Detailed information
About lender
310-LOAN is an online lending company providing payday loans and cash advances in Canada. With 310-LOAN, you can receive the money you need in half an hour, from the comfort of your home.
310-LOAN provides online payday loans with 30-minute approval and funding. Borrowers don’t have to pass credit checks or answer uncomfortable questions to qualify for a loan.
Founded in 1999 in Canada, 310-LOAN has been providing money lending services for 20+ years already. This lender is present across all the Canadian provinces, except Quebec.
Pros and cons
Here are the key benefits of applying for a payday loan from 310-LOAN.
Pros
Easy access to loans — anyone with a proven active source of income can apply
No credit checks — get the cash you need, even with a bad credit history
Convenient application process — apply either online or by phone, without having to wait in line at a physical office
Fast turnaround — 310-LOAN claims to approve the applications and transfer funds in 30 minutes or less upon approval
Referral program — refer a friend and get a $50 reward while your friend gets a 20% off the fees on their first loan
But, there are potential drawbacks to be aware of.
Cons
Expensiveness — depending on the province you live in, the annual percentage rate on a payday loan can be 400% or more
Short repayment terms — you have to repay your loan within your next paycheque
Loan limits — the maximum amount you can borrow is $1,500 once you’ve successfully paid your first loan back (which is $300 maximum)
Quick turnaround on approving and funding payday loans and ease of applying are definite advantages of 310-LOAN. The same-day approval is an attractive option in case of a financial emergency. As there are no credit checks, even a bad credit record won’t keep you away from getting a loan.
The disadvantages of these loans are the high annual percentage rate and short repayment terms. So, it won’t work as a long-term financial solution. Not sure you can repay your payday loan before the due date? Don’t put your credit rating at risk.
Loan conditions
310-LOAN claims to provide fast and easy online loans. It typically takes four steps to get the necessary loan:
Apply for it online or by phone
Provide all the necessary documents
Verify your info when a 310-LOAN representative calls you
Receive your funds into your bank account
Just like other lenders, 310-LOAN charges borrowers a fee for a payday loan. The charges range from $15 to $25 per $100 borrowed. The borrowing costs vary across provinces depending on the local regulations.
Here are the maximum allowed borrowing costs by province:
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island — $15 per $100 borrowed
Manitoba & Saskatchewan — $17 per $100 borrowed
Nova Scotia — $19 per $100 borrowed
Newfoundland and Labrador — $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon— $60 per $100 borrowed
Be sure to check the exact repayment amounts with a local 310-LOAN representative.
Consequently, annual percentage rates on a payday loan vary across the provinces where 310-LOAN is available. Be prepared for 400% or more.
Here are the annual percentage rates on a 2-week payday loan in different provinces:
In New Brunswick, Ontario, or Alberta, the annual percentage rate will be 391%
In Nova Scotia, it will be 574%
Newfoundland and Labrador, Northwest Territories, Nunavut, Prince Edward Island, and Yukon have the highest annual percentage rate on 310-LOAN payday loans — 652%.
Conditions for the first loan and for the following loans
The home page of the 310-LOAN website says you can borrow up to $300 on your first loan. At the same time, their FAQ says that as a first-time borrower, you can receive up to $600. In case you qualify for a larger amount, you can apply for it in the future, upon your first loan repayment. Based on the reviews on the Internet, the limit for your first loan will be $300 as stated on the homepage. You can count on larger loan amounts after you’ve paid your first loan back and thus established a good reputation. Still, the maximum amount is $1,500 across all provinces where 310-LOAN is available. In particular, you can get a payday loan from this lender in any province except Quebec.
Methods of loan funding
Now, how do you get the necessary funds? 310-LOAN offers the following methods of loan funding:
Email Money Transfer
Direct Deposit
To receive funds through Email Money Transfer, you will need:
An email
A bank account with online banking
With Email Money Transfer, you can get your money in as little as 30 minutes after getting approval. As 310-LOAN claims, no other lender can deliver funds that quickly.
Receiving money into your bank account via Direct Deposit is a viable option if you don’t qualify for an Email Money Transfer. If you register your 310-LOAN account by 10:00 am Pacific Time/1:00 pm Eastern Time, you will most likely receive funds in one business day. But keep in mind that your financial institution’s payment processing procedures may influence the exact timing.
