Compare $800 loans in Canada with fast decisions
Installment vs. payday loans–what's the right $800 loan for you?
When you need $800 quickly, two common options are installment loans and payday loans. While both offer fast access to cash, payday loans should only be considered as a last resort due to their high costs and short repayment terms. Let’s dive into the options available to you.
Compare $800 installment loans
Installment loans allow you to repay the $800 over time through scheduled payments, making them a more manageable and cost-effective option than payday loans.
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⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.Compare $800 payday loans
Payday loans are quick but come with higher costs and shorter repayment periods, often making them a riskier choice.
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Can I get a $800 loan with bad credit?
Yes. There are lenders that provide $800 loans to those with bad credit. Payday loans, such as iCash, and installment loans, like those from Spring Financial, often have more lenient eligibility requirements, making them accessible to borrowers with poor credit. However, these loans typically come with higher interest rates and fees, so it’s essential to review the terms carefully before applying.
Can I get an $800 loan with no credit check?
Yes. Some lenders offer $800 loans with no credit check, making them accessible to those with poor credit or limited credit history. For example, Wagepay provides payday loans without a credit check, while Loans Canada connects borrowers to installment loan options that may not require a credit check. However, like loans for those with bad credit, these loans often come with higher interest rates or stricter income verification requirements, so it’s important to review the terms carefully.
How to get an $800 loan today
- Check eligibility requirements. Ensure you meet the lender’s criteria, such as proof of income, an active bank account, and government-issued ID.
- Compare lenders. Use comparison tools to find the best rates, fees, and terms for your needs. Compare $800 loans now.
- Apply online. Visit the lender’s website and complete the application form.
- Get an instant decision. Most lenders provide approvals within minutes.
- Review and sign your contract. Carefully read the loan agreement before signing.
- Receive your funds. For faster access, choose e-Transfer funding, which is quicker than direct deposit.
- Plan for repayment. Ensure you have a strategy for repaying the loan on time to avoid late fees or additional interest charges.
Tips to succeed
- Avoid NSF (non-sufficient funds) transactions. Try to maintain a clean banking history for the past three to six months.
- Ensure your income is deposited regularly. Lenders prefer stable income streams deposited directly into your bank account.
- Be ready to verify your income and identity. Instant bank verification and documents like recent pay stubs or bank statements may be required.
- Aim for a low debt-to-income ratio (DTI). Ideally, keep your DTI under 40%. Some alternative lenders may accept DTIs as high as 55%–60%.
- Build a positive banking history. Avoid overdrafts and maintain a steady account balance to increase your chances of approval.
- Choose the right lender. Focus on lenders that specialize in small loans or bad credit options if necessary.
- Limit your existing debt. Paying down current obligations can improve your DTI and overall eligibility.
$800 payday loans vs $800 installment loans: Which one for you?
| Feature | $800 payday loan | $800 installment loan |
|---|---|---|
| Cost | $14 to $17 for every $100 borrowed | 18% - 47% and a broker fee may apply depending on the lender |
| Loan term | up to 62 days | Typically less than 12 months |
| Repayments | Typically one payment in full on your next payday | Broken up in installments that coincide with the days you get paid |
| Instant decision | Available | Available |
| Ease of approval | Easier than installment loans | Harder than payday loans |
| No credit check options | Available | Available |
Example: Alex Needs needs an $800 loan in Ontario
Alex, a full-time retail employee in Ontario, needs $800 to cover unexpected car repairs. Alex doesn’t have enough savings to pay the repair bill upfront and needs the funds quickly to get her car back on the road for their daily commute. Alex has three potential loan options to consider:
Option 1: Payday loan
Alex could opt for a payday loan, which offers quick approval and funding. The total repayment amount would be $920 after 14 days, with an APR of 391%. While the process is straightforward, the high cost and short repayment period could strain Alex’s budget.
Option 2: Installment loan from a broker
Another option is an installment loan from a broker. Over three months, Alex would pay $1,059.35, including a 20% interest rate and a $225 broker fee. Although more expensive than the payday loan, spreading out the payments over time may make it easier for Alex to manage.
Option 3: Installment Loan from a local credit union
A local credit union offers Alex an installment loan at a 20% interest rate with no additional fees. Over three months, the total repayment amount would be $826.81, making this the most affordable option. However, credit union loans may have stricter membership requirements, so Alex would need to qualify first.
| Option 1 (payday loan) | Option 2 (installment loan from a broker) | Option 3 (installment loan from a local credit union) | |
|---|---|---|---|
| Loan amount | $800 | $800 | $800 |
| Interest rate | $15 for every $100 borrowed = $120 | 20% + $225 broker fee | 20%, zero fees |
| Loan term | 14 days | 3 months | 3 months |
| Total repayment amount | $920 | $1,059.35 | $826.81 |
| APR | 391% | 185.65% | 20% |
If Alex needs the funds immediately and has no other options, the payday loan might work, though it comes with a steep cost. The broker’s installment loan offers longer repayment terms but adds significant fees. The credit union loan is the most affordable and offers manageable repayment terms, making it the best option if Alex qualifies.
Bottom line
When comparing $800 loans in Canada, it’s important to prioritize affordability and manageable repayment terms. Payday loans may seem convenient, but their high costs and short repayment periods make them a risky option for most borrowers. Installment loans, particularly those from credit unions or reputable lenders, are generally more budget-friendly and flexible. Carefully review interest rates, fees, and loan terms to choose the option that aligns with your financial situation and repayment capacity. Borrow responsibly to avoid unnecessary financial stress.
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