Can I get a payday loan as a student in Canada?
Yes, it is possible for students in Canada to obtain payday loans. Payday lenders typically consider an applicant's ability to repay the loan, and they may accept various sources of income, including part-time employment, student loans, or other forms of financial support.
Here are some important considerations for students seeking payday loans in Canada:
- Before turning to payday loans, explore alternative options such as student financial aid, government assistance programs, or financial counseling services.
- Consider seeking advice from a financial counselor or advisor who can provide guidance on managing your finances and exploring alternatives to high-cost loans.
- Payday lenders typically require a steady source of income. If you're a student, part-time employment, student loans, or other forms of financial support may be considered.
- Payday lending is regulated at the provincial and territorial levels in Canada, and regulations may vary. Familiarize yourself with the laws in your province regarding payday loans.
- The loans often come with high costs, including high-interest rates and fees. Be aware of the total cost of borrowing and ensure you can afford to repay the loan on time.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.75% | 840 |
| 20,000 | 10.75% | 1,165 |
| 20,000 | 13.75% | 1,490 |
| 50,000 | 7.95% | 2,153 |
| 50,000 | 10.95% | 2,966 |
| 50,000 | 13.95% | 3,778 |
| 100,000 | 8.15% | 4,415 |
| 100,000 | 11.15% | 6,040 |
| 100,000 | 14.15% | 7,665 |
| 200,000 | 8.35% | 9,046 |
| 200,000 | 11.35% | 12,296 |
| 200,000 | 14.35% | 15,546 |
How can Bankchart.ca help you in getting payday loans for students?
Until recently, to obtain a loan, it was necessary to have official employment. With the development of online lending, 18-year-old unemployed students can apply for a microloan. That is, you can borrow money without confirmation of income and a guarantor. To apply for a student's microloan, click on the "Details" button. After going to the page of the credit organization, you need to fill out an online application. In the application, indicate the following data: full name, phone number, e-mail address, passport details. Banks and financial organizations issue loans without a certificate of official employment. If you want to receive money on the card, then you need to provide its details.
Therefore, if you need a perfect loan, use this webpage and you will find out who offers personal loans under the best conditions and has the most loyal approval approach in Edmonton, Ottawa, Toronto, Mississauga, Ontario, Nova Scotia, Calgary, Winnipeg, Saskatoon, and other cities and regions of Canada.
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Details of companies offering the financial services:
GoDay
Contact center: 888-984-6329
Web-site: https://goday.ca
iCASH
Head office’s address: 372 Bertha St, Hawkesbury
Contact center: +1-844-419-2274
Web-site: https://icash.ca
Lendigo
Head office’s address: 7980 14e Ave Montreal (Québec) H1Z 3L8
Contact center: 514-210-6192
Web-site: https://lendigo.ca
LoanConnect
Head office’s address: 379 Dundas St #217, London
Contact center: (855) 936-5626
Web-site: https://loanconnect.ca
Mogo
Web-site: https://www.mogo.ca
Money Mart
Contact center: 1-800-361-1407
Web-site: https://www.moneymart.ca
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca