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.

PaydayKing Review

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About lender

PaydayKing is a provider of payday loans and cash advances in Canada. As a trusted name in the industry, PaydayKing offers online short-term cash flow solutions to borrowers in need. With a focus on convenience and accessibility, PaydayKing enables clients to access quick cash when faced with financial emergencies. Their user-friendly website and streamlined application process make borrowing hassle-free for consumers seeking immediate funds. PaydayKing's commitment to providing reliable financial assistance has earned them a reputation as a go-to option for those in need of payday loans or cash advances.

PaydayKing

Features

  • Payday Loans And Cash Advances. PaydayKing provides payday loans and cash advances to individuals facing short-term financial needs.
  • Loan Amount Up to $1,500. Borrowers can access funds of up to $1,500 through PaydayKing, allowing them to cover various expenses or emergencies.
  • Online Application. PaydayKing's online application process makes it convenient for borrowers to apply for a loan from the comfort of their home or office. The online platform streamlines the application process, saving time and effort for consumers.
  • Limited Availability. It's important to note that PaydayKing's services are not available to residents of Alberta, British Columbia, Manitoba, and Saskatchewan. This restriction ensures compliance with regional regulations and helps the company maintain transparency and legality in its operations.

Pros and cons

Pros

Online Application. PaydayKing offers an online application process, allowing borrowers to apply for loans conveniently from their homes or offices.

Quick Approval. PaydayKing provides swift approval processes, enabling borrowers to access funds promptly during financial emergencies.

Payday Loans And Cash Advances. PaydayKing offers both payday loans and cash advances, providing borrowers with flexible options to address their short-term financial needs.

Cons

High-Interest Rates. One of the drawbacks of PaydayKing is the high-interest rates associated with their loans, which can result in significant repayment amounts for borrowers.

Limited Availability. PaydayKing's services are not available to residents of Alberta, British Columbia, Manitoba, and Saskatchewan, limiting accessibility for individuals in these regions.

Maximum Loan Amount Up to $1,500. While PaydayKing provides quick access to funds, the maximum loan amount is limited to $1,500, which may not be sufficient for some borrowers' needs.

Reliability

PaydayKing has established itself as a reliable option for individuals seeking short-term financial assistance. Legally operating since 2016, PaydayKing adheres to regulations governing payday loans and cash advances in Canada, ensuring transparency and legality in its operations.

How to apply for a PaydayKing loan

  1. Visit the PaydayKing Website. Open your preferred web browser and navigate to the official PaydayKing website.

  2. Click on "Apply Now". Once you're on the PaydayKing website's homepage, locate the "Apply Now" button or link. This is usually prominently displayed on the website's main menu or homepage.

  3. Enter Personal Information. You will be directed to a secure online application form. Start by entering your personal information, including your full name, address, date of birth, and contact details.

  4. Enter Income Information. Provide details about your income, including your employment status, monthly income, and any other sources of income you may have. PaydayKing may require information about your employer or income documentation for verification purposes.

  5. Enter Banking Information. Next, you'll need to enter your banking information. This typically includes your bank account number, bank routing number, and account type. PaydayKing uses this information to deposit approved funds directly into your bank account.

  6. Enter Loan Information. Specify the loan amount you wish to borrow from PaydayKing. Remember that PaydayKing offers loans of up to $1,500. Additionally, you may need to select your desired repayment terms, such as the loan duration or repayment frequency.

  7. Review and Submit. Before submitting your application, carefully review all the information you've entered to ensure accuracy and completeness. Make any necessary corrections or adjustments. Once you're satisfied that all the information is correct, click on the "Submit" button to send your loan application to PaydayKing for review.

Conditions

  • Annual Percentage Rate (APR). PaydayKing offers loans with an Annual Percentage Rate (APR) of 546% for a 14-day loan term. This APR represents the cost of borrowing over a year and factors in the interest rate and any additional fees associated with the loan.
  • Maximum Loan Amount. Borrowers can access loans of up to $1,500 through PaydayKing. This maximum loan amount provides flexibility for individuals needing varying amounts of financial assistance.
  • Loan Term. Generally, payday loans in Canada have terms of up to 62 days. This duration allows borrowers a reasonable amount of time to repay the loan while considering their financial circumstances and ability to make timely payments.

Requirements

  • Age Requirement. Applicants must be over 18 years old to qualify for a loan from PaydayKing. This ensures that borrowers are legally capable of entering into a loan agreement.
  • Employment Status. Applicants must be employed full-time for at least 3 months. This demonstrates a stable source of income and employment history, which are important factors in determining loan eligibility.
  • Minimum Income. Applicants must take home more than $700 per month after taxes. This income threshold ensures that borrowers have sufficient funds to repay the loan amount within the specified terms.
  • Possession of a Bank Account. Applicants must have a bank account. This requirement allows PaydayKing to deposit approved loan funds directly into the borrower's bank account upon approval.
  • Payment Method. Applicants must receive their income via direct deposit. Direct deposit ensures timely and secure payment processing, streamlining the loan disbursement and repayment processes.

