# data[].attributes.body
Hello, and welcome to our wall.
We will be covering about the pros and cons of Payday Loans/Cash Money. We hope these posts are insightful to you and can further your knowledge.

# data[].attributes.body
This video starts from talking about what a payday loan is to how payday loans could look in the future. In part of the video, he talks about the CBC Marketplace channel talking about high interest rate loans. They went to a cash loan store and told a customer how they could pay off their $6000 loan with payments every two weeks within the span of 3 years. However, what they failed to mention to the customer was that they would also have to pay back the interest within that span of three years making the total paid back being over $11,000.

I chose this video because it talks more into detail about the history of payday loans. It also gives future tips at the end on what could potentially happen with payday loans and tells us about how vulnerable people can be when it comes to loans.

# data[].attributes.attachment_link.title
Cash Loans - The Real Dangers Of 'Fast Money' & How Payday Loans Are Predatory

# data[].attributes.body
This video talks about the pros and cons of payday loans. The pros of payday loans listed in the video are:
- Easy Application
- No Strict Requirements
- No Credit Check Needed
The cons listed in the video are:
- High Interest Rates
- Time Constraints
- Collection Practices

I chose this video it tells you both pros and cons about payday loans. It's simple to follow, short, and it has some great points like how he mentions that payday loans are "quick cash loans with high interest rates since it proposes a high risk to the lenders".

# data[].attributes.attachment_link.title
Should You Get a Payday Loan? (Pros and Cons)

# data[].attributes.body
This video is about how Canada Post will give out loans in times of need like payday loan services. It goes to say how it working to TD to do so and why they are doing this.

I chose this video as it shows how even the biggest corporations will do the most shady things in order to make money. I found it interesting how it was because of COVID that cause them to do this. Since COVID kept businesses from staying open, flyers and other physical advertising would not be shipped out via mail, causing Canada Post to lose money.

# data[].attributes.attachment_link.title
Canada Post MyMoney Loan – Good Replacement for Payday Loans? | DFI30

# data[].attributes.body
This video is about how terrible payday loan places are and how they keep the poor, poor. The video shows someone reacting to someone getting screwed over by a payday loan place and how they go undercover to find out how these places work.

I chose this video as it shows how these establishments work and how it was helpful to hear from someone who was educated in the topic to react to it. I found it interesting how he gave helpful tips on how to know that these places will scam you out of all the money you have.

# data[].attributes.attachment_link.title
REACTION: The Most SICKENING Legal Scam in Canada | This Ruins Canadian Lives Everyday

# data[].attributes.body
This website talks about E-transfer payday loans. A fast easy way to get money when you need it for an emergency. It gives you definitions of different payday loans such as iCash, MoneyMart, CashMoney, etc. This website also provides the cost of payday loans for each province which I found insightful.

I chose this website because it has alternatives to payday loans and gives you information on how to apply for a loan, as well as the pros and cons of payday loans.

# data[].attributes.attachment_link.readable_text
E-Transfer payday loans can help you get money fast in an emergency.

While payday loans often mean you can get funding regardless of your credit score and don't need to rely on traditional banks and lenders, they have several downsides.

E-Transfer payday loans in Canada are costly, and you could get stuck in a vicious cycle of debt.

In this guide, I cover the top e-Transfer payday loan lenders in Canada, how they work, their pros, cons, fees, and alternative loan platforms.

You can also learn about payday loan optionsand why payday loans are bad.

What is an e-Transfer Payday Loan?

E-Transfer payday loans are the electronic or online version of walking into a MoneyMart or CashMoney brick-and-mortar location and applying for a payday loan.

These loans are designed to cover shortfalls in your budget while waiting for your next paycheque.

You can apply for these online loans using your phone or computer, and if approved, the money is deposited in your bank account within minutes.

This is much faster than Electronic Fund Transfer (EFT) or direct deposit payments.

Unlike traditional personal loans, Interac e-Transfer payday loans do not check your credit score, and they accept various types of income such as child tax benefits, CPP, EI, disability payments, and more.

They are also extremely expensive, with annual interest rates as high as 600%. Simply put, e-transfer loans are not ideal if you can avoid them.

E-Transfer Payday Loans in Canada (Lenders)

There are many lenders offering e-Transfer loans in Canada.

A few are listed below, and I cover how they work, their funding options, and where they are available.

iCash is an online payday loan lender operating in Ontario, Alberta, Manitoba, New Brunswick, British Columbia, Nova Scotia, and Prince Edward Island.

It promotes its e-Transfer payday loans (instant cash loans) as being available 24/7, and approval rates exceed 90%.

