What is the difference between personal loans and payday loans?

Payday loans are small, short-term credit solutions that have high interest rates and are supposed to be paid off in a lump sum on your next payday. Personal loans are long-term and have lower interest rates. They are known as installment loans, as they are supposed to be repaid at a fixed rate over a certain amount of time in monthly payments.

What do I need to request a personal loan?

You should have a government issued ID, be at least 18 years old and be a legal Canadian resident. Additionally, you’ll have to provide a proof of income and employment, and have an active bank account.

What should I do to request a loan?

Fill out our online form with the basic information, submit and wait for a decision.

How long does it take to get a decision?

Typically, the decision is instant. It takes up to a few minutes to connect you with a lender after you submit.

What interest rate will I have?

Interest rates vary by lender and heavily depend on the following factors: your credit history, credit score, your debt-to-income ratio, income, the amount you borrow and the term of your loan.

How can I use a personal loan?

Personal loans are multipurpose. They allow you to pay for any unforeseen expenses, major purchases and various special occasions.

How do I get my money?

Right after you’re approved, your money will be deposited directly into your bank account in as little as the next business day.

When do I get my money?

If you have completed all the paperwork correctly and are approved by the lender, you’ll have your funds deposited to your bank account the next business day.