$700 Payday Loans for April 2024

Get a $700 payday loan at one of the companies verified by our specialists. On 24.04.2024 there are 5 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 5
Updated
04.04.2024
17:12
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Cash Money
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
50$ - 1500$
Rate
i

Effective interest rate on the product

up to 391%
Term
i

Loan term for the financial product

1 - 62 days
Cash 4 You
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$120-$1,500
Rate
i

Effective interest rate on the product

up to 391.07%
Term
i

Loan term for the financial product

up to 14 days
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Loan Express
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100-$1,500
Rate
i

Effective interest rate on the product

up to 517.08%
Term
i

Loan term for the financial product

up to 62 days
Speedy Cash
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$200-$1,500
Rate
i

Effective interest rate on the product

up to 599.64%
Term
i

Loan term for the financial product

up to 14 days
Reviews
Royal Bank of Canada
4.6
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Review
Royal Bank of Canada
4.4
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Review
Royal Bank of Canada
2.4
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Review
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review

What are $700 Payday Loans?

$700 payday loans are short-term, unsecured personal loans designed to provide quick financial assistance to individuals facing emergencies or unexpected expenses. These payday loans typically require a minimum credit score, and the approval process often involves a credit check. Payday lenders, including those specializing in bad credit scores, offer these loans with the expectation of repayment from the borrower's next paycheck. To qualify, applicants usually need an active bank account, employment status, and proof of a monthly income. The loan amount, often provided as a lump sum, comes with interest rates and may involve upfront fees. It's crucial to carefully review the terms, repayment terms, and any hidden fees before borrowing.

Features

  1. Loan Amount and Type. $700 payday loans typically provide a specific loan amount, in this case, $700, making them suitable for addressing immediate financial needs.

  2. Credit Considerations. A payday lender often caters to individuals with bad credit scores, offering a solution for those with low credit scores or poor credit history.

  3. Approval Process. The loan approval process for $700 payday loans is usually quick, with some lenders advertising fast payday loans and instant approval, making them convenient for emergencies.

  4. Repayment Structure. Repayment is commonly structured as a single lump sum payment, usually due on the borrower's next payday, distinguishing them from installment loans that offer more extended repayment terms.

  5. Interest Rates and Fees. Interest rates for payday loans can be relatively high, and borrowers need to be aware of any additional fees, such as origination fee or upfront charges, which can impact the overall cost of the loan. Understanding the interest rate and fees is crucial to managing the financial impact of the loan effectively.

Pros and Cons

Pros

Apply Any Time. Online services allow you to get funds when you need them.

Quick Access to Cash. Payday loans can provide quick access to cash for those who need it, often within 24 hours of applying. This can be helpful for unexpected expenses or emergencies.

Instant Registration. The application is filled out and processed much faster than in banks. The money is transferred immediately after receiving approval. Often everything takes about 30-60 minutes.

No Credit Check. Some payday lenders do not require a credit check, making it easier for those with poor credit or no credit history to obtain a loan.

Cons

High-Interest Loans. Payday loans in Canada typically come with high-interest rates and fees, which can result in a high total cost of borrowing. The annual interest rate for payday loans can range from 300% to 600%, making them a costly form of credit. Additionally, payday loan providers may charge additional fees, such as penalty fees for non-sufficient funds or delinquent accounts.

Short Loan Term. Payday loans are a type of short-term loan, typically with a loan term of two weeks to a month. This means that borrowers must repay the loan and any associated fees by their next payday. If borrowers are unable to repay the loan on time, they may be forced to take out another loan to cover the original loan, resulting in a cycle of debt.

Limited Loan Amounts. Payday loans typically offer limited loan amounts, ranging from $100 to $1,500. This may not be enough money to cover larger expenses, such as medical bills or car repairs.

Impact on Credit Score. Payday loans can have a negative impact on an individual's credit score if they are unable to repay the loan on time. Additionally, some payday loan providers may not report on-time payments to credit bureaus, which can make it difficult for individuals to build credit.

How to Get a $700 Payday Loan?

  1. Find a Payday Loan Provider. You can find payday loan providers online or in-store. Online lenders offer the convenience of applying from home, while in-store providers may offer same-day cash.

  2. Complete a Payday Loan Application. To apply for a payday loan, you will need to provide personal information, including your name, address, and employment details. You may also need to provide proof of income and a valid bank account.

  3. Undergo a Credit Check. Payday loan providers may perform a credit check to assess your creditworthiness. However, some providers may offer payday loans without a credit check.

  4. Review and Sign the Loan Agreement. If approved, the payday loan provider will present you with a loan agreement outlining the loan amount, interest charges, and repayment terms. It's essential to review and understand the terms of the agreement before signing.

  5. Receive Funds. Once you've signed the loan agreement, the payday loan provider will deposit the funds into your bank account or provide you with cash. It's important to note that payday loans typically come with high-interest rates and fees, so it's crucial to repay the loan on time to avoid additional charges and financial trouble.

Requirements and Conditions

Requirements

  1. Credit Checks. While some payday loan providers offer credit check loans, many cater to individuals with low credit scores or poor credit history, making it possible to get a $700 loan even with bad credit.

  2. Direct Deposit and Active Bank Account. Borrowers are usually required to have an active bank account capable of receiving direct deposits, which facilitates the transfer of funds and repayment.