You can borrow up to $1,500 with terms up to 62 days. Application requirements include a net income of at least $800 per month, employment by the same employer for at least 3 months, and a Canadian bank account.

Funds are sent by e-Transfer and only take a few minutes.

For a $500 loan in BC and a 42-day term, your annual percentage rate (APR) is 130%.

2. Money Mart

Money Mart is one of the largest payday loan lenders in Canada, with over 500 locations.

It offers installment loans, cash advances, cheque cashing, money transfers, FX, and the Titaniun+ Prepaid Mastercard.

Its e-Transfer loan is offered 24/7 and is available within 2 hours.

Money Mart offers its online payday loan services in ON, AB, BC, MB, SK, and NS, and you can borrow up to $1,500.

In addition to being the age of the majority in your province, you must also have a steady income.

For a $500 payday loan in Ontario and a 14-day term, you pay back $575 for a 391.07% APR.

3. Cash Money

Cash Money has been around since 1992. It offers payday loans, installment loans, lines of credit, money transfers, and cheque-cashing services.

Its instant payday loan is available via an online application, with payments in as little as 15 minutes.

You can borrow up to $1,500 and choose the following methods to receive the cash:

Interac e-Transfer

Direct deposit

Cash pickup at a store

Opt+ Prepaid Mastercard

To qualify for a loan, you must be at least 18 years of age, have a source of income, a working phone number, and a chequing account.

For a $300 loan for 12 days in Manitoba, your cost of borrowing is $51, equivalent to a 517.08% APR.

4. Loan Express

Loan Express provides short-term e-Transfer loans of up to $1,500, and this cash advance loan is available in ON, AB, BC, MB, NB, NL, NS, SK, YT, NT, and NU.

The process is automated and does not require you to submit any paperwork.

If you do not use their bank verification tool and choose to fax or email documents, processing your loan takes longer.

For a $300 loan and a 14-day term, you could pay an APR of up to 599.64%.

GoDay offers payday loans in many Canadian cities, including Toronto, Vancouver, Ottawa, Winnipeg, Edmonton, London, Saskatoon, Calgary, and more.

After completing its online application, a decision is made automatically, and funds can reach your bank account within 1 hour of approval.

You can borrow up to $1,500, and the income requirements also include payments from the CCB, OAS, CPP, and the disability tax credit.

Note that this company will conduct a credit check; however, bad credit does not automatically disqualify your application.

For a $300 loan and 14-day term in Ontario, British Columbia, or New Brunswick, you pay a $45 interest, equivalent to a 391.07% APR.

6. Speedy Cash

Speedy Cash has offices in BC, Alberta, Saskatchewan, Nova Scotia, Nunavut, Yukon, and the Northwest Territories.

It also offers online payday loans of up to $1,500 without requiring a credit check.

To qualify, you must have a source of income and provide a 60-day bank statement and your most recent pay stub.

You will also need to provide a void cheque or preauthorized debit form and proof of your address.

For a $300 loan for 14 days in Saskatchewan, the APR is 443.21%.

Pay2Day offers e-Transfer payday loans in Ontario, BC, and Nova Scotia. It also provides prepaid cards and cheque cashing at some locations.

You can apply online and borrow up to $1,500 24 hours a day, 7 days a week. Payments take 1-2 hours to reach your bank account.

For a $100 loan for 14 days in Nova Scotia, you pay a $19 borrowing cost, equivalent to 495.36%.

Mr. Payday has been around since 2002 and offers cash advances in BC, AB, and Ontario.

You can borrow up to $1,500 and get paid within 30 minutes via Interac e-Transfer.

To qualify for a loan, you must be at least 19 years of age, have a steady income over $1,100 per month, an active chequing account, and a phone number.

This lender does not disclose the cost of borrowing on its website.

9. My Canada Payday

My Canada Payday is a licensed payday lender in BC, SK, NS, MB, and ON.

It offers Interac e-Transfer loans 24/7, and you can borrow up to $1,500.

To qualify, you will need proof of income and a bank statement showing your history for 180 days. You may also need a void cheque, recent pay stub, and utility bill.

On a $500 loan in Ontario for 14 days, your borrowing cost is $75, equivalent to a 391.01% APR.

10. LendDirect

This Toronto-based lender offers a personal line of credit up to $15,000, and you can draw cash advances from this line of credit when needed.

Payment is sent using Interac e-Transfer (15 minutes) or direct deposit (1-2 business days).

The interest rate for this loan ranges from 19.99% to 46.93%.

