Why we need payday lenders

Over the years we have heard some alarming statistics about payday lenders, more precisely payday loan shops--like how payday lending is correlated with property crime, violence, increased premature mortality, and the increased need for social assistance.

Payday loan shops themselves are not the cause of these issues, they are simply part of a wider social challenge that small-short term loan customers are facing.

In trying to resolve this social challenge, provinces have tightened the legislation surrounding those small short-term loans.  Loan fees that lenders can charge went down significantly over the past two years and new legislation is also providing customers with more flexibility to repay their loan.  The traditional payday loan we used to know no longer exist as it has evolved into a completely different financial product.

This new approach is far better than simply banning payday loans as this would have created an even bigger problem.  If a person cannot get cash through a regulated payday lender, they are bond to go to a loan shark or another worse alternative (such as an unregulated online lender). For this reason, banning payday loans simply wasn’t the solution.

Analyzing the cost associated with services charged by Banks and other service providers we quickly understand why payday loans are necessary.  Small short-term loans cost a lot less than the late fees and non-sufficient fund fees the consumers may face otherwise.

The legislators have taken the right approach.  This financial product will continue to evolve and as more businesses enter the market, new products and more alternatives will be available to help these customers obtain short-term credit at reasonable cost. 

Secure website
Lender licence

Ontario 4726568

British Columbia 64068

Fast - Simple - Secure

At Credit Club we are dedicated to providing you with a solution to meet your immediate money needs right from the privacy of your home.

Online Loans Across Canada

Credit Club is proud to offer loans online to the residents of Ontario and British Columbia. Citizens of Toronto or Ottawa can apply online from the comfort of their home and receive the funds usually the same business day. Canadians from Vancouver and Victoria know they can be approved even if they have less-than-perfect credit. Citizens of Hamilton and Mississauga can apply online in minutes and get instant approval.

APR Disclosure

APR varies from 180% to 468% for a term of 14 to 30 days for first time customers. For further details on APR, please refer to the FAQs and Pricing.

Implications of non payment

Financial Implications - If a pre-authorized withdrawal is returned to Credit Club for any reason, including but not limited to "NSF" or "account frozen," it will be considered as a non-payment. In these cases you might be charged an NSF fee. You may also incur an overdraft charge from your bank. In addition, an annualized interest of 30% will accrue from the loan repayment date up to and including the eventual repayment date.

Collection Activity - We may attempt to collect any delinquent amount through our standard collection practices, which include contacting you by phone, mail or email. Our collection agencies recover monies owed to us in a professional manner and in keeping with all lawful collections practices.

Impact on Your Credit Score - If you do not repay your loan to Credit Club, your credit score may be negatively affected.

Renewal of your Loan ? Credit Club does not offer automatic renewals on its payday loans.

Do you have a bad credit ? Credit club has the solution for you.

No unnecessary paperwork
Quick application process
No faxing required
Secure & Confidential
Need help ?
Call us now and our customer service will take care of you. 1-866-825-1164

© Credit Club. All rights Reserved