  3. Employment Status and Monthly Income. Most payday lenders require borrowers to demonstrate a regular source of income, often verified through pay stubs or bank statements, to ensure the ability to repay the loan.

  4. Legal Age and Residency. Borrowers must typically be of legal age in their province or territory of residence, which is usually 18 or 19 years, and be Canadian residents to borrow money.

  5. Loan Application. Completing a loan application form, either online or in-person, is a standard part of the process to apply for a $700 payday loan.

  6. Loan Agreement. Upon approval, borrowers are required to sign a loan offer that outlines the terms and conditions of the loan, including the repayment schedule and any applicable fees or interest rates.

Conditions

  1. Loan Amount. Borrowers can typically apply for a payday loan of $700.

  2. Minimum Loan Amounts. Payday loan companies often set minimum loan amounts, such as $100, as the lowest sum they are willing to lend to borrowers.

  3. Annual Percentage Rate (APR). The maximum APR for emergency loan options in Canada is capped at 60%. However, it's crucial to note that the APR for payday loans, including those of $700, may vary based on the specific regulations of each province.

  4. Loan Term. The loan term may vary, but it is common for payday loans to have terms of up to 62 days.

  5. Quick Cash. Many payday lenders specialize in providing quick cash solutions, making them suitable for individuals facing urgent financial needs.

  6. Online Application Form. Borrowers can usually complete the loan application process through an online application form, streamlining the application and approval process.

  7. Direct Lender. Small loan products often involve direct lenders, bypassing intermediaries and providing borrowers with a more direct connection to the lending institution.

  8. Short-Term Loans. Payday loans are typically short-term, providing quick financial relief until the borrower's next payday.

Ways to Get the Money

  1. Direct Deposit to Bank Account. The most common method is to deposit the loan amount directly into the borrower's active bank account. Lenders often require borrowers to have a valid and active bank account for this purpose.

  2. Electronic Fund Transfer (EFT). Some lenders use Electronic Fund Transfer (EFT) to transfer the loan amount directly to the borrower's bank account. EFT is a secure and efficient way to handle financial transactions electronically.

  3. Cheque Issuance. While less common in today's digital age, some lenders may still issue a physical cheque to borrowers. The borrower can then deposit the cheque into their bank account.

  4. Interac e-Transfer. Certain lenders may use Interac e-Transfer, a popular electronic payment system in Canada, to send funds directly to the borrower. The borrower receives an email or text notification with instructions to deposit the money into their bank account.

Things to Pay Attention To

  1. High-Interest Rates and Fees. Payday loans typically come with high-interest rates and fees, making them a high cost credit option. It's important to understand the interest rates and all the fees associated with the loan before signing the loan agreement.

  2. Loan Term. Payday loans in Canada typically have a loan term of up to 62 days. It's important to understand the loan term and repayment schedule before taking out a payday loan.

  3. Loan Amount. The maximum loan amount for payday loans in Canada is typically $1,500. However, the loan amount may vary depending on the province or territory and the payday loan provider.

  4. Debt Trap. Payday loans can be a debt trap, especially if you're unable to repay the loan on time. It's important to understand the risks associated with payday loans and to consider all available options before taking out a payday loan.

  5. Alternatives. Payday loans should be used as a last resort. There may be other options available, such as personal loans, credit cards, or credit unions, which may offer lower interest rates and more flexible repayment terms. It's important to explore all available options before taking out a payday loan.

How to Repay the Loan?

  1. Review the Loan Agreement. Review the loan agreement to understand the repayment terms and due date.

  2. Plan Your Budget. Plan your budget to ensure that you have enough money to repay the loan on time.

  3. Contact the Lender. If you're having trouble repaying the loan, contact the lender as soon as possible to discuss your options. Some lenders may offer extended payment plans or other options to help you repay the loan.

  4. Make the Payment. Make the payment on or before the due date. You can typically make the payment in person, online, or by phone.

  5. Confirm the Payment. Confirm that the payment has been received and processed by the lender. Keep a record of the payment for your records.

Editorial Opinion

The landscape of $700 payday loans is marked by a mix of convenience and caution. For individuals with low credit scores or facing urgent financial needs, the accessibility of these loans from payday lenders, who often specialize in providing emergency cash, can be a lifeline. However, the one lump sum repayment structure and potentially high interest rates, along with origination fees, demand a careful evaluation of the entire loan process. Borrowers navigating medical bills or unexpected expenses may find these loans suitable, but a comprehensive understanding of loan details, credit reports, and monthly payment obligations is essential to make informed financial decisions. Balancing the convenience of quick cash with the financial responsibility of repayment is key in determining the suitability of $700 payday loans for one's unique financial situation.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

FAQ

Can I secure a $700 payday loan with a bad credit score?

Yes, many payday lenders, including direct lenders specializing in loans with a low credit score, offer $700 payday loans to individuals with less-than-ideal credit histories.

Are there options for an installment loan among $700 payday loans?

Generally, $700 payday loans are structured as short-term loans with one lump sum repayment. If you prefer installment loans, you may want to explore alternatives, as payday loans often involve a single repayment.

How quickly can I expect loan approval and funds with a $700 payday loan?

The loan process, including approval and direct deposit, can often occur on the next business day. Payday lenders streamline the application, making it a quick solution for individuals in need of small loans to address immediate financial situations.

Loan Terms