In today’s economic times, there’s no shame in admitting that every now and then you might need a little bit of extra money to tide you over to the next month. While there is the option to go to family or friends to lend you $1000 for a few weeks, it can get embarrassing and, after a certain stage in life, asking family becomes difficult and can compromise your self-esteem.

This is where payday loans can help. This article will examine what payday loans are and how Friendly Lender, a financial services company, has made the process of obtaining a payday loan more convenient. Hopefully, this article will point you in the right direction to help you out with your finances.


Payday loans are a type of loan whereby a lender will lend you a limited amount, typically between $100 and $1000, which will be based on your existing income. These payday loans can come in two forms. The first is a short term loan, whereby you need to repay the amount in a short period of time, which usually falls on the date you get your next salary.

You can also find lenders who are willing to lend you such relatively small amounts in an installment format. You’ll be able to borrow slightly larger sums from such lenders. However, it should be noted that these loans might come with higher interest rates, so be sure to read all the applicable terms and conditions.


Friendly Lender now lets you apply for payday loans online in Canada. Companies like Friendly Lender have a wide network of lenders on their panel, with whom they work to help customers find different types of financing. For payday loans, they now offer a service whereby you fill out a form online and your profile is connected with numerous lenders to find you a list of payday loan options.

This lets you review several offers from the convenience of your screen rather than physically visit different lenders and negotiate a deal. However, the online process doesn’t mean you won’t have to provide any documentation. There might be some situations where you’ll be required to submit further documentary proof for a loan approval.

As for what information you’ll have to provide, along with some personal details, you’ll also need to provide your employment history. You will also have to provide your basic bank account information as the funds will be deposited into your account directly. You don’t need to worry too much about privacy and security though as the entire process is secured through industry standard internet security protocols.

Provided everything is in order, some lenders might even approve your loan within minutes of you submitting your form. If you get an approval, you’ll be notified and redirected to another page where you can review your entire loan contract. While the entire process is a lot more convenient than it would be with physically visiting lenders, you still need to keep your guard up and this is where it is most important. Read the contract carefully to make sure there aren’t any hidden fees and so that you know what your obligations will be.


To qualify for a payday loan, you must first and foremost have an existing steady stream of income. This can be either from a job or a self-owned business, but either way, you must demonstrate that you have a certain amount of income coming in every month. To verify this, lenders will use employment verification, employment income statements, or bank account statements.

You’ll also need a bank account in good standing as the money will be transferred by the lender directly into your bank account. You might be able to find a lender that provides a debit card instead of from where you can withdraw funds, but most lenders will not opt for this method. Besides, if you’re employed or self-employed, you’re bound to have a bank account from where you carry out all transactions.

Also, you should know that your credit rating will come into play. Regardless of what some marketing methods might tell you, every lender will carry out some form of credit check. As such, make sure you have the necessary documentation ready. Also, it’s wiser to just be honest if you have a bad credit rating rather than lying about it. Lying could get you blacklisted from borrowing money if you’re caught. If you have a bad credit rating, you’ll still find a lender using Friendly Lender’s online service as there are lenders who are willing to lend money to those with a bad credit history.


Make sure you fill out the form completely and accurately when you’re applying for a payday loan online. By doing so, you not only ensure that your loan will be approved, but you also get that approval fast. However, if you miss out on any information or mislead lenders, then your application will just take that much longer.

When you get offers, be sure to go through each and every term in detail. Review the contract thoroughly to make sure you know what your repayment term is, what interest you need to pay, whether there are any hidden fees, circumstances which count as a default event, consequences of defaulting on your loan, etc. A loan is a legally binding arrangement and breaching any obligation could have serious legal consequences. As such, you should be aware of what you’re getting into. If you aren’t good with this kind of stuff, then speak to a friend who is willing to help you out.

Lastly, you need to remember to borrow responsibly. Borrowing money is a slippery slope and you need to be practical and prudent in your approach. Only borrow an amount of money which you know you’ll be able to pay in the prescribed time period. Loans should not be seen as a bailout, but rather an added binding to fulfill yet another responsibility. As such, it should be taken seriously.

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