BEST PAYDAY LOAN COMPANIES – GET THE LOWEST RATE NOW.

  1. BEST PAYDAY LOAN COMPANIES

 

I do not recommend using the services of payday loan lenders; nevertheless, if in a deep bind, these are the best payday loan companies.

One of the main reasons why I don’t advocate using payday loans is that the interest rate advertised can be genuinely prohibitive. The consequences can be dire, and sooner rather than later, these companies can lock you in an unrecoverable debt cycle. To provide borrowers with the lesser evil solution, I scoured the internet and found three companies that have the lowest interest rates available, can disburse the funds quickly. Moreover, if you have a choice, I still urge you not to do business with any kind of payday loan lender regardless of the form they take.

RELATED ARTICLE: How to find the lowest interest loan in Canada.

Fairstone Financial

Fairstone Financial is a non-bank lending institution that has 235 offices all across Canada. You might have received some of their promotions at home. They usually send guaranteed approval loans, and all you need to do is go to a branch and apply. Well, it turns out there an excellent solution if you need money quickly and have less than stellar credit.

What lending options do they have?

 

  • Unsecured personal loan

      1. For an unsecured loan, they can lend a borrower anywhere between 300$ and 20,000$, depending on the credit score.
      2. Rates
        1. They offer interest rates that vary from 26.99% to 36.99%, depending on your credit score. Fairstone Financial charges simple daily interest. They do not add costs on top of other expenses. It’s usually the compounding aspect of loans that leaves individuals in a financial bind.
      3. Loan repayment term
        1. You can repay it in full without penalty. The standard repayment period ranges from 6 months to 5 years.
      4. Fees
        1. There are no fees for an unsecured loan.
    1. Secured personal loan,

      1. For a secure personal loan, they can increase that amount to 35,000$. Secured means that they will take something in guarantee before lending the money. Usually, individuals put the equity on their house as a guarantee.
      2. Rates
        1. They offer interest rates that range from 19.99% to 23.99%.
      3. Loan repayment term
        1. The loan uses an asset as a guarantee, thus increasing the repayment period. You can repay it in 3 to 10 years. Unfortunately, there are early repayment fees for secured loans.
      4. Fees
        1. A notary or a lawyer will need to put a lien on your asset; hence the fees for this procedure will vary from one province to another.
      5. For more info on these products, please click here to be redirected to their website.

 

  • Features and benefits

    1. 14-day cancellation policy.
      1. If you’re unsatisfied with your unsecured loan, you have up to 14 days to cancel it, and there won’t be any charges. If you use a certain amount, you will need to repay it in full. The cancellation period for a secured loan is two days.
    2. Flexible loan terms.
      1. Depending on the type of loan chosen, the repayment period term ranges from 6 months to 5 years or three years to 10 years. This length allows you to have low payments that won’t put a dent in the budget.
    3. One-day processing for quick disbursement.
      1. No need to wait an eternity to receive the money. If you provide all the necessary documents to your agent, expect to receive the loan quickly.
    4. Free loan quote.
      1. On their website, they offer a free loan quote that allows future savvy borrowers to verify how much they can borrow, how much it will cost and what the monthly payments are. The best part is that this inquiry does not impact your credit score.
    5. No early repayment penalties on unsecured loans.
      1. At any time for any reason, you can repay the unsecured loan in full without incurring any charges or penalties.
    6. Tailored assistance.
      1. As mentioned earlier, Fairstone Financial has over 235 offices all across Canada with employees that are waiting to help you find the best solution.

On the other hand, if you’re ready to apply, click here or an appointment and here’s what you’ll need to bring to your local office.

  1. One piece of identification provided by the provincial or federal government, i.e. passport, driver’s license or health insurance card.
  2. Proof of income such as a paystub or T4/T4A
  3. Proof of residence like a rental agreement or the annual mortgage statement
  4. A void cheque for the monthly repayments

Who is the target market?

Fairstone Financial targets borrowers who have a fair to a good credit score. In the financial jargon, it’s non-prime to near-prime borrowers. It means that if you declared bankruptcy less than seven years ago or if you’re currently in a consumer proposal, they might not accept your application.

Progressa

Progressa is an online lender that has been existence since 2013. They’re not your typical payday loan company per se as they only do debt consolidation. Every online loan application includes a short phone interview with one of their loan expert. His role is to accompany you through your monthly financial budget to confirm that the loan is affordable to you. If you’re approved, Progressa will pay your bills, and you’ll be able to set your exact payment schedule and decide on the length of the loan. If any problem arises, they have a call center that’s opened six days out of 7. They reply to any email inquiries seven days a week.

What lending options do they have?

 

  • Unsecured personal loan

      1. For an unsecured loan, they can lend a borrower anywhere between 1000$ and 15,000$ depending on your bank statements, employment history, and earning potential.
      2. Rates
        1. They offer interest rates that vary from 19% to 46.95% that is determined by your prior borrowing history.
      3. Loan repayment term
        1. You can repay it in full without penalty. The standard repayment period ranges from 6 months to 5 years.
      4. Fees
        1. There are no fees for an unsecured loan.
      5. For more info on these products, please click here to be redirected to their website.

