Many people search for "no refusal payday loans" or "guaranteed payday loans" after being declined somewhere else. We want to be straight with you: no licensed lender in Canada can promise to approve everyone. What you can find is a lender that looks at your whole situation, not just your credit score.
Why every lender can say no
Licensed payday lenders are required to check that a loan is affordable. In Ontario, a lender must work out your net pay and cannot lend more than half of it in a single loan. A lender also cannot give you a new payday loan while you still owe it on an earlier one. These rules exist to protect you, and they mean a real "no refusal" promise would break the law.
What actually improves your chance of approval
- Pay that is deposited directly to your account on a regular schedule.
- A bank account you have used for at least a few months, without many returned payments.
- Asking for an amount that fits your pay. A smaller request is often approved when a larger one is not.
- Details that match your bank records exactly.
- Not having several payday loans open at once.
Common reasons for a decline
- Income that is irregular or not deposited to the account you gave.
- An existing payday loan with the same lender.
- Recent NSF returns or an overdrawn account.
- Living in a province where the lender is not licensed, or in Quebec.
If you are declined
Being declined can be a sign that a payday loan would put too much pressure on your next paycheque. Consider talking to your bank about overdraft protection, asking your employer about a pay advance, or calling a non-profit credit counsellor. Our alternatives guide lists free options in every province.