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Lender
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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.

Payday King

Finanso.Multilogin™

About lender

Are you facing a lack of rent or another type of financial hardship? If so, Payday King may be an appropriate place to find a small loan to fix it.

In Canada, getting a loan with Payday King is possible except in Alberta, Manitoba, British Columbia, and Saskatchewan.

First qualified borrowers are usually approved for $150 within 24 hours, and regular customers can get up to $1,000. To learn more about their services, visit their website.

If you need to cover unexpected expenses, such as a car or household repair, a short-term payday loan can help solve a potentially serious financial problem. In addition, some people want to fill a temporary need for money in between paychecks. Others want to avoid fees for an outstanding check or late payment penalties. Finally, some customers prefer to take out a payday loan rather than pledge personal property. Payday King can help them do just that.

Pros and cons

Before you apply for a loan with PaydayKing, we recommend that you familiarize yourself with the advantages and disadvantages of this lender.

Pros

  • A fast way to apply for a loan

  • There is no need to submit many documents and spend a lot of time - everything is carried out online

  • Possibility to receive the money within one business day

  • No credit checks

  • Bad credit accepted

  • No hidden fees

  • No collateral needed

Cons

  • You cannot borrow more than $1,000

  • High-interest rate - 546% per annum

  • High penalties in case of nonpayment of the next installment

  • Only the income deposited through direct deposit is accepted

Payday King's loans do not seem to be that different from the loans offered by payday lenders. There are all the same standard conditions, which may differ in one way or another from the requirements of other offices. Still, the high percentage of positive loan approvals gives the client the odds that they will be able to get the amount of money he needs for a variety of purposes and fast enough.

Loan conditions

On the official site of paydayking.ca, it is stated that new clients can get a loan not exceeding $150. From the second loan onward, customers can expect to negotiate loan amounts ranging from $100 to $1,000, depending on their needs.

Existing customers of this lending institution can apply for a loan through their account, which makes the application process much more manageable.

However, there are also some negative aspects. In particular, the site of this company does not describe the terms of the loan in sufficient detail. In addition, to use the company's services, in particular, to apply for a loan, the client must agree to all conditions of Payday King.

Methods of loan funding

Payday King provides all clients with a simple and relatively quick process of approving loans; after the client has provided all the necessary information, within an hour, if not earlier, he will know whether he is approved for the loan or not.

The client must sign the PAD and the loan agreement if the loan is successfully approved. An electronic signature is used for this purpose. The loan funds are often transferred electronically to the customer's bank account on the same business day, but an EMT money transfer can also be used. The final loan amount negotiated with the client will depend on their income and other factors. In any case, for first-time clients, this amount does not exceed $150.

FAQ

What is this Payday King?

PaydayKing is a company that offers its customers fast short-term loans online. It is licensed in all states except Alberta, Manitoba, British Columbia, and Saskatchewan.

Who owns this Payday King?

Payday King Inс. owns this company. The official place of incorporation for this Lender is Halifax, NS.

How do you qualify for Payday King?

To get a loan from this company, you must have an official job for at least three months, a verifiable net income of more than $700, and be over 18 years old. In addition, a potential borrower must have a bank account where the money will be transferred in the future.

How much can you borrow from Payday King?

The first lenders can qualify for a loan of no more than $150, while from the second loan onward, a client can be eligible for $1,000.

Is it a legitimate company?

Many sources indicate that PaydayKing operates under a license, although there is no official confirmation of this information on the company website. However, this business is not BBB accredited.

Company documents

Rates
Privacy Policy
Terms and Conditions

PaydayKing is Canada's premier Payday Loan and Cash Advance company. We provide our clients with online short term cashflow solutions.

© PaydayKing

Calculate loan payments in Payday King

Payday King calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from Payday King

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Payday King from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Payday King’s reviews by October 2022
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