Emergency Loans in Canada

Do you need some extra cash to make it to your next paycheque? Our emergency loans in Canada can help you get through tough financial times. You can use our quick funding options to pay bills and avoid the consequences of late payments.

How Can Emergency Loans in Canada from MyNextPay Help Me?

For the past 12 years, MyNextPay has provided short-term personal loans. Our goal is to get people the money they need as quickly as possible.

We’ve faced similar struggles with urgent bills, unexpected expenses, and late fees. We know it’s frustrating to get rejected by lenders due to poor credit. We can help you get out of this situation with some different emergency loan options:

  • Fast cash advances;
  • Payday loans;
  • Short-term loans with no credit checks.

Fast Cash Advances

A fast cash advance is an emergency loan that can help you pay for NSF checks (non-sufficient funds), unplanned credit card expenses, or late fees. They’re excellent when you need to make unexpected payments immediately. You can borrow between $300 and $1,500.

Payday Loans

Payday loans are emergency personal loans. You can borrow to cover an unexpected or urgent bill. Your first payment is due on the date of your next paycheck. You then continue paying on subsequent due dates.

No Credit Check Loans

You might have applied for a loan in the past and waited weeks for a credit check. Unfortunately, these checks can stay on your report for up to two years and negatively influence your credit score.

If you apply for an emergency loan with a bad credit score, you won’t be penalized. To shorten wait times, we offer short-term financing without a credit check. Instead, your current income serves as a guarantee that you can repay. In this way, you also avoid the negative consequences of repeated credit investigations.

Funds from our emergency loans in Canada can be authorized and deposited into your bank account within 24 hours of application. We’ll contact you to sign the contract as soon as we receive and verify your documentation. Loan applications received by 11 a.m. Eastern Time can receive funding on the same day.

During the online application process, you’ll need to submit the following documents:

  • A utility bill or similar proof of address;
  • Two pieces of photo ID;
  • Proof of your social insurance number;
  • Your last two pay stubs;
  • A voided check or pre-authorized debit form;
  • Bank account statements for the previous three months.

Our short-term loans range from $300 to $3,000 with a maximum repayment period of two years. You may choose to pay back a little at a time or repay the whole amount with interest. Typical interest rates work out to $15 for each $100 borrowed.

Our emergency loans in Canada are a secure solution. We work only with companies that are in good standing with the Consumer Protection Bureau. 

How can I qualify for an emergency loan in Canada?

To qualify for our emergency loans in Canada, you need to meet the following requirements:

  • Work full-time for at least the last six months;
  • Receive your pay by check or direct deposit;
  • Live at the same address for the past six months;
  • Have a checking account that’s been open for at least three months;
  • Not subject to wage garnishment;
  • Not bankrupt.

During the evaluation process, we’ll check your salary to make sure you can reasonably repay the loan you desire. Our analysts will also check for any bounced payments in your account.

We’ll evaluate other financial commitments that could influence your ability to pay back the amount you wish to borrow. If your situation meets our guidelines, you’ll receive immediate loan approval.

Who are these loans intended for?

Before taking out a short-term loan, you need to understand its purpose. As the name implies, they’re not meant for long periods. They’re ideal for emergencies when you’ve exhausted other possibilities for obtaining funding.

At MyNextPay, you need to pay off one online loan before applying for another. This policy exists to help avoid irresponsible borrowing and excessive interest payments.

You’ll also want to avoid taking out short-term loans from other companies while you still owe on one of our emergency loans in Canada. If you choose to borrow more than you can repay, you risk suffering negative financial consequences.

What happens if I miss a payment?

It’s the borrower’s responsibility to notify us if there’s a need to postpone a payment. We need this information by phone 48 hours before the time we expected to receive the funds. The late payment results is a $40 fee, payable at the end of the contract.

If a repayment doesn’t arrive on time due to delays in the bank, you’ll incur a late fee of $40. We’ll postpone the instalment until the end of the contract, at which time you’ll pay the late fee, too. Late and missed payments don’t affect your credit score.

Secure an Emergency Loan in Canada with My Next Pay

MyNextPay offers several types of emergency loans in Canada. Residents can apply and receive an answer online within 24 hours. Once your application is approved, the funds are transferred to your bank account.

To qualify for loans at MyNextPay, you need to submit documents proving your identity and address. You must also turn in information about your current pay and bank account.

Options include fast cash advance, payday loans, and no credit check loans. When taking out emergency loans, be sure you can repay the amount borrowed. Otherwise, you could incur steep penalties for late payments or end up facing bankruptcy.

Main provinces served in Canada | Emergency Loans