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Why Us?
Better Than Payday Loans…
Here’s a comparison :
Example 1: 1,000$ Payday Loan
- Interest Rate and Fees: Payday loans often have high fees that can equate to APRs (Annual Percentage Rates) of nearly 400%. For a 1,000$ payday loan, you might pay a fee of 150$-300$ for just two weeks.
- Repayment Term: The loan is typically due on your next payday, which is usually in two weeks.
- Total Repayment Amount: Assuming a fee of 200$ for two weeks, you would owe 1,200$ in total by your next payday.
- Impact on Financial Health: If you can’t repay the full amount by the due date, you might have to roll over the loan (i.e., take out a new loan with new fees to pay off the existing one), potentially leading to a cycle of debt.
Example 2: 1,000$ Installment Loan
- Interest Rate and Fees: Installment loans have lower APRs compared to payday loans. For a 1,000$ loan, let’s assume an APR of 36% (which is high for installment loans but much lower than payday loans) over 12 months.
- Repayment Term: The loan is paid back in monthly installments over a year.
- Monthly Payment: The monthly payment would be approximately 91$ (this includes principal and interest).
- Total Repayment Amount: Over 12 months, you would pay about 1,092$ in total. This includes the principal of 1,000$ plus 92$ in interest over the year.
- Impact on Financial Health: The lower, monthly payments are more manageable within a budget, reducing the risk of default. Additionally, timely payments can help build a positive credit history.
See the difference ? Payday loans should always be your last option.
FAQ
What is NoRefusal.ca?
NoRefusal.ca is a free online service that provides comparisons of payday loan and installment loans from various lenders. We specialize in facilitating loans for individuals who may have difficulty obtaining credit from traditional financial institutions.
Is it really “no refusal”?
First of all, let’s get this clear, “NoRefusal” is our brand name. We chose that name because we’re tired of seeing countless Canadians being refused by all the lenders due to their poor credit or financial situation. We believe that everyone deserves a shot, that’s why we created this platform where users can apply more than once and will be redirected to different lenders. Even though it’s possible that you get refused by one, that doesn’t mean that another won’t accept you. All this service without credit check and for free! Just make sure that you respect the minimum requirements before applying to maximize your chances of approval.
What happens if I’m refused by a lender?
Even though we do our best to redirect you to a lender that is the most likely to accept you, it is possible that we made a mistake during our filtering process. You can reapply every 7 days to try again with a different lender. In the case where you don’t fit the requirements of any lender, you will be redirected to a cash advance option that only requires a valid bank account!
How does NoRefusal.ca work?
We have partnered with numerous payday loan and installment loan providers to compile and compare the best loan options for you. Just fill out our simple online form, and our system will match you with potential lenders that fit your financial needs.
What kind of loans can I compare on NoRefusal.ca?
You can compare various loans with different terms and conditions. These are short-term loans intended to cover immediate expenses until your next payday.
Is NoRefusal.ca truly free to use?
Yes, NoRefusal.ca is completely free for users. We earn our revenue through commissions from lenders when you decide to take a loan through our service.
Do I need a credit check to use NoRefusal.ca?
No, NoRefusal.ca does not require a credit check. We believe that everyone should have access to financial assistance, regardless of their credit history.
How quickly can I get my loan after using NoRefusal.ca?
If a lender approves your loan application, the funds may be deposited into your bank account as quickly as the next business day. Turnaround times can vary by lender and your bank’s processing times.
Is my personal information safe with NoRefusal.ca?
Yes, we use the latest encryption technology to protect your personal information. We do not share your details with third parties without your consent, except for the purposes of securing a loan.