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Online Payday Loans

Loans in general have been in existence for a very long time and then came the revolution of online loans.

Online pay day loans have not been in existence as long as the mortar and brick way of getting loans.

But they have become very popular due to its convenience, easy access and simple application process.

Luckily, there have been an upsurge of online lenders over a decade and more now who have made accessing online pay day loans very easy.

Lenders of online pay day loans are so many that borrowers have an ocean of lenders to choose from.

Thanks to competition, lenders of online pay day loans have different services that are made to suit each client’s needs and preferences.

The case of filling out huge forms and forming long queues to get loans is a thing of the past thanks to online loans.

Facing financial difficulties and needing money can make an hour seem like a whole day to you.

To bridge that gap between your need for money and the waiting time is why online pay day loans came about.

Sometimes you need money so urgently that going to traditional lenders will be a long process considering their process of giving out loans.

Getting in touch with lenders who give online pay day loans is your best bet of receiving the money within an hour or latest within 24hours.

Why online pay day loans?

There are lenders who give pay day loans but operate by the traditional brick and mortar rule so have long procedures to follow before giving out loans.

Borrowers however, prefer the online loans strategy since it comes with a lot of advantages that are more beneficial than that of the traditional way of giving loans.

Due to the fact that online loans have all its processes online, it makes it much faster. From application, approval and disbursement are all online based.

As a borrower it will be beneficial to take online pay day loans when there is an emergency and money is needed urgently.

This is because online pay day loans have high interest rates and is a short term loan so the period between getting the money and paying back is short.

It therefore will be beneficial to you if you take online pay day loans and use it for what exactly the purpose of the loan was for such as medical emergency.

Borrowers must however take note that short term loans or to be specific, online pay day loans are not designed to solve long term financial problems.

Online Pay day Loans Infographics

How does online pay day loans work?

Lenders of online pay day loans typically have easier requirements to follow to qualify for a loan.

What they (Lenders) look out for from borrowers is that you are in a stable employment and have a steady income that will enable you to pay back the loan.

You give lenders of online pay day loans signed electronic withdrawal forms that gives them the permission to withdraw money from your bank account at the end of every month.

If not at the end of the month then on the date both of you (lender and borrower) have agreed you will be paying back the loan.

When the lender is okay with every details you have provided, you will get the money in your account within some minutes.

As borrower you can find the best lender who will give you the best deals for your online pay day loans.

However, you can reduce your stress of searching for the best deals online by contracting brokers whose job is to search and get you the best deals that suits you.

In as much as this can safe you the stress of finding yourself the lenders that are suitable for you, there are also a lot scammers or fraudsters who take advantage of such borrowers.

So if you want to avoid all these fraudsters online you can do the search yourself but you have to be very alert and not rush into signing on with just any lender.

Do a lot of research and read the reviews on their website to know what people who have already done business with them think about the lender.

How does online pay day loans work; continued

The money requested from online pay day loans lender is what you need but it does not automatically mean that you will get the amount you requested for.

Reason for this is that, online pay day lenders do not just give you loans but calculate and give you loans up to about 60% of your salary.

So it will be in your best interest to make sure the money you request for from online pay day lenders is in that range to avoid disappointments.

Lenders of pay day loans try to be realistic enough when giving loans considering the fact the loan borrowed must be paid back in a short time such as in 2 weeks or in a months’ time.

Since the interest rate and all other charges added to the loan must be paid within that short time, you must be sure you can afford to pay back the loan before you decide to go for online pay day loans.

Canadian authorities tried to clamp down on pay day lenders so most of these lenders migrated online where it’s easy for them operate and difficult for government to find them.

A couple of Benefits of online pay day loans

• Limited requirements :

Acquiring an online pay day loan is simple since you don’t need too much to be able to qualify for the loan.

The requirements are straightforward with emphasis on proof of income and having stable employment.

So far as you can show that you have a stable employment that gives you a reliable source of income you are good to go.

This is what most lenders of pay day loans want to see from borrowers so if you are able to get all of these, lenders will easily approve your application.

