FAQs

Are you lenders?

No, we are not lenders. At PaydayCity, we act as a co-borrower, which means we share responsibility for a portion of the loan with you. In addition, we collaborate with lenders to facilitate your access to fast and secure financing, while providing you with personalized support throughout the entire process.

How much can I borrow?

You can apply for a loan amount ranging from $100 and $5000. The lender will decide, based on the information you give, how much you can meet the criteria. After successful repayment of your loan, your borrowed amount may amplify on any future loans.

What is a no-credit-check loan?

A no-credit-check loan is a type of loan where the lender does not check your credit history before approving the loan. This means that even if you have bad credit or little credit history, you may still be eligible for this type of loan. However, it's important to note that no-credit-check loans may have higher interest rates and stricter terms.

Do I need a good credit score to qualify for a loan?

Not necessarily! Most of the loans offered by our partners don't require an excellent credit history. Even if you're looking for a loan with no credit check and guaranteed approval, our partners have a solution for you!

What types of loans can I compare with Best Loan?

Best Loan allows you to compare a wide range of loans, including personal loans, mortgages, car loans, student loans, small business loans, no-credit-check loans, and many more. Whatever type of loan you're looking for, Best Loan can help you find the best options available.

How does Instant e Transfer Loans work?

Best Loan uses an advanced algorithm to analyze the information you provide and find lenders that match your criteria. Simply fill out a form with your loan application details, and Best Loan will present you with a list of potential lenders, along with interest rates, terms, and other relevant information.

Will you be checking my credit score?

You will need to give permission for one of our partners to check your credit score. However, this is not required for all types of loans offered. If it is necessary, the system will ask for your permission to check your credit score.

Will I receive the money now?

No, you won't necessarily receive the money right away. The length of the process depends on the lender you qualify with. However, generally, you can expect to receive the full loan amount via INTERAC e-Transfer or bank transfer within 24 hours.

Can I borrow money even if I have bad credit?

Yes, you can borrow money even if you have a poor credit history. However, you must not be in the process of filing for bankruptcy.

Do you really offer loans with guaranteed approval?

Yes! We work with several private lenders who offer loans with guaranteed approval. However, you must still meet the minimum requirements of these lenders to be approved for a loan. Generally, these requirements include a certain minimum monthly income and a Canadian bank account.

What documents do I need to provide for an application?

If you are applying through the expedited IBV (instant bank verification) system, you will not need to provide any documents.

If you are submitting a standard application, you will need to send the following documents:

• Bank statement for the last 30 days
• Most recent pay stub
• Photo identification, such as a health insurance card
• Proof of residence, such as a bank statement in your name
• A voided check.
• Please note that processing times are longer for standard applications.

Is Instant Bank Verification (IBV) technology secure?

It's the most secure technology in the microloan industry. In fact, it offers the same level of security as major Canadian banks. We never have access to your personal information, such as your password or username. We only receive a read-only copy of your bank statements.

Can I get a loan if I'm self-employed?

Unfortunately, no. You must be an employee whose salary is paid via direct deposit to qualify for a loan.

What are the loan interest rates?

The loans offered by our financing partners have interest rates ranging from 6% to 35%. The interest rate you qualify for will depend on your personal financial situation. Generally, if you have a poor credit history, you should expect a higher interest rate.