Know About Payday Tree Loans
Payday Tree is Canada’s online loan directory where you can easily find any type of financing options available in Canada. We offer commendable loan comparison services for free. We are not a direct lender and thus cannot make any credit decisions. We provide complete information on loans, their interest rates and fees, terms and more. We help you in securing suitable loan deal with one of our selected panel of leading lenders in Canada.
A one stop destination to find loans
from different lenders
Find loans and financing for any purpose from Canada’s most reputable and leading companies. Just tell us what you are looking for and we will find the right lender for you. With us you can compare loan options and apply with a lender of your choice.
Search, compare and find loans of your choice
From our leading loan comparison website, you can find any loan for any purpose anywhere in Canada. We deal with only reputable and legitimate Canadian loan providers. Use our loan comparison tools and calculators to easily compare various loan products according to your needs. Once you select the financial option, you will be directly transferred to lender’s website where you can complete the loan application process online.
Get complete knowledge about loans
At Payday Tree, we help people to make smart financial decisions during crisis. We also educate people from time to time with various financial articles and blogs and also connect them with Canada’s top financial companies in a safe, fast and convenient way. We are Canada’s most trusted source of information about loans and financial companies. We can help you find a suitable loan provider by asking you provide your contact, employment and financial details.
Having bad credit rating is not a problem
At Payday Tree, we also help people with bad credit rating find an effective loan deal that best suit their requirements. But ahead of taking up a loan, you must ready terms and conditions and loan agreement carefully.
Applying for a payday loan has never been so easy
No matter, what short term loan type you choose, your journey to get a loan begins with a two-step online application:
- Select the loan amount and complete the online loan application
- Complete the verification process
The fully automated loan management software on lender’s website will allow them to process your loan request faster and easier. This is how loans are granted faster than ever, meaning you will get your money when you need it the most.
Loan approval in minutes
Thanks to quick online application process now you don’t need to wait for days to find out the result of your application. The automated decision-making module enables the lenders to approve your loan application in no time. Also, your installment loan will be funded as soon you sign the loan agreement.
Receive funds directly into your bank account
Once you are approved, you just need to sit back and relax. The lender will automatically transfer funds into your bank account. It usually takes few business days to get the funds.
Qualifying for Installment Loans
In order to get an installment loan, all you need is to:
- Be a Canadian resident over 18 years of age
- Have full-time working experience with steady monthly income
- Have a valid bank account for direct money transfer
That’s it! To learn more about it, contact your lender directly and they will be happy to take you through the loan approval steps.
Get help from Payday Tree if you live in Canada to help you find a suitable loan deal that fit your requirements. Having a low credit score is not a problem, as we let you find a loan with no obligations at all. You can take advantage of quick and easy online loan application process and get the desired funds directly into your bank account. Discover which loan type suits the best to your needs. No delays! No hassles! No waits!
Know the difference between
Payday Loans and Installment Loans
In Canada, short-term personal loans often come in the form of payday loans. Payday loan is a short term financing option, usually reimbursed in one lump sum, on the borrower’s next paycheck. The ABR (Annualized Borrowing Rate) of a payday loan is 390% to 560% and it can be higher depending on the province. This loan type is available in many brick and mortar locations across Canada, as well as being offered on several websites online.
Drawbacks of payday loans
There is no denying that obtaining payday loans is a simple process but still they are considered expensive as short term loans often come with higher rate of interest. If the borrower fails to reimburse their debt in the due time, they are often charged with late fees and penalties which will make their already costly loan even more expensive.
Unlike, installment loans, payday loans can’t be paid off in installments. The whole payday loan sum has to be reimbursed in one payment. The debt cycle may become stressful, catastrophic and hard for the salaried individual. Nowadays more people in Canada are turning away from payday loans and considering installment loans as better short-term financial solution.
Online installment loans in Canada are 50% to 60% cheaper than payday loans. They are also available with longer and flexible repayment terms. This makes these loans significantly safer for your credit score. Under these loans you will get the benefit of straightforward reimbursement process and thus risks associated with costly and dangerous loan cycles can also be avoided.The flexible repayment cycle of the loan enables you to budget more efficiently for your future financial obligations. Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully pay back.
How can installment loans be used for?
The following are some best examples of how one can use installment loan:
- Pay medical bills
- Home renovation
- Paying school fees
- Pay out utility bills
- Boost your small business
- Eliminate credit card debt and more.
For more information, queries or suggestions, please feel free to contact us at any time! We will respond to your queries at the earliest.