Fortunately lenders of pay day loans hardly ask for collaterals from their borrowers, so you do not have to worry if you do not have a collateral when you need a pay day loan.

Another basic requirement that you must meet is that you have to be a resident of the state you are applying in. if not, you do not qualify for the loan.

• Very convenient:

Online Pay day loans

What is better than being home in the comfort of your home and applying and receiving your loan within the same day and if you are lucky enough within an hour.

Well, that is the kind of convenience online pay day loans brings to your doorstep.

Previously you had to go all the way to the offices of the loan officer to apply for a loan and with that you had to also book an appointment.

This is no more the case.

Benefits of online pay day loans

• Fast process :

To avoid any delays with online pay day loans, investigate and find out all the requirements of the lender you are dealing with and get them ready.

Getting all the necessary requirements ready before applying for online pay day loans helps cut out all unnecessary delays and your loan will be approved in the shortest possible time.

The forms are not long but rather very simple and straightforward. Easy for anyone to understand and fill without any help.

• Easy to qualify for a higher amount from pay day lenders :

Taking a pay day loan for the first time, lenders are a careful because they do not know if you will pay back the loan or not so amount approved is quite small.

By paying back the loan as agreed by you and the lender, you gain the trust of the lender and then you can be approved for a much bigger amount.

With that said, it is important to note that, the amounts approved will always be within your income range and in accordance with the laws of the state.

• Helps improve your credit scores :

Paying back your pay day loans on time as you and the lender agreed is to your (borrowers) advantage.

Because you build your credit scores and if you already have a bad credit history , you repair it with the payments.

To be able to stick to the repayment schedule, you can find an alternative side job to help get extra cash for just in case something happens to your main job.

You would not want anything to come and spoil your good credit history you are building or re building.

Advantage of online pay day loans

• Approval is quick :

For most of the online lenders of pay day loans who have been in the business for a long time, it is easy for them to tell within a few minutes of applying whether you will be approved or not.

In addition to that they (lenders) can tell if you will get the amount you request for or not and how much will be approved for you.

How your payments will be like and so many other things, because they have been in the business for a while.

• So many options to choose from :

There are so many online pay day lenders on the market borrowers can choose from.

The number of lenders also means there are fraudsters in the mist of all the genuine lenders so you must be careful when deciding on a lender.

A lot of research must go into making a decision on using the services of a pay day loan lender.

Otherwise instead you needing money, you can end up losing money so as a borrower be alert.

During your search for a lender that has services that suits you, you will come across different lenders charging different interest rates and charges.

Compare all these rates and charges and choose the lower one that suits your preferences.

Why you should avoid online pay day loans

You can easily be coerced into signing on to a lender who gives pay day loans without really understanding the terms and agreements of the loan.

Some of the agreement are written in small prints intended for you to miss it.

Anytime you are taking any kind of loan take your time and read through the terms and conditions since that is where you will find all the do’s and don’ts of the loan.

You can get a loan at ten percentage interest rate and can also get a loan that is over thirty percent in interest rate.

Between the two you will obviously go for the lower rate. But another thing to take note of is that, sometimes lenders add all the rates and charges whiles others do it individually.

So you might see a loan that has an interest rate of ten percent but when you add all the charges its can go higher than a loan that has all its charges in one bulk.

Choosing a loan that has a very high interest rate plus charges has the likelihood of throwing you out of your payment schedule since it makes it difficult to keep up.

Online pay day loans are typically very high interest rate loans and cannot be used as consolidation loans.

Doing that will only mean putting yourself into a situation where you will have more debt on your hands.

Being online opens you up to a lot of fraudulent people so you must be extremely alert when online to avoid being scammed.

A set back for borrowers who do not have a stable job and a steady income is that they do not qualify for pay day loans.

Same way if you do not have an a bank account where you can issue poste dated cheques for the pay day lenders, it is unlikely that you will be approved for the loan.

Disadvantages of online pay day loans

Pay day loans are always referred to as ‘bad’ loans and the reasons are so many but we will discuss a few below.

• The loans are expensive :

Averagely the annual percentage rate (APR) of loans are twelve percent but with pay day loans the interest rates ranges between 200 and 800 percent.

