application). Also, the process of validating and approving the application is quicker since there is no credit investigation that is done.

Certain situations in life make it impossible for you to wait for long periods of time for the repayment of certain sums, it is to answer your request that the lenders can offer you a short-term credit of a limited amount.


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