Installment loan amounts usually vary between $500 to $15,000 while payday loan amounts usually vary between $100-1,500. Focus Cash Loans will most likely get you approved for up to 50% of your net pay or $1,500. The reason why payday loan amounts are limited to $1,500 is because there are provincial regulation in place that regulate payday loan companies. Regulations limit loan amounts and the interest that can be charged by payday loan lenders. Installment loan companies are not subject to the same stiff regulations as payday loan companies and often can create their own policies and rules.
The processing times for payday loans are way faster than for installment loans. You can apply for a loan with Focus Cash Loans 24/7, on Weekends (Saturdays & Sundays), have your loan approved during business hours and receive funds via e-mail money transfer the same day you loan is approved. This is why we call our loans fastest 24/7 online e-transfer payday loans in Canada with no credit check. Getting an installment loan is usually a lengthier process and takes a few business days. Installment loan lenders would ask you to fill out a detailed application form, run a credit check on you, collect information on your debts/liabilities, collect information about your assets and liabilities.