This is extremely high and borrowers who go for pay day loans end up not being able to pay back the loans because of the short period between getting the loan and paying back.

• Falling into a cycle of borrowing is easy :

Borrowers of pay day loans end up falling into a cycle of borrowing because they are not able to get out of the agreement due to the cost of pay day loans which are high.

Lenders of these pay day loans make a lot of profit from borrowers who become recurrent borrowers.

Simply because the interest rates keeps going up for the borrowers but they still cant get out of it unless there is some help from outside.

• Lenders don’t give out all information:

What the lenders of pay day loans do is that they do not disclose all information which borrowers must know in order to make the right decisions.

Sometimes these very important information are written on the agreements but in small prints which are likely be ignored or not seen by borrowers.

• Process of borrowing is made too easy:

Traditional banks and other traditional financial institutions have a process their clients pass through before they are given a loan.

This makes it a long process before you are able to get a loan from the traditional lenders.

With pay day lenders the process and requirements are so easy that, a lot of people qualify for their loans.

More disadvantages of online pay day loans

• Lenders are harsh when it comes to collecting their debt :

If you know you are not in the position to pay back the pay day loans, do not go for it in the first place.

In the case of default the manner in which lenders of pay day lenders come after you for their money is brutal.

When they are not able to make any progress of collecting their money they hire debt collectors to do the job.

• Lenders don’t do credit checks on borrowers :

Taking a loan from most lenders means you are ready for your credit history to be checked.

Pay day lenders hardly conduct credit checks on borrowers and that is a way to draw more clients to them because a lot of people might have defaulted one time on a loan.

But for them not to conduct a credit check on you, means they must find another way to make up for the risk taken.

And they do this through their high interest rates and fees.

• You are prone to fraudsters :

Be extremely careful when you are online looking for pay day loans because there are so many scammers online flaunting as pay day lenders.

Do not pay any money being requested by any lender as application fee since no genuine lender charges such fees upfront.

• Short tenure:

Online pay day loans are short term loans and don’t go over a period of time.

Bare in mind that due to high interest rates and fees associated with online pay day loans the amount to be paid back is high.

If you cannot pay back the loan because it will create a huge dent in your finances, it will be better to go for a loan that will span over a period of time and you can be paid in installment.

People who use pay day loans

Pay day loans are very popular amongst the Canadian populace because of the convenience and speed at which you can get your money.

It is even more convenient to those who know they do not qualify for loans from the traditional lenders due to their bad credit history.

Because online pay day lenders always get borrowers who keep coming back (repeat borrowers) they are not bothered about the fees they charge.

These borrowers who keep coming do not do so from their free will but from the fact that they are stuck and do not have any help from anywhere.

Most of these lenders do not work under the laws of the land but lend using their own terms and conditions.

So do whatever they like to make money from borrowers who find themselves with them.

Their (pay day lenders) target are workers who do not earn enough to be able to rely on their salaries till end of the month.

You can hear of them advertising on radio and television with very mouth watering and catchy adverts to draw people to them.

These loans are advertised as ‘emergency’ loans but about seventy percent of those who go for online pay day loans do so to take care of stuff such s their rent or bills.


Basically pay day loans are short term loans of small amounts that have high interest rate to be paid back in two weeks or end of month.

As the name suggest, the loan is targeted at workers who earn an income or pay at the end of the month.

But lenders of pay day loans will still give loans to anybody who can proof without any reasonable doubt that they will be able to pay back the loan at the scheduled date.

Most pay day loans borrowers are people who do not qualify for the normal loans from traditional banks because of the bad credit they have.

Though the main reason why online pay day lenders charge very high interest rate is to cushion themselves from the risk they are taking with bad credit history borrowers.

For some reason the default rate of pay day borrowers are typically low and this can be linked to them becoming repeat borrowers.

Also bad credit history borrowers take online pay day loans to help repair their bad credit. So make a conscious effort to go according to the agreement of the loan.

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Disclaimer: All loans offered through this website are subject to credit and underwriting approval. is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. You can borrow up to $20000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.