How Much Do e-Transfer Payday Loans Cost?

The maximum borrowing fee a payday lender can charge is fixed for each province at:

Typically, you can only borrow up to $1,500.

Alternatives To e-Transfer Loans in Canada

As an alternative to an Interac e-Transfer payday loan, you can apply for a cheaper installment personal loan if you qualify.

Use these loan comparison platforms to see what is available:

Loans Canada

Loans Canada works with various lenders, and you can use it to find loans designed for debt relief, credit building, auto financing, bad credit, and more.

Loan amounts are up to $50,000, and interest rates range from 1.99% to 46.96%.

LoanConnect

LoanConnectis a one-stop shop for all kinds of loans, including bad credit and emergency loans.

You can use the platform to compare rates from various lenders and borrow up to $50,000.

Borrowing costs range from 5.75% to 46.96%, and funding takes 1-2 business days.

Spring Financial

Spring Financialoffers same-day personal loans of up to $15,000. Funds are paid out by e-Transfer, and this means you can receive the cash within hours of applying if you meet the basic requirements:

Minimum $28,000 annual income

At least 21 years of age

Permanent resident, valid work permit, or Canadian citizen

All provinces except SK, QC, and NB

The interest rate for loans ranges from 18.99% to 46%.

Other alternatives to payday loans include:

How To Apply For e-Transfer Payday Loans

Applying for an e-Transfer loan is relatively easy as the application process is usually completed online, and most lenders have a 'paperless' operation.

The requirements typically include the following:

Age: You must be the age of the majority in your province, i.e. at least 18 or 19 years old.

Income: You will be required to show proof of income such as employment income, pension, employment insurance, or government benefits.

Bank account: You must have an active bank account where you receive direct deposits. Some lenders will ask for a bank statement showing your financial history.

Phone number and residency: You must be resident in Canada and have an active phone number.

No active bankruptcy: You could still get a payday loan with a discharged bankruptcy or consumer proposal.

Credit score: Money payday lenders won't pull your credit record. That said, some will check your credit score. You can find out what your score is for free.

You will also need to provide a valid government-issued ID such as a driver's license or passport.

If your loan application is approved, funds are sent to your bank account in as little as 5 minutes.

Pros and Cons of e-Transfer Payday Loans
Pros:

Fast access to cash in an emergency

Can be approved with a bad credit rating

Convenient online application

Cons:

One of the most expensive loans

Watch out for hidden fees and charges

The industry is rife with predatory lenders and unsavoury characters

You may get a loan when you should actually be seeking credit counselling

Easy to get deeper into debt

Can damage your credit score

Are e-Transfer Payday Loans Safe?

Before applying for a loan, check with your provincial or territorial consumer affairs office to confirm that the payday lender is licensed to operate there.

Read the small print and ensure you understand the terms and conditions of the loan.

Some payday lenders charge illegal interest rates that are higher than the provincial limits.

Also, confirm whether there are other fees you will be paying on top of the interest rate.

Are e-Transfer Payday Loans Legal?

Yes, e-Transfer payday loans are legal in Canada under section 34.71 of the Criminal Code. Many provinces also have legislation that deals with how payday lenders operate.

For example, in AB, BC, NB, NS, ON, and SK, a payday lender cannot extend or roll over your payday loan.

In AB, ON, BC, NB, MB, NS, and SK, they are not allowed to make you sign a form that transfers your wages directly to them.

# data[].attributes.attachment_link.title
E-Transfer Payday Loans Canada: Pros, Cons, Fees, and Alternatives

# data[].attributes.attachment_link.description
E-Transfer payday loans can help you get money fast in an emergency. While payday loans often mean you can get funding regardless of your credit score and don't need to rely on traditional banks and lenders, they have several downsides. E-Transfer payday loans in Canada are costly, and you could get stuck in a vicious cycle of debt.

# data[].attributes.body
This website talks all about CashMoney.
In this website the author covers topics like the services that CashMoney offers, the procedure of loan applications, the pros and cons of using CashMoney as well as customer reviews and complaints.

This website is good to consider taking a look at before you decide to use CashMoney. I like how the author of the post decided to include things like reviews as well as talks about things like installment loans, line of credit and payday loans.

# data[].attributes.attachment_link.title
Cash Money Review [Features, Pros & Cons in 2022]

# data[].attributes.attachment_link.description
Are you interested in getting the latest info from the Cash money reviews? Check out the key features we have gathered for you!

# data[].attributes.body
1 in 3 Canadians are using their paycheques in full, and are even spending more then they make. This is where the "quick, easy and fast" payday loans come in handy for some people.

