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Rating by Finanso®

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's application


How to apply

If you want to get a loan from this company, you would like to know what you need to apply for a loan.

Since you apply for a loan online, you won't have to provide any physical documents. Instead, you will have to give some pieces of information, namely your date of birth, contact information and email, SIN, place of work and salary information, and open bank account information.

This information is necessary for the company to be sure that it is you who are applying for a loan, that you will be able to make your monthly payments, and that you will be able to repay the loan.

To be eligible, you have to be employed for more than three months, have a verifiable net income of more than $700 per month, an active bank account, and be at least 18 years old.

Application details

It takes no more than 5 minutes to apply for a loan, and a decision on the application can be made within 60 minutes of receipt of the application.

The Payday King's website is open for business 24 hours a day, and their customer service is available Monday through Friday from 9 a.m. to 5 p.m. Eastern Time and Saturday from 10 a.m. to 3 p.m. Eastern Time.


Reasons for rejection

The main reason for rejection may be that the borrower does not meet the eligibility requirements. For instance, they might be under eighteen years of age, or they might not have a steady source of income or an official job for three months. In addition, a borrower can have a significantly adverse credit history, which can also be a reason to reject a loan, but not necessarily.

How long does it take to get approved by Payday King?

Generally, the application is approved by the Lender within 60 minutes.

How trustworthy is Payday King?

The experience of many customers suggests that Payday King can be trusted. Still, at the same time, it is essential to consider a relatively large number of negative reviews on third-party resources. Therefore, before you apply to this Lender for a loan, it is recommended to read in detail the opinions of the company's current clients on the Internet.

Does Payday King verify income?

Today, the Lender states that it needs to verify that you have been employed for more than three months and that your net income equals or surpasses $700 per month. However, it does not give any detail on how it performs the verification. 

Does Payday King hurt your credit score?

Hard credit inquiries can lower your credit score by a couple of points, while soft credit inquiries will not affect your score.

Calculate loan payments in Payday King

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

Loan amount

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Loan term

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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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