Ways to receive the money

Once your loan application with PaydayKing is approved, you will receive the borrowed amount through electronic deposit into your bank account. If your approval occurs before 2:00 PM EST, Monday through Friday, the loan funds will be electronically deposited into your account before 6:00 PM EST on the same day. However, on weekends or for repeat customers, PaydayKing may, at its discretion, opt to send Email Money Transfers (EMTs). EMTs are typically received by clients within 20 minutes of PaydayKing sending them. This efficient and convenient process ensures that borrowers can access their funds quickly to address their financial needs.

Products

PaydayKing offers a range of financial products to meet the short-term cash flow needs of its customers. These include payday loans and cash advances. Payday loans are designed to provide borrowers with immediate funds to cover unexpected expenses or emergencies, while cash advances allow individuals to access a portion of their upcoming paycheck ahead of their regular payday. These products are tailored to provide quick and convenient financial solutions for individuals facing temporary financial challenges.

Reasons you may be denied a PaydayKing loan

  • Inadequate Income. PaydayKing may deny a loan if the borrower's income is insufficient to repay the loan amount within the specified terms. This could include not meeting the minimum income threshold required to qualify for a payday loan or cash advance.
  • Employment Status. Borrowers who are not employed or do not have a stable employment history may be denied a loan by PaydayKing. Full-time employment for a minimum duration may be a requirement for loan approval.
  • Existing Debt. PaydayKing may deny a loan if the borrower already has significant existing debt obligations, making it challenging to repay additional loans. This could indicate financial instability and increase the risk of default.
  • Credit History. Poor credit history or a history of missed payments and defaults may result in loan denial from PaydayKing. Borrowers with a low credit score may be considered high-risk and deemed ineligible for a payday loan or cash advance.
  • Failure to Meet Eligibility Criteria. Borrowers who do not meet the eligibility criteria set by PaydayKing, such as age requirements, residency status, or banking information, may be denied a loan. It's essential for borrowers to ensure they meet all eligibility requirements before applying to increase their chances of loan approval.

How to repay a PaydayKing loan

  1. Review Loan Terms. Understand the repayment terms outlined in your loan agreement, including the loan amount, interest rate, and repayment schedule.

  2. Ensure Sufficient Funds. Ensure that you have sufficient funds in your bank account on the scheduled repayment dates to cover the loan repayment amount.

  3. Automatic Repayment. PaydayKing typically collects loan repayments automatically from your bank account on the agreed-upon dates. Ensure that your bank account has the necessary funds to avoid overdraft fees.

  4. Monitor Account Activity. Monitor your bank account activity to confirm that the loan repayment has been deducted on the scheduled dates. Contact PaydayKing if you encounter any issues or discrepancies.

  5. Keep Contact Information Updated. Maintain updated contact information with PaydayKing to receive important notifications regarding your loan repayment and any changes to the repayment schedule.

Editorial opinion

In the realm of short-term financial solutions, PaydayKing stands as a prominent player, offering payday advances to individuals in need of immediate cash relief. While the convenience of quick access to funds may seem appealing, potential borrowers must carefully consider the terms and conditions attached. PaydayKing's offerings, like any in the industry, come with associated risks, particularly concerning high-interest rates and the potential for exacerbating financial problems if not repaid promptly. Moreover, some consumers have reported issues with customer service and communication when faced with repayment challenges. As with any financial decision, individuals should weigh the benefits against the risks, seeking alternative solutions if necessary to address their financial needs in a responsible manner.

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. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

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.

Additional resources

Sources

FAQ

What is PaydayKing?

PaydayKing is a Canadian provider of payday advances, offering quick access to short-term cash solutions for individuals facing financial emergencies.

How quickly the funds can be received?

Once approved, funds from PaydayKing can typically be received within the same day if the approval occurs before 2:00 PM EST, Monday through Friday.

How do you qualify for PaydayKing?

To qualify for PaydayKing, individuals must meet certain criteria, including being over 18 years old, employed full-time for at least three months, earning more than $700 per month after taxes, possessing a bank account, and receiving income via direct deposit.

How much can you borrow from PaydayKing?

Borrowers can access loans of up to $1,500 through PaydayKing, providing flexibility to address various financial needs.

Is PaydayKing a legitimate company?

Yes, PaydayKing is a legitimate company operating within the bounds of Canadian regulations and has been legally operating since 2016, offering transparent and compliant financial services to its customers.

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.

© Payday King Inc.
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PaydayKing
Payday loan
Rating by Finanso®
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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.

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$100-$1,000
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