# data[].attributes.body
It is marketing ads like these that bring in desperate people that are in need of money but have no idea of the amount of interest that will be brought upon them. Making them in debt for the long run.

# data[].attributes.body
This website explains what payday loans are, how they work, and what are the necessary steps in order to obtain one in Canada.

I chose this website as it comes from the government of Canada which tells me that it is 100% approved establishment that you can get a loan from in the country. They warn you about the high interest rates, when to pay them and what happens if you don't. I found it interesting that they put all this effort into teaching you on how to obtain a loan from a payday loan place instead trying to shut these places down.

# data[].attributes.attachment_link.keywords[]
personal finance; credit; regulations; consumer protection; loans; debt; interest rates; debtors; borrowers

# data[].attributes.attachment_link.description
How payday loans work, how much they cost in fees and interest. What to ask a payday lender and payday loan laws in your province or territory.

# data[].attributes.body
The website explains the statistics of payday loan establishments across Canada and how many poor Canadians are paying terrible interest rates with these loans.

I chose this website as it thoroughly explains how people come across them, how they became a thing, and how it will do you worse than better. I found it useful to hear from the president of the payday loan association so that we can get an inside scoop of how they see things than to us.

# data[].attributes.attachment_link.readable_text
Columnist Scott Gilmore recently learned, by accident, just how much payday loans can cost a user - and he thinks things need to change. We hear his story, and then get response from industry spokesperson Stan Keyes.

Across the country, payday loan companies market the ease and convenience of borrowing a couple hundred dollars to get their customers through the week.

But it's the paying back part that can make these loans tricky. In Manitoba, it will cost you $17 for every $100 borrowed. The fee is $21 in Ontario, and $23 in B.C., Alberta and Saskatchewan.

Scott Gilmore of Maclean's magazine recently learned the hard truth about easy money, first-hand - and he thinks things need to change. But payday loan industry spokesperson Stan Keyes says payday loans are often misunderstood.

This week on The 180, we hear both perspectives.

Scott Gilmore was mistakenly targeted by a loan company, recently, for debt owed by someone with his same name:

It was strange to discover a doppelgänger and to look into his life that way, voyeuristically, but what stunned me was I realized that he was paying approximately 400 per cent on that loan and he clearly couldn't afford it. And I began to read about it and learn more about it and what I found about the state of the payday loan industry in Canada was flabbergasting. - Scott Gilmore

Stan Keyes is President of the Canadian Payday Loan Association, which represents the majority of licensed lenders in Canada. He says licensed payday lenders don't deserve the vilification they often suffer:

No lender wants a borrower not to pay back the loan. And the law, the regulation in Ontario and every other province, is very clear: a licensed lender cannot extend the loan for a fee. - Stan Keyes

# data[].attributes.attachment_link.title
The pros and cons of payday loans | CBC Radio

# data[].attributes.attachment_link.description
Columnist Scott Gilmore recently learned, by accident, just how much payday loans can cost a user - and he thinks things need to change. We hear his story, and then get response from industry spokesperson Stan Keyes. Across the country, payday loan companies market the ease and convenience of borrowing a couple hundred dollars to get their customers through the week.

# data[].attributes.body
1. What did you learn about your topic that surprised you the most?

What I learned about my topic that shocked me the most that fact that Canada doesn't do anything to stop them but instead more allows it by helping Canadians understand how it works and how to apply for one.

2. Provide a real-life example of how this topic is relevant or interesting for you.

I am currently living in an era where inflation is at an all time high and how one job might not cut it anymore. Without the knowledge of what a payday loan is, I could easily be manipulated into falling for their tricks as I would be desperate for some quick cash to pay for rent, food, etc.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I would pass on the info on how terrible the interest rates are and if they are still confused, I would breakdown what interest rates are and how payday loan interest rates are bad.

# data[].attributes.body
1. What did you learn about your topic that surprised you the most?

What I learned the most about my topic is that CashMoney has an annual percentage rate being 46.93% and it does not change regardless of the bank that you are with.

2. Provide a real-life example of how this topic is relevant or interesting for you.

I think that this topic is interesting to me because I now know how CashMoney leaves out alot of information when they advertise themselves making people who are more vulnerable, to gain attraction to them (if you saw a sign outside that said "get $200 for $20")

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

If i was to pass my knowledge to a friend or a family member, I would tell them that even though it might seem like a helpful thing to get fast easy money, you will have to pay that high interest on top of the loan you are borrowing within a time span that could be around 6-60 months.