 

  • Features and benefits

    1. Possibility to waive NSF fees.
      1. If you know you will miss a payment and notify them of that occurrence, they will waive the NSF fees. If they need to call you to request a refund, NSF fees will apply.
    2. Flexible loan terms.
      1. Depending on the type of loan chosen, the repayment period term ranges from 6 months to 5 years. This length allows you to have low payments that won’t put a dent in the budget.
    3. One-day to two-day processing for quick disbursement.
      1. No need to wait an eternity for them to pay your bills. If you provide all the necessary documents to your agent, expect them to pay your creditors quickly.
    4. Recipients of Employment, Disability or other forms of financial assistance can apply.
      1. If you’re on any kind of financial aid, you can ask if the repayments are affordable for you. If unsure, simply call their customer service, and they will undoubtedly provide you with the necessary information.
    5. They offer loan protection plans.
      1. These plans will cover your payments for up to 6 months or 100% depending on the severity of the situation.
    6. Tailored assistance.
      1. As mentioned earlier, Progressa is an online lender that has extended hours of operation and a multitude of employees that are waiting to help you find the best solution.

On the other hand, if you’re ready to apply, click here to talk to a loan expert and here’s what you’ll need to send them.

  1. Two pieces of government-issued ID
  2. Proof of income such as a paystub or T4/T4A
  3. Three months’ worth of bank statements
  4. A void cheque for the monthly repayments

Who are they for?

Progressa targets borrowers who have a low to a good credit score. In the financial jargon, it’s sub-prime to near-prime borrowers. It means that if you’re currently in bankruptcy, they will not accept your application.

Easy Financial

Easy Financial is a non-bank lending institution that has more than 200 offices all across Canada. They offer a wide array of personal loans as well as small business loans. Unlike Fairstone Financial, they’re not a private company. Their stock trades on the Toronto Stock Exchange.

What lending options do they have?

  • Unsecured personal loans

      1. For an unsecured loan, they can lend a borrower anywhere between 500$ and 15,000$ depending on the credit score.
      2. Rates
        1. They offer interest rates that vary from 29.99% to 46.96% depending on your loan size, length of term and your credit profile.
      3. Loan repayment term
        1. You can repay the loan in full without penalty. The standard repayment period ranges from 9 months to 5 years.
      4. Fees
        1. There are no fees for an unsecured loan the company might charge loan protection insurance fees, applicable provincial taxes and prepaid card fees
    1. Secured personal loan

      1. For a secured loan, they can increase that amount to 35,000$. Secured means that they will take something in guarantee before lending the money. Usually, individuals put the equity on their house as a guarantee.
      2. Rates
        1. They offer interest rates that range from 19.99% to 28.99%.
      3. Loan repayment term
        1. The loan uses an asset as a guarantee, thus increasing the repayment period. You can repay it in 6 to 10 years. Unfortunately, there are early repayment fees (3-month loan interest penalty) for secured loans.
      4. Fees
        1. A notary or a lawyer will need to put a lien on your asset; hence the fees for this procedure will vary from one province to another.
      5. For more info on these products, please click here to be redirected to their website.
  • Features and benefits

    1. There’s a rate reduction if you apply with a co-applicant.
      1. All new unsecured loan applications will be subject to a 2% rate reduction if you apply with a co-applicant.
    2. Flexible loan terms.
      1. Depending on the type of loan chosen, the repayment period term ranges from 6 months to 5 years or six years to 10 years. This length allows you to have low payments that won’t put a dent in the budget.
    3. Thirty minutes approval for quick disbursement.
      1. No need to wait an eternity to receive the money. If you provide all the necessary documents to your agent, expect to receive the loan quickly. It only applies to unsecured loans.
    4. Free loan quote.
      1. On their website, they provide a free loan quote that allows future savvy borrowers to verify how much they can borrow, how much it will cost and what the monthly payments are. The best part is that this inquiry does not impact your credit score.
    5. No early repayment penalties on unsecured loans.
      1. At any time for any reason, you can repay the unsecured loan in full without incurring any charges or penalties.
    6. Tailored assistance.
      1. As mentioned earlier, Easy Financial has over 200 offices all across Canada with employees that are waiting to help you find the best solution.

On the other hand, if you’re ready to apply, click here for an appointment and here’s what you’ll need to bring to your local office.

  1. One piece of identification provided by the provincial or federal government, i.e. passport, driver’s license or health insurance card.
  2. Two recent paystub
  3. Proof of residence like a rental agreement or the annual mortgage statement
  4. Last 90 days of banking information
  5. A void cheque for the monthly repayments

Who is their target market?

Easy Financial targets borrowers who have a low to a good credit score. In the financial jargon, it’s subprime to near-prime borrowers. It means that they will consider your application only if you’re discharged from past bankruptcy.

 

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