Payday Loans Toronto

Payday loans are short-term loans used to handle any immediate cash need or emergency until you get your cheque at the end of the month. Northstar Brokers offers short-term payday loans that can be repaid later. Before you apply for payday loans in Toronto, let’s dive into what payday loans are and how they operate.

How Does a Payday Loan Work?

Payday loans are different from consumer loans or personal loans. If you’re in the area, you can either get online payday loans in Toronto or visit our physical office and get cash advance loans in Toronto. Each state has different regulations regarding payday loans; businesses or establishments operating payday loans in Toronto are defined by the Payday Loans Act. The Ontario legislature introduced the Payday loan license on August 1, 2018.

Applying for a payday loan is very simple. Once you’ve contacted Northstar Brokers, you can submit your application for online payday loans in Toronto. Applications can be submitted physically or online. Once your cash advance loan in Toronto is approved, it’s deposited to your bank account via e-transfer, or given as cheque or cash. This loan is unsecured, and any property can be used as a guarantee or collateral for the loan.

You’ll be required to pay back the payday loan after a particular period of time, plus the interest accrued by the loan. Any online payday loans in Toronto secured are due to an average of 14 days after receiving them. There are instances when the loan can last longer. Remember, a longer borrowing period means you’ll pay more interest on your cash advance loan in Toronto. Payday loans are easy to apply for and are quick to process. Northstar Brokers does not check your credit history or credit score, unlike traditional banks and other lenders. The approval requirements for payday loans are few. You’ll be required to provide us with a pre-authorized debit or post-dated cheque. Additional conditions, which the lender might request, include:

  • A chequing account;
  • Proof of address, like a utility bill;
  • Proof of continuous employment for a minimum of three months.

Our online process gives customers the comfort of applying for online payday loans in Toronto at any time and day.

What Does the Law Say?

Borrowers have the following protections under the Payday Loans Act, 2008.

  • We can’t charge you more than $15 for every $100 you borrow;
  • Northstar Brokers isn’t allowed to sell you any additional product or service connected with the online payday loans in Toronto;
  • You have a two days’ grace period to cancel the online payday loans in Toronto contract. If you cancel the contract within two days, we won’t charge you any fees. You’re also not obliged to give a reason for cancelling the contract;
  • The law doesn’t allow rollover loans. You’re not eligible to get another cash advance loan in Toronto from Northstar Brokers without clearing the existing payday loans that you have with us.

It’s essential you fully understand the regulations guiding online payday loans in Toronto before you apply for a payday loan.

Extended Payday Loans Payment Plans

All Northstar Brokers’ borrowers who take a minimum of three payday loans within 63 days are provided with extended payment plans. If you decide to enter into our comprehensive payday loans payment plan, you have the following benefits:

  • Make payments for your payday loans in Toronto at any time, and you won’t be charged any extra fees nor penalized
  • Exit the extended online payday loans in Toronto payment plan at any time, and you won’t incur any extra fees or penalties.

As a borrower, you can decide to pay your cash advance loans in Toronto in early installments distributed over several pay periods. The frequency of payment will determine the amount being paid as an installment. A higher frequency will attract a lower payment installment on your payday loan. Picking a payment period or plan is essential when applying for any online payday loans in Toronto. If you’re a borrower who’s paid weekly, biweekly, or more frequently, you have to spread your installments over three payment periods or more. 

Your maximum installment will be 35% of the total amount you’re supposed to repay for your payday loans in Toronto. Borrowers who are paid monthly are expected to spread their installments over two payment periods. The maximum amount of the payment installment is 50% of the total loan plus interest.

Northstar Brokers: The Best Lender for Your Payday Loan in Toronto

Legitimate lenders like Northstar Brokers will approve your cash advance loans in Toronto and give you very flexible payment schedules and interest rates. We’re the top online short-term loans provider in Toronto. Northstar Brokers has an Ontario license number. We have a great rating and standing in the market, which is evident from the customer reviews of past clients. We’re professionally committed to providing lending services in Toronto, and be the best provider of short-term loans. 

Beware of companies that claim to be online payday loans providers while they are “lead generators”. Northstar Brokers doesn’t have any partnerships or associations with these businesses. Such activities, especially when done online, put you at risk of having your identity stolen. Protect yourself from identity theft by only applying for payday loans from NorthStar